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Essay sample - MBA 510 Problem Set I

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Pages 3 (753 words)

This is continious probability distribution question. I need all the question from each chapter answers and put into an APA format. Prepared correct solutions and showed all steps that led to the solutions. Here's the problems from each exercise below. Thanks

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## Introduction

68. The American Automobile Association checks the price of gasoline before many holiday weekends. Listed below are the self-service prices for a sample of 15 retail outlets during the May 2003 Memorial Day weekend in the Detroit, Michigan, area.

70. A recent article suggested that if you earn , 25, 000 a year today and the inflation rate continues at 3 percent per year, you'll need to make 33,598 in 10 years to have the same buying power. You would need to make 44,771 if the inflation rate jumped to 6 percent. Confirm that these statements are accurate by finding the geometric mean rate of increase.

38. The accounting department at Weston Materials, Inc., a national manufacturer of unattached garages, reports that it takes two construction workers a mean of 32 hours and a standard deviation of 2 hours to erect the Red Barn model. Assume the assembly times follow the normal distribution.

44. The number of passengers on the Carnival Sensation during one-week cruises in the Caribbean follows the normal distribution. The mean number of passengers per cruise is 1,820 and the standard deviation is 120.

60. In establishing warranties on HDTV sets, the manufacturer wants to set the limits so that few will need repair at manufacturer expense. On the other hand, the warranty period must be long enough to make the purchase attractive to the buyer. ...

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