The Average Cost of Renting a Compact Size Car in a Major

question 84

Short Answer

The average cost of renting a compact size car in a major metropolitan area of the U.S.is $51.74 with a standard deviation of $7.48.Assume a normal distribution.If a sample of 20 cities is taken,what is the probability that the sample mean will fall between 47.74 and 55.74?

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Definitions:

Personal Sources

Individuals or personal contacts from whom one can obtain information, recommendations, or advice, especially relevant in purchase decisions or when seeking trustworthy data.

Consumer Value Perceptions

How consumers view the worth of a product or service in relation to its price, quality, and utility.

Alternative Evaluation

The stage in the consumer decision-making process where different product and service options are assessed against a set of criteria.

Suggests Criteria

The act of proposing specific standards or benchmarks that can be used to evaluate or judge something.