What must rebate-determining time of be changed, Microeconomics

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What must rebate-determining time of be changed

A muffler company advertises that you will receive a rebate if it takes longer than 28 minutes to replace your muffler. Experience has shown that the time taken to replace a muffler is approximately normally distributed with a mean of 25 minutes and a standard deviation of 3 minutes

a) What proportion of customers receive a rebate?

b) What proportion of mufflers take between 19and 25 minutes to replace?

c) What should the rebate-determining time of 28 minutes be changed to if the company wishes to provide only 2.5% of customers with a rebate?

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Microeconomics: What must rebate-determining time of be changed

Reference No:- TGS0520440

Have a Question? (oR Write a Review)

Recent Questions Asked Microeconomics

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Request for Solution File

Ask an Expert for Answer!!

Microeconomics: What must rebate-determining time of be changed

Reference No:- TGS0520440

Recent Questions Asked Microeconomics

Q : Determine annual straight-line depreciation

Q : Determine the probability that employee is not involved

Q : Calculate the contribution margin ratio

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Q : What must rebate-determining time of be changed

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