Question
In: Statistics and Probability
The daily sales of a small retail store in Calgary for the last year are normally...
The daily sales of a small retail store in Calgary for the last year are normally distributed with a mean of $2050, and a standard deviation of $300.
What is the probability of daily sales exceeding $2,500?
From a sample of 5 days, what is the probability of having a sample mean less than $2,200?
a. 0.0668; 0.8682
b. 0.4332; 0.0668
c. 0.0668; 0.9332
d. 0.0668; 0.9795
e. 0.4332; Approximately 100%
Solutions
Expert Solution
Solution :
Given that,
mean = 
= 2050
standard deviation = 
= 300
P(x >2500 ) = 1 - P(x<2500 )
= 1 - P[(x -
)
/
< (2500-2050) / 300]
= 1 - P(z < 1.5)
Using z table
= 1 - 0.9332
probability= 0.0668
b.
n = 5
= 2050
= /
n = 300 /
5=134.16
P(
<2200) = P[(
-
) /
< (2200-2050) / 134.16]
= P(z < 1.12)
Using z table
= 0.8682
a. 0.0668; 0.8682
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