If a change in price causes a relatively small change in the quantity demanded then the demand is
2 answers:
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Answer:
And we can find this probability using the normal standard distribution, excel or a calculator and we got:
And if we convert this into percent we got 84.13% rounded to the nearest percent would be:
84%
Step-by-step explanation:
Let X the random variable that represent the circumferences of a population, and for this case we know the distribution for X is given by:
Where and
We are interested on this probability
And the best way to solve this problem is using the normal standard distribution and the z score given by:
If we apply this formula to our probability we got this:
And we can find this probability using the normal standard distribution, excel or a calculator and we got:
And if we convert this into percent we got 84.13% rounded to the nearest percent would be:
84%