A music school has budgeted to purchase 3 musical instruments, They plan to purc

Question

A music school has budgeted to purchase 3 musical instruments, They plan to purchase a piano costing $4,000, a costing $600, and a drum set costing $750. The mean cost for a piano is $4, 500 with a standard deviation of $2,000. The mean cost for a guitar is $550 with a standard deviation of $200. The mean cost for drums is $1050 with a standard deviation of $100. (Enter your answers to two decimal places) How many standard deviations above or below the average piano cost is the piano? standard deviations the average How many standard deviations above or below the average guitar cost is the guitar? standard deviations the average How many standard deviations above or below the average drum set cost is the drum set? standard deviations the average which cost is the lowest, when compared to other instruments of the same type? drum set guitar piano which cost is the highest when compared to other instruments of the same type. piano guitar set guitar

Explanation / Answer

(a) How many standard deviation above or below the average piano cost is the piano?

Answer : It is obvious that it is below average cost, now we have to identify how much. Let say it is z times the standard deviation.

so, Z = ( Mean cost - actual cost)/ std. deviation of piano = ( 4500 - 4000)/ 2000 = 0.25

so itis below 0.25 standard deviation of the average paino cost.

(b)

How many standard deviation above or below the average Guiata cost is the guita?

Answer : It is obvious that it is Above average cost, now we have to identify how much. Let say it is z times the standard deviation.

so, Z = ( Mean cost - actual cost)/ std. deviation of guitar cost = ( 550 - 600)/ 200 = 0.25

so it isabove 0.25 standard deviation of the average guitat cost.

(c)

How many standard deviation above or below the average drums cost is the drums?

Answer : It is obvious that it is Below average cost, now we have to identify how much. Let say it is z times the standard deviation.

so, Z = ( Mean cost - actual cost)/ std. deviation of drum cost = ( 750 - 1050)/ 100 = 3

so it is below 3 standard deviation of the average drum cost.

Note : I have neglected the negative values as it is already mentioned that it is below or above average.

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