Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

(b) A company is contemplating the introduction of a new product. The marketing office estimates that the sales volume is normally distributed approximately with a

(b) A company is contemplating the introduction of a new product. The marketing office estimates that the sales volume is normally distributed approximately with a mean of 5,000 units and a standard deviation of 1,000 units.

(i) Calculate the probability that the sales volume will be within the interval 6,500 units to 7,000 units. [4 marks]

(ii) What is the sales volume that the company has 10% chance to achieve or underachieve? [3 marks]

(c) The number of typing errors per page in a company annual report follows the Poisson distribution with an average of 0.25 error per page.

(i) Find the probability that there are 2 or more typing errors on a randomly selected page of the report. [4 marks]

(ii) For 5 randomly selected pages of the report, what is the probability that there are 2 pages each with 2 or more typing errors? [3 marks]

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Contemporary Business Mathematics With Canadian Applications

Authors: Ali R. Hassanlou, S. A. Hummelbrunner, Kelly Halliday

12th Edition

0135285011, 978-0135285015

More Books

Students also viewed these Mathematics questions