Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 29 Sep 2017 My Price 5.00

Baily Hill Bicycle Shop

7-73. The Baily Hill Bicycle Shop sells mountain bikes and offers a maintenance program to its customers. The manager has found the average repair bill during the maintenance program’s first year to be $15.30 with a standard deviation of $7.00.

a.     What is the probability a random sample of 40 customers will have a mean repair cost exceeding

$16.00?

b.    What is the probability the mean repair cost for a sample of 100 customers will be between $15.10 and $15.80?

c.     The manager has decided to offer a Spring special. He is aware of the mean and standard deviation for repair bills last year. Therefore, he has decided to randomly select and repair the first 50 bicycles for $14.00 each. He notes this is not even 1 standard deviation below the mean price to make such repairs. He asks your advice. Is this a risky thing to do? Based upon the probability of a repair bill being $14.00 or less, what would you recommend? Discuss.

 

Answers

Maurice Tutor
(5)
Status NEW Posted 29 Sep 2017 11:09 PM My Price 5.00

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