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A specialty foods company mails out "gourmet steaks" to customers willing to pay a gourmet price. The steaks vary in size, with a mean uncooked weight of 1.2 pounds and standard deviation of 0.10 pound. Use a normal model for the weight of a steak.

(a) Estimate the proportion of steaks that weigh less than 1 pound.

(b) If a standard order has 5 steaks, then what model can be used to describe the total weight of the steaks in a standard order? (Do you need to make any assumptions?)

(c) If the weights are converted to ounces (16 ounces = 1 pound), then what normal model would be appropriate for the weight of an individual steak?

(d) The lower quartile, median, and upper quartile of the weights of the steaks are 1.125 pounds, 1.2 pounds, and 1.275 pounds, respectively. Do these summaries suggest that the use of a normal model is appropriate?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91724871

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