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Statistics / Statistical Techniques in Business and Economics 15 / Chapter 7 / Problem 40

Statistical Techniques in Business and Economics | 15th Edition | ISBN: 9780073401805 | Authors: Douglas Lind, William Marchal, Samuel Wathen

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The cost per item at a supermarket follows an exponential distribution. There are many

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QUESTION:

The cost per item at a supermarket follows an exponential distribution. There are many inexpensive items and a few relatively expensive ones. The mean cost per item is $3.50. What is the percentage of items that cost: a. Less than $1? b. More than $4? c. Between $2 and $3? d. Find the 40th percentile. Sixty percent of the supermarket items cost more than what amount?

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QUESTION:

The cost per item at a supermarket follows an exponential distribution. There are many inexpensive items and a few relatively expensive ones. The mean cost per item is $3.50. What is the percentage of items that cost: a. Less than $1? b. More than $4? c. Between $2 and $3? d. Find the 40th percentile. Sixty percent of the supermarket items cost more than what amount?

ANSWER:

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The mean cost per item is

Implies,

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