Sales delay is the elapsed time between the manufacture of a product and its sale. According an article it is quite common for investigators to model sales delay using a lognormal distribution. For a particular product, the cited article proposes this distribution with parameter values μ = 2.02 and ² = 0.04 (here the unit for delay is months). USE SALT (a) What are the variance and standard deviation of delay time? (Round your answers to two decimal places.) 3.39 x months² months variance standard deviation (b) What is the probability that delay time exceeds 12 months? (Round your answer to four decimal places.) (c) What is the probability that delay time is within one standard deviation of its mean value? (Round your answer to four decimal places.) (d) What is the median of the delay time distribution? (Round your answer to two decimal places.) months (e) What is the 99th percentile of the delay time distribution? (Round your answer to two decimal places.) months (f) Among 10 randomly selected such items, how many would you expect to have a delay time exceeding 5 months? (Round your answer to three decimal places.) items You may need to use the appropriate table in the Appendix of Tables to answer this question.
Sales delay is the elapsed time between the manufacture of a product and its sale. According an article it is quite common for investigators to model sales delay using a lognormal distribution. For a particular product, the cited article proposes this distribution with parameter values μ = 2.02 and ² = 0.04 (here the unit for delay is months). USE SALT (a) What are the variance and standard deviation of delay time? (Round your answers to two decimal places.) 3.39 x months² months variance standard deviation (b) What is the probability that delay time exceeds 12 months? (Round your answer to four decimal places.) (c) What is the probability that delay time is within one standard deviation of its mean value? (Round your answer to four decimal places.) (d) What is the median of the delay time distribution? (Round your answer to two decimal places.) months (e) What is the 99th percentile of the delay time distribution? (Round your answer to two decimal places.) months (f) Among 10 randomly selected such items, how many would you expect to have a delay time exceeding 5 months? (Round your answer to three decimal places.) items You may need to use the appropriate table in the Appendix of Tables to answer this question.
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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Transcribed Image Text:Sales delay is the elapsed time between the manufacture of a product and its sale. According an article it is quite common for investigators to model sales delay using a lognormal distribution. For a
particular product, the cited article proposes this distribution with parameter values = 2.02 and ² = 0.04 (here the unit for delay is months).
USE SALT
(a) What are the variance and standard deviation of delay time? (Round your answers to two decimal places.)
variance
3.39
X months²
months
standard deviation
(b) What is the probability that delay time exceeds 12 months? (Round your answer to four decimal places.)
(c) What is the probability that delay time is within one standard deviation of its mean value? (Round your answer to four decimal places.)
(d) What is the median of the delay time distribution? (Round your answer to two decimal places.)
months
(e) What is the 99th percentile of the delay time distribution? (Round your answer to two decimal places.)
months
(f)
Among 10 randomly selected such items, how many would you expect to have a delay time exceeding 5 months? (Round your answer to three decimal places.)
items
You may need to use the appropriate table in the Appendix of Tables to answer this question.
Transcribed Image Text:An article suggests the lognormal distribution as a model for SO₂ concentration above a certain forest. Suppose the parameter values are μ = 1.7 and σ = 0.7.
USE SALT
(a) What are the mean value and standard deviation of concentration? (Round your answers to three decimal places.)
mean
6.994
5.561
standard deviation
(b) What is the probability that concentration is at most 10? Between 5 and 10? (Round your answers to four decimal places.)
at most 10
between 5 and 10
.7054
0.3460
X
X
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