Anticipated 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?
Anticipated 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?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Anticipated consumer
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?
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