Suppose Kristen is researching failures in the restaurant business. In the city where she lives, the probability that an independent restaurant will fail in the first year is 51%.51%. She obtains a random sample of 84 independent restaurants that opened in her city more than one year ago and determines if each one had closed within a year. What are the mean and standard deviation of the number of restaurants that failed within a year? Please give your answers precise to two decimal places.
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!
Suppose Kristen is researching failures in the restaurant business. In the city where she lives, the probability that an independent restaurant will fail in the first year is 51%.51%. She obtains a random sample of 84 independent restaurants that opened in her city more than one year ago and determines if each one had closed within a year.
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