27. You are a farmer about to harvest your crop. To describe the uncertainty in

Question

27. You are a farmer about to harvest your crop. To describe the uncertainty in the size of the harvest, you feel that it may be described as a normal distribution with a mean value of 80,000 bushels and a standard deviation of 2,500 bushels. Find the probability that your harvest will exceed 84,000 bushels. 28. Assume that electronic microchip operating speeds are normally distributed with a mean of 2.5 GHz and a standard deviation of 0.4 GHz. What percentage of your production would you expect to be "superchips" with operating speeds of 3 GHz or more? 29. Although you do not know the exact total amount of pay- ments you will receive next month, based on past expe- rience you believe it will be approximately $2,500 more or less than $13,000, and will follow a normal distri- bution. Find the probability that you will receive between $10,000 and $15,000 next month. 30. A new project will be declared "successful" if you achieve a market share of 10% or more in the next 2 years. Your marketing department has considered all possibilities and decided that it expects the product to attain a market share of 12% in this time. However, this number is not certain. The standard deviation is forecast to be 3%, indi- cating the uncertainty in the 1 290 forecast as 3 percentage points. You may assume a normal distribution. a* Find the probability that the new project successful

Explanation / Answer

Mean = 80000
Stdev = 2500

P(X>84000)

= P(Z> (84000-80000)/2500)

= P(Z>1.6)

= 1-.9452

= 0.0548

Related Questions

Navigate

• Browse (All)
• Browse 2
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.