The U.S. Bureau of Labor Statistics reports that the average annual expenditure on food and drink for all families is $5,500 (Money, December 2003). Assume that annual expenditure on food and drink is normally distributed and that the standard deviation is $1,000. (50 points)
What is the range of expenditures of the 18.41% of families with the lowest annual spending on food and drink?
Assume total number of families is 500,000. How many families spend more than $6000 annually on food and drink?
The average base salary for a store manager (Wal-Mart) in Riverside, California, is $80,000, and the average base salary for a store manager (Wal-Mart) in Los Angeles, California, is $89,000. Assume that salaries are normally distributed, the standard deviation for store managers in Riverside is $20,000, and the standard deviation for store managers in Los Angles is $22,000. (75 points)
What is the probability that a store manager in Riverside has a base salary in excess of $100,000?
What is the probability that a store manager in Los Angeles has a base salary in excess of $100,000?
What is the probability that a store manager in Los Angeles has a base salary of less than $67,000?
Based the results from (A)-(C), if you are a job applicant for store manager position (Wal-Mart) in California, how would you negotiate annual salary using at least 200 words.
