Suppose the Neck Size of Men Is Normally Distributed, with a Mean

question 16

Short Answer

Suppose the neck size of men is normally distributed, with a mean of 15.5 inches and a standard deviation of 0.5 inch. A shirt manufacturer is going to introduce a new line of shirts. Assume that if your neck size falls between two shirt sizes, you purchase the next larger shirt size. How many shirts of the 17 size should be included in a batch of 1,000 shirts? Round your answer to the nearest number.
Standard Normal Distribution; z-scores __________ shirt(s)

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Definitions:

Consumer Surplus

The gap between what consumers are prepared to pay for a product or service, and what they end up spending.

Producer Surplus

The difference between the amount producers are willing to accept for a good or service and the actual amount they receive, due to market price.

Consumer Surplus

The contrast between the expected payment by consumers for a good or service and the actual price paid.

Market Supply

The total quantity of a good or service that producers are willing and able to sell at various prices during a given time period.