Statement of a problem № m957


The cost per item at a supermarket follows an exponential distribution. There are many inexpensive items and a few relatively expensive ones. The mean cost per item is $3.50. What is the percentage of items that cost: a. Less than $1? b. More than $4? c. Between $2 and $3? d. Find the 40th percentile. Sixty percent of the supermarket items cost more than what amount?

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