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May 23, 2015

Homework Help: Statistics

Posted by Sam on Wednesday, June 11, 2014 at 6:27pm.

The mean cost of domestic airfares in the United States rose to an all-time high of $385 per ticket. Airfares were based on the total ticket value, which consisted of the price charged by the airlines plus any additional taxes and fees. Assume domestic airfares are normally distributed with a standard deviation of $110.

a. What is the probability that a domestic airfare is $550 or more (to 4 decimals)?

b. What is the probability than a domestic airfare is $250 or less (to 4 decimals)?

c. What if the probability that a domestic airfare is between $300 and $500 (to 4 decimals)?

d. What is the cost for the 3% highest domestic airfares?

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