The Average Life Expectancy of Dishwashers Produced by a Company

question 132

Essay

The average life expectancy of dishwashers produced by a company is 6 years with a standard deviation of 8 months.Assume that the lives of dishwashers are normally distributed.
a.What is the probability that a randomly selected dishwasher will have a life expectancy of at least 7 years?
b.Dishwashers that fail operating in less than 4years will be replaced free of charge.What percent of dishwashers are expected to be replaced free of charge?
c.What are the minimum and the maximum life expectancy of the middle 95% of the dishwashers' lives? Give your answer in months.
d.If 155 of this year's dishwasher production fail operating in less than 4 years and 4 months,how many dishwashers were produced this year?

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Definitions:

Capitalist

A person who supports or engages in the principles of capitalism, a system where trade, industries, and the means of production are largely or entirely privately owned and operated for profit.

Invisible Hand

A metaphor introduced by Adam Smith to describe the self-regulating nature of the market economy driven by individuals' pursuit of their own interests.

Price Mechanism

The system by which the prices of goods and services are determined in a free market, based on the principles of supply and demand.

Central Planning Agency

An organization responsible for directing economic activity according to a comprehensive plan, often in a centrally planned economy.