Statistics for Business and Economics
8th Edition
ISBN: 9780132745659
Author: Paul Newbold, William Carlson, Betty Thorne
Publisher: PEARSON
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Chapter 5.1, Problem 1E
To determine
Calculate the probability.
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Find the probabilities for each, using the standard normal distribution
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Statistics for Business and Economics
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- If the joint probability is given by: x + y f(x, y) = 30 for a = 0, 1,2, 3; y = 0, 1,2, find P(X + Y = 4).arrow_forwardAnticipated consumer demand in a restaurant for free-range steaks next month can be modeled by a normal random variable with mean 1,200 pounds and standard deviation 100 pounds. a. What is the probability that demand will be between 1,100 and 1,300 pounds? Calculate in 4 decimal place. b. The probability is 0.10 that demand will be more than how many pounds?arrow_forwardThe proportion of vehicles which drive above the speed limit on a freeway is 85%. Suppose 100 vehicles are randomly clocked. 20 If each speeding vehicle is issued a $185 speeding ticket, the expected value of the ticket amount is $________. a $15,725 b $14,560 c $13,480 d $12,485arrow_forward
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- According to AAA, the price of a gallon of regular, unleaded gas across gas stations in North Carolina is normally distributed with a mean of $2.39 and a standard deviation of $0.15. Find the price such that the probability that a randomly chosen gas station charges more than that price is 5%. Group of answer choices $2.14 $2.39 $2.52 $2.64 thanksarrow_forwardUsing the standard normal distribution table, compute the following probabilities P(Z ≥1.92) is:arrow_forwardLet z be the standard normal random variable. 1 Find P(z > 1.45) a 0.0452 b 0.0531 c 0.0625 d 0.0735arrow_forward
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