Business, 13.02.2020 04:12 Spoilmom7231

Replacement times for CD players are normally distributed with a mean of 7.1 years and a standard deviation of 1.4 years (data from Consumer Reports). If you are the manufacturer and want to provide a warranty such that 98% of the players need replacement after the warranty expires, how long should the warranty period be?

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In this exercise we have to use the knowledge of statistics to calculate the time needed for the warranty period, in this way we find that:

The promise period bear happen more than 4.23 old age specific that 98% of the players need substitute after the promise expires.

In this way we can use the following data to set up the equation as:

We can call X as the time after which the CD player needs replacement, so will be like:

$X=N (\mu= 7.1, \sigma=1.4)$

Let (X > T) mean the occurrence that the players need the substitute following in position or time T old age, will be:

P (X T) = 0.98

Now performing the calculation to determine T, we find that:

$P(XT)=0.98\\P(\frac{X-\mu}{\sigma}\frac{T-7.1}{1.4})= 0.98\\P(Zz)=0.98\\1-P=0.98\\P=0.02$

Use the standard usual table to calculate the advantage of z. The profit of z exist -2.05. Compute the profit of T in this manner:

$\frac{T-7.1}{1.4}=-2.05\\T=7.1-(2.05*1.4)= 4.23$

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Replacement times for CD players are normally distributed with a mean of 7.1 years and a standard de

Answer from: N72967

The warranty period should be more than 4.23 years such that 98% of the players need replacement after the warranty expires.

Explanation:

Let's X = The time after which the CD player needs replacement.

It is provided that,

$X\sim N(\mu = 7.1\ years,\sigma=1.4\ years)$

Let (X > T) denote the event that the players need the replacement after T years.

It is provided that,

P (X > T) = 0.98.

Determine the value of T as follows:

$P(XT)=0.98\\P(\frac{X-\mu}{\sigma}\frac{T-7.1}{1.4})=0.98\\ P(Zz)=0.98\\1-P(Z\leq z)=0.98\\P(Z\leq z)=0.02$

Use the standard normal table to compute the value of z.

The value of z is -2.05.

Compute the value of T as follows:

$\frac{T-7.1}{1.4} =-2.05\\T=7.1-(2.05\times1.4)\\=4.23$

Thus, the warranty period should be more than 4.23 years.

Answer from: Quest

1 all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

Answer from: Quest

You need to give the options.

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