According to the Canadian Newspaper Association, the average daily circulation of The Globe and Mail based on 2012 figures is 302,190. Suppose the standard deviation is 7,308. Assume the paper's daily circulation is normally distributed. a. On what percentage of days would it surpass a circulation of 315,000? (need to be excel Function) b. Suppose the paper cannot support the fixed expenses of a full-production setup if the circulation drops below 286,000. If the probability of this event occuring is low, the production manager might try to keep the full crew in place and not disrupt operations. How often will this event happen, based on historical information? (need to be excel Function)
Continuous Probability Distributions
Probability distributions are of two types, which are continuous probability distributions and discrete probability distributions. A continuous probability distribution contains an infinite number of values. For example, if time is infinite: you could count from 0 to a trillion seconds, billion seconds, so on indefinitely. A discrete probability distribution consists of only a countable set of possible values.
Normal Distribution
Suppose we had to design a bathroom weighing scale, how would we decide what should be the range of the weighing machine? Would we take the highest recorded human weight in history and use that as the upper limit for our weighing scale? This may not be a great idea as the sensitivity of the scale would get reduced if the range is too large. At the same time, if we keep the upper limit too low, it may not be usable for a large percentage of the population!
According to the Canadian Newspaper Association, the average daily circulation of The Globe and Mail based on 2012 figures is 302,190. Suppose the standard deviation is 7,308. Assume the paper's daily circulation is
a. On what percentage of days would it surpass a circulation of 315,000?
(need to be excel
b. Suppose the paper cannot support the fixed expenses of a full-production setup if the circulation drops below 286,000. If the
(need to be excel Function)
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