Exam 6: Conthe Tinuonormausl Disdis Tributionstribution and Other

You were told that the amount of time lapsed between consecutive trades on a foreign stock exchange market followed a normal distribution with a mean of 15 seconds.You were also told that the probability that the time lapsed between two consecutive trades to fall between 16 to 17 seconds was 13%.The probability that the time lapsed between two consecutive trades would fall below 13 seconds was 7%.The probability is 20% that the time lapsed will be shorter how many seconds?

True or False: Any set of normally distributed data can be transformed to its standardized form.

A company that receives the majority of its orders by telephone conducted a study to determine How long customers were willing to wait on hold before ordering a product.The length of Waiting time was found to be a variable best approximated by an exponential distribution with a Mean length of waiting time equal to 3 minutes (i.e.the mean number of calls answered in a Minute is 1/3).What proportion of customers having to hold more than 4.5 minutes will hang up Before placing an order?

True or False: The probability that a standard normal variable, Z, is between 1.50 and 2.10 is the same as the probability Z is between - 2.10 and - 1.50.

The value of the cumulative standardized normal distribution at Z is 0.6255.The value of Z is

A company that receives the majority of its orders by telephone conducted a study to determine How long customers were willing to wait on hold before ordering a product.The length of Waiting time was found to be a variable best approximated by an exponential distribution with a Mean length of waiting time equal to 2.8 minutes (i.e.the mean number of calls answered in a Minute is 1/2.8).What proportion of callers is put on hold longer than 2.8 minutes?

Let X represent the amount of time till the next student will arrive in the library parking lot at the University.If we know that the distribution of arrival time can be modeled using an exponential Distribution with a mean of 4 minutes (i.e.the mean number of arrivals is 1/4 per minute), find The probability that it will take between 2 and 12 minutes for the next student to arrive at the Library parking lot.

If a particular set of data is approximately normally distributed, we would find that Approximately

True or False: The probability that a standard normal variable, Z, falls between - 1.50 and 0.81 is 0.7242.

True or False: The "middle spread," that is the middle 50% of the normal distribution, is equal to one standard deviation.

True or False: If a data set is approximately normally distributed, its normal probability plot would be S-shaped.

A company that receives the majority of its orders by telephone conducted a study to determine How long customers were willing to wait on hold before ordering a product.The length of Waiting time was found to be a variable best approximated by an exponential distribution with a Mean length of waiting time equal to 3 minutes (i.e.the mean number of calls answered in a Minute is 1/3).Find the waiting time at which only 10% of the customers will continue to hold.

You were told that the amount of time lapsed between consecutive trades on a foreign stock exchange market followed a normal distribution with a mean of 15 seconds.You were also told that the probability that the time lapsed between two consecutive trades to fall between 16 to 17 seconds was 13%.The probability that the time lapsed between two consecutive trades would fall below 13 seconds was 7%.What is the probability that the time lapsed between two consecutive trades will be between 13 and 16 seconds?

For some value of Z, the value of the cumulative standardized normal distribution is 0.8340.The Value of Z is

You were told that the amount of time lapsed between consecutive trades on a foreign stock exchange market followed a normal distribution with a mean of 15 seconds.You were also told that the probability that the time lapsed between two consecutive trades to fall between 16 to 17 seconds was 13%.The probability that the time lapsed between two consecutive trades would fall below 13 seconds was 7%.The middle 60% of the time lapsed will fall between which two numbers?

A company that receives the majority of its orders by telephone conducted a study to determine How long customers were willing to wait on hold before ordering a product.The length of Waiting time was found to be a variable best approximated by an exponential distribution with a Mean length of waiting time equal to 2.8 minutes (i.e.the mean number of calls answered in a Minute is 1/2.8).What is the probability that a randomly selected caller is placed on hold fewer Than 7 minutes?

In its standardized form, the normal distribution

The value of the cumulative standardized normal distribution at Z is 0.8770.The value of Z is

True or False: A worker earns $15 per hour at a plant in China and is told that only 2.5% of all workers make a higher wage.If the wage is assumed to be normally distributed and the standard deviation of wage rates is $5 per hour, the mean wage for the plant is $7.50 per hour.

A company that receives the majority of its orders by telephone conducted a study to determine How long customers were willing to wait on hold before ordering a product.The length of Waiting time was found to be a variable best approximated by an exponential distribution with a Mean length of waiting time equal to 3 minutes (i.e.the mean number of calls answered in a Minute is 1/3).What proportion of customers having to hold more than 1.5 minutes will hang up Before placing an order?