The bicycle shop in Exercise 55 estimates using current labor costs that unpacking a bike costs $0.82
Question:
a) Define your random variables, and use them to express the total cost of the bike set up.
b) Find the mean set up cost.
c) Find the standard deviation of the set up cost.
d) If the next shipment is 40 bikes, what is the probability that the total set up cost will be less than $500?
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Related Book For
Business Statistics
ISBN: 9780321925831
3rd Edition
Authors: Norean Sharpe, Richard Veaux, Paul Velleman
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