AU ?Meal Prices Standard Deviation Excel Questions

User Generated

RFZbz

Mathematics

Averett University

Description

TMeal prices at The Finer Diner are normally distributed with an average price of $8.50 and a standard deviation of $0.75. 

Find the probability that:

A meal chosen at random is priced above $11.00 

A meal chosen at random is priced below $6.00

On Tuesday nights when Surf and Turf is offered as the nightly special, the average meal price jumps to $9.50. Considering that the standard deviation remains the same, calculate the probabilities above with this new average price.

A local consultant randomly selects a sample of 36 meals whose mean price is determined to be $8.75.  Assuming that ? = $0.75, calculate a 95% confidence interval for the population mean price.


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Explanation & Answer

Hello again! 😃 I updated the file.And yes, the formula is called NORMDIST. You can either (1) directly type it in one cell, just type =NORMDIST and then follow the required inputs, or (2) use the insert function by clicking the fx button and then you go search for the NORMDIST function, and follow the rest. I personally recommend the first one since it's more easy. Here's the link if you're curious on how to get the probability of normal distribution using the insert function: https://youtu.be/bWh7Av_PavY

STATISTICS
Meal prices at The Finer Diner are normally distributed with an average price of $8.50 and a standard deviation of $0.75. Find
the probability that:
• A meal chosen at random is priced above $11.00
• A meal chosen at random is priced below $6.00
SOLUTION
P that the meal chosen at random is priced above $11.00
First, calculate the z value:

�...


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