Among U.S. cities with a population of more than 250,000 the mean one-way commute to work is 24.3 minutes. The longest one-way travel time is New York City, where the mean time is 37.9 minutes. Assume the distribution of travel times in New York City follows the normal probability distribution and the standard deviation is 6.9 minutes.
(a) What percent of the New York City commutes are for less than 29 minutes?
(b) What percent are between 29 and 35 minutes?
(c) What percent are between 29 and 42 minutes?© BrainMass Inc. brainmass.com October 25, 2018, 3:50 am ad1c9bdddf
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A young engineer has invented holographic mobile phones and has approached a venture capital company to invest in it. The venture capital company considers the product to be an all or nothing product: either everyone will want one because everyone else has one or no one will want one because there will be no one to use it with. The company believes that the probability that it will take off netting them a profit of $2000000 is 0.14. If it doesn't take off then they expect that they would loose $200000. They are considering using a consumer survey to gather more information. However, the company has experience that shows that the probability that the consumer survey will predict success for a product that will fail is 0.24, and the probability that the consumer survey will predict failure when the product will be a success is 0.07. What is the monetary value of the information from a consumer survey to the venture capital company in this case? (ie what is the maximum that they should spend on a consumer survey)?View Full Posting Details