MHB Estimating the Probability of Earning a Certain Amount in a Weekend as a Waiter

Click For Summary
The waiter estimates his tips follow a left-skewed distribution with a mean of $8.20 and a standard deviation of $5.60, serving around 60 parties per weekend. The probability of earning at least $600 was calculated to be 0.0064. For the best 1% of weekends, the discussion focuses on finding the corresponding z-score using the z-scale. The user successfully identified that to find the z-score, they need to look for the value that corresponds to the 99th percentile. Understanding these calculations is essential for estimating potential earnings accurately.
h91907
Messages
2
Reaction score
0
A waiter believes the distribution of his tips has a model that is slightly skewed to the left, with a mean of $\$8.20$ and a standard deviation of ​$\$5.60$. He usually waits on about 60 parties over a weekend of work. ​a) Estimate the probability that he will earn at least ​$\$600$. ​b) How much does he earn on the best 1​% of such​ weekends?

I worked out A and got 0.0064. I am having an issue on B. I don't understand how you obtain z​.
 
Last edited by a moderator:
Mathematics news on Phys.org
I have figured out on my own. 1-00.1= .99 find it on the z-scale!
 
Thread 'Erroneously finding discrepancy in transpose rule'

Thread 'Erroneously finding discrepancy in transpose rule'

Obviously, there is something elementary I am missing here. To form the transpose of a matrix, one exchanges rows and columns, so the transpose of a scalar, considered as (or isomorphic to) a one-entry matrix, should stay the same, including if the scalar is a complex number. On the other hand, in the isomorphism between the complex plane and the real plane, a complex number a+bi corresponds to a matrix in the real plane; taking the transpose we get which then corresponds to a-bi...
View full post »

Similar threads

Limit of probabilities of a large sample
  • · Replies 1 ·
Replies
1
Views
932
B Central Limit Theorem: How does sample size affect the sampling distribution?
  • · Replies 31 ·
2
Replies
31
Views
3K
How can the central limit theorem help us understand the normal distribution?
  • · Replies 13 ·
Replies
13
Views
3K
Central limit theorem and estimates of probability
  • · Replies 10 ·
Replies
10
Views
2K
Central Limit Theorem applied to a Bernoulli distribution
  • · Replies 7 ·
Replies
7
Views
8K
MHB Applying the central limit theorem
  • · Replies 3 ·
Replies
3
Views
3K
I think this is about the Central Limit Theorem
  • · Replies 8 ·
Replies
8
Views
2K
How Does the Central Limit Theorem Apply to Processing Times?
  • · Replies 1 ·
Replies
1
Views
2K
Central limit theorem [probability]
  • · Replies 5 ·
Replies
5
Views
7K
MHB Solving 2 Problems with Exponential RVs: CLT & Probability
  • · Replies 1 ·
Replies
1
Views
2K