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Chapter 4

This document contains summaries of 7 probability problems involving normally distributed random variables: 1) Finding the probability a proposition passes with a threshold of 9,322 votes out of a mean of 8,000 votes. 2) Finding the probability a wine scores 89.2 or higher on a 100-point scale with a mean of 87 and standard deviation of 3. 3) Finding the probability the price of orange juice futures is $1 or higher the next day with a mean of $1.455 and standard deviation of $0.25. 4) Finding the probability at least 200 out of 328 managers pass a training program with a 60% pass rate.

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Trung Lê
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194 views

Chapter 4

This document contains summaries of 7 probability problems involving normally distributed random variables: 1) Finding the probability a proposition passes with a threshold of 9,322 votes out of a mean of 8,000 votes. 2) Finding the probability a wine scores 89.2 or higher on a 100-point scale with a mean of 87 and standard deviation of 3. 3) Finding the probability the price of orange juice futures is $1 or higher the next day with a mean of $1.455 and standard deviation of $0.25. 4) Finding the probability at least 200 out of 328 managers pass a training program with a 60% pass rate.

Uploaded by

Trung Lê
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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4–29.

The number of votes cast in favor of a controversial proposition is believed


to be approximately normally distributed with mean 8,000 and standard deviation
1,000. The proposition needs at least 9,322 votes in order to pass. What is the
probability that the proposition will pass? (Assume numbers are on a continuous
scale.)
4–31. Wine Spectator rates wines on a point scale of 0 to 100. It can be inferred
from the many ratings in this magazine that the average rating is 87 and the
standard
deviation is 3 points. Wine ratings seem to follow a normal distribution. In the
May 15, 2007, issue of the magazine, the burgudy Domaine des Perdrix received a
rating of 89.2 What is the probability that a randomly chosen wine will score this
high or higher?
4–37. The daily price of orange juice 30-day futures is normally distributed. In
March through April 2007, the mean was 145.5 cents per pound, and standard
deviation 25.0 cents per pound.4 Assuming the price is independent from day to
day, find P (x 100) on the next day.
4–55. Sixty percent of the managers who enroll in a special training program will
successfully complete the program. If a large company sends 328 of its managers to
enroll in the program, what is the probability that at least 200 of them will pass?
4–59. The time, in hours, that a copying machine may work without breaking
down is a normally distributed random variable with mean 549 and standard
deviation 68. Find the probability that the machine will work for at least 500 hours
without
breaking down.
4–83. A restaurant has three sources of revenue: eat-in orders, takeout orders, and
the bar. The daily revenue from each source is normally distributed with mean and
standard deviation shown in the table below.

Mean Standard Deviation


Eat in $5,780 $142
Takeout 641 78
Bar 712 72
a. Will the total revenue on a day be normally distributed?
b. What are the mean and standard deviation of the total revenue on a particular
day?
c. What is the probability that the revenue will exceed $7,000 on a particular day?

4–29. 0.0931
4–31. 0.2525
4–37. 0.0344
4–55. 0.3804
4–59. 0.7642
4–83. i) Yes
ii) Mean $7133;
Std. dev $177.29
iii) 0.7734

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