More pets. You're thinking about getting two dogs and a cat. Assume that annual veterinary expenses are inde- pendent and have a Normal model with the means and standard deviations described in Exercise 38. a) Define appropriate variables and express the total an- nual veterinary costs you may have. b) Describe the model for this total cost. Be sure to spec- ify its name, expected value, and standard deviation. c) What's the probability that your total expenses will exceed $400?
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!
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