The manager of the aerospace division of General Aeronautics has estimated the price it can charge for providing satellite launch services to commercial firms. Her most optimistic estimate (a price not expected to be exceeded more than 10 percent of the time) is $4.0 million. Her most pessimistic estimate (a lower price than this one is not expected more than 10 percent of the time) is $2.0 million. The expected value estimate is $3.0 million. The price distribution is believed to be approximately normal. The standard deviation of the launch price is million. The probability of receiving a price less than $2.4 million is

The manager of the aerospace division of General Aeronautics has estimated the price it can charge for providing satellite launch services to commercial firms. Her most optimistic estimate (a price not expected to be exceeded more than 10 percent of the time) is $4.0 million. Her most pessimistic estimate (a lower price than this one is not expected more than 10 percent of the time) is $2.0 million. The expected value estimate is $3.0 million. The price distribution is believed to be approximately normal. The standard deviation of the launch price is million. The probability of receiving a price less than $2.4 million is

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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