Standard normal distribution problem: A company found that the daily sales revenue of its flagship product follows a normal distribution with a mean of $5,000 and a standard deviation of $500. The company defines a "high-sales day" as any day with sales exceeding $5,750.       What percentage of days can the company expect to have "high-sales days"?   What is the sales revenue threshold for the bottom 10% of days? (please note that 10% refers to the probability/area under bell curve towards the lower tail of bell curve)   Question 1: What percentage of days can the company expect to have "high-sales days"? (1 point) Question 2: What is the sales revenue threshold for the bottom 10% of days? (please note that 10% refers to the probability/area under bell curve towards the lower tail of bell curve) (1 point)

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...