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Cloud [144]
3 years ago
9

A firm’s marketing manager believes that total sales for next year will follow the normal distribution, with a mean of $3.2 mill

ion and a standard deviation of $250,000. Determine the sales level that has only a 3% chance of being exceeded next year.
Mathematics
1 answer:
klasskru [66]3 years ago
7 0

Answer:

The sales level that has only a 3% chance of being exceeded next year is $3.67 million.

Step-by-step explanation:

When the distribution is normal, we use the z-score formula.

In a set with mean \mu and standard deviation \sigma, the zscore of a measure X is given by:

Z = \frac{X - \mu}{\sigma}

The Z-score measures how many standard deviations the measure is from the mean. After finding the Z-score, we look at the z-score table and find the p-value associated with this z-score. This p-value is the probability that the value of the measure is smaller than X, that is, the percentile of X. Subtracting 1 by the pvalue, we get the probability that the value of the measure is greater than X.

In this question, we have that:

In millions of dollars,

\mu = 3.2, \sigma = 0.25

Determine the sales level that has only a 3% chance of being exceeded next year.

This is the 100 - 3 = 97th percentile, which is X when Z has a pvalue of 0.97. So X when Z = 1.88.

Z = \frac{X - \mu}{\sigma}

1.88 = \frac{X - 3.2}{0.25}

X - 3.2 = 0.25*1.88

X = 3.67

The sales level that has only a 3% chance of being exceeded next year is $3.67 million.

You might be interested in
Abby filled her goodie bags with 4 cookies and 3 candy bars and spent a total of $10.25 per bag. Marissa filled her goodie bags
Paladinen [302]
Let's start by writing a system of linear equations:
c -> cookies 
cb -> candy bars
(You can use any abbreviations to your preference)

Abby:
4 cookies 
3 candy bars
$10.25 per bag
The equation would be:
4c+ 3cb = $10.25

Marissa:
2 cookies
7 candy bars
$14.75 per bag
The equation would be:
2c + 7cb = $14.75

So our linear equation system would be:
<span>4c+ 3cb = $10.25
</span><span>2c + 7cb = $14.75

I would try to get rid of one variable so I can solve for the other variable. In this case, it is easier to get rid of c since I can multiply the second equations by 2. Then it would subtract the two equations.

(2c + 7cb = $14.75) 2 = 4c + 14 cb = $29.50

      4c + 3cb = $10.25
   -  4c+14 cb = $29.50                    (4c would get canceled.)
---------------------------------
             -11 cb = - $19.25                (Divide by -11 to solve for cb)
</span>             ---------   -------------
              -11           -11
            
             cb = $1.75

Now we know cb (candy bar) cost, we would substitute this value into cb into one of the equations. It doesn't matter which equation you put it in. I will substitute it in the first equations. 

  4c + 3 (1.75) = $10.25
  4c + 5.25 = $10.25                       (Multiply 3 by 1.75)
       -5.25       -5.25                         (Subtract 5.25 on both sides)
             4c = 5                                 (Divide by 4 on both sides to get c)
             ----   ---
              4      4
         
         c= 1.25

Check the work:
4(1.25) + 3(1.75) 
  = $10.25

2(1.25) + 7(1.75)
   = $14.75

Total cost:
cookies = $1.25
candy bars = $ 1.75

Hope this helps! :)

6 0
3 years ago
Meg loves to read. Her favorite author is Dr. Seuss. For every 11 books Meg owns 8 are Dr. Seuss books. If Meg has 40 Dr. Seuss
ANTONII [103]

Answer:

Step-by-step explanation:

if the ratio is 8:11 then 40:x

Cross multiply

8    40

11    x

8x=440

And divide by 8

x=55. She has 55 books

8 0
3 years ago
On average 83.1% of welds performed by a particular welder are defective. if, in one day, the welder creates three welds. what i
Nuetrik [128]
Let p be 0.831 denote the percentage of defective welds and q be 0.169 denote the percentage of non-defective welds.

Using the binomial distribution, we want all three to be defective.
P(X = 3) = \binom{3}{3}(p)^{3}{q}^{3 - 3}
P(X = 3) = \binom{3}{3}(0.831)^{3}(1)
P(X = 3) = (0.831)^{3} \approx 0.573856191
4 0
2 years ago
Give the domain of each of the following functions in interval notation.
balandron [24]

Answer:

the domain of f(x) is R  ⇒ ] -∞ , ∞[

the domain of h(x) is x ≤ -5 ⇒ ] -∞ , -5]

Step-by-step explanation:

h(x) = \sqrt[8]{-2x-10}

-2x - 10 ≥ 0

-2x ≥ 10

x ≤ -5

8 0
3 years ago
The Baker Sends all his Bread in One Store. If he can pack up to 15 Loaves of Bread in a Box for Shipping, What is the Minimum n
GuDViN [60]
I have no idea my brother just skip it
4 0
2 years ago
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