Use the following cumulative probability below (in cells A1 to B7 of an Excel worksheet) to answer
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Question:
Use the following cumulative probability below (in cells A1 to B7 of an Excel worksheet) to answer the three questions below. The following function is entered to create a random demand function
=VLOOKUP(RAND(),A1:B7,2)
Be sure to label answers a, b and c.
A | B | |
1 | Cumulative probability | Demand |
2 | 0.00 | 1000 |
3 | 0.15 | 1200 |
4 | 0.25 | 1300 |
5 | 0.45 | 1450 |
6 | 0.75 | 1500 |
7 | 0.90 | 2000 |
a. Given the VLOOKUP function above, what is the probability of demand equal to 1450?
b. Given the VLOOKUP function above, what is the probability of demand equal to 1250?
c. Given the VLOOKUP function above, what is the probability of demand equal to 2000?
Related Book For
Essentials of Business Statistics Communicating With Numbers
ISBN: 978-0078020544
1st edition
Authors: Sanjiv Jaggia, Alison Kelly
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