What proportion of customers receive a rebate


Problem

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?

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

Solution Preview :

Prepared by a verified Expert
Microeconomics: What proportion of customers receive a rebate
Reference No:- TGS02084072

Now Priced at $20 (50% Discount)

Recommended (90%)

Rated (4.3/5)