The Fares Received by Taxi Drivers Working for the City

question 34

Essay

The fares received by taxi drivers working for the City Taxi line are normally distributed with a mean of $12.50 and a standard deviation of $3.25. Suppose a driver has four consecutive fares that are less than $6.00. What is the probability of this happening?

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Definitions:

Sample Size

The number of observations or elements within a sample, crucial for achieving accurate and reliable statistics.

Parameter

A numerical characteristic that describes and summarizes an aspect of a population in statistics.

Unbiased Estimator

A statistical estimator whose expected value is equal to the parameter being estimated, indicating accuracy across samples.

Expected Value

The long-run average value of repetitions of the same experiment or random process, calculated as the sum of all possible values weighted by their probabilities of occurrence.