Answered: Blue Reef makes diving suits in 4…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Question

Blue Reef makes diving suits in 4 sizes: S, M, L and XL. Its best selling model, the Pufferfish, often commands high demand. However, for the sake of maintaining diversity in the product line, the firm reserves just 7500 units of its production capacity to this model. Based on last year’s experience, management expects that demand for each size this summer will follow a Normal distribution with the characteristics below.

Size Mean Std Dev

S 1700 600

M 2600 850

L 2100 950

XL 1500 500

How many units of each size of Pufferfish should Blue Reef make?

Answer

Size Qty

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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