Answered: Standard Normal Concept and…

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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Standard Normal Concept and Standardized Variables: Speedy Business Cards, Inc., supplies customized business cards to commercial and individual customers. The company is preparing a bid to supply cards to the Nationwide Realty Company, a large association of independent real estate agents. Because paper, ink, and other costs cannot be determined precisely. Speedy anticipates that costs will be normally distributed around a mean of $20 per unit (each 500-card orderلكل طلبية من 500 بطاقة ) with a standard deviation of $2 per unit.

What is the probability that Speedy will make a profit at a price of $20 per unit?

Calculate the unit price necessary to give Speedy a 95 per cent chance of making a profit on the orderللطلبية .

If Speedy submits a successful bid (قدمت عرضا ناجحا) of $23 per unit, what is the probability that it will make a profit?

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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