Applied Statistics for Business Decision Making

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In a recent year, about two-thirds of U.S. households purchased ground coffee, with a mean of $45.16 and a standard deviation of $10.00. The probability of the household spending more than $50.00, less than $25.00, and spending between $30.00 and $40.00, is highly likely. The principles of probability reveal the long-tern predictability and experiment short-term results or outcomes which occur in situations (Levine, Stephan, Krehbiel, & Berenson, 2008).

 

 

1.Find the probability that a household spent less than $25.00.

 

 

2.Find the probability that a household spent more than $50.00.

 

 

3.What proportion of the households spent between $30.00 and $40.00?

 

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