During the Past Six Months, 73

question 120

Essay

During the past six months, 73.2% of households purchased sugar. Assume that these expenditures are approximately normally distributed with a mean of $8.22 and a standard deviation of $1.10.
-What proportion of the households spent between $5.00 and $9.00?

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Definitions:

Net Operating Income

The profit realized from a business's operations after subtracting operating expenses from revenue.

Units

A basic measure or quantity of a product, service, or resource, often used in manufacturing, inventory, and accounting.

Contribution Margin Ratio

The percentage of each sales dollar that remains after variable costs are subtracted, contributing to fixed costs and profit.

Fixed Monthly Expenses

Costs that do not vary in total within a reasonably short time frame, such as rent, salaries, and insurance premiums, paid on a monthly basis.