SOLUTION: A book store owner decides to sell children’s talking books that will appeal to the middle 34% of his customers. The owner studies that mean price of children’s talking books is $3
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Question 285605: A book store owner decides to sell children’s talking books that will appeal to the middle 34% of his customers. The owner studies that mean price of children’s talking books is $34.80 with a standard deviation of $9.50. Find the minimum price of talking books the owner should sell. Assume the variable is normally distributed. Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! A book store owner decides to sell children’s talking books that will appeal to the middle 34% of his customers. The owner studies that mean price of children’s talking books is $34.80 with a standard deviation of $9.50. Find the minimum price of talking books the owner should sell. Assume the variable is normally distributed.
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Find the z-score with a left tail of (50-17) = 33%
and a right tail of 33%
invNorm(0.33) = -0.4399
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Find the x-values corresponding to those z-values:
x = zs+u
x = -0.4399*9.5+34.8 = $30.62 (minimum price)
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Cheers,
Stan H.
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