Question: Data from the Bureau of Labor Statistics Consumer Expenditure Survey

Data from the Bureau of Labor Statistics' Consumer Expenditure Survey (CE) show that annual expenditures for cellular phone services per consumer unit increased from $210 in 2001 to $608 in 2007. Let the standard deviation of annual cellular expenditure be $48 in 2001 and $132 in 2007.
a. What is the probability that the average annual expenditure of 100 cellular customers in 2001 exceeded $200?
b. What is the probability that the average annual expenditure of 100 cellular customers in 2007 exceeded $600?


View Solution:


Sale on SolutionInn
Sales1
Views319
Comments
  • CreatedJanuary 28, 2015
  • Files Included
Post your question
5000