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Use Random number generator and simulate 1000 long columns, for each of the three cases. Example: for the Car type 1, use Number
of variables=1, Number of random numbers=1000, Distribution=Normal, Mean=520 and Standard deviation=110, and leave random Seed empty. Next: use either sorting to construct the appropriate histogram or rule of thumb to answer the questions: 13. What is approximate probability that Car Type 3 has annual cost less than $550?
1 answer:
Answer:
Step-by-step explanation:
The question is incomplete since they do not give information about the Car type 3.
We will do it in a generic way, we will say that the Car type 3 has a mean of M and a standard deviation SD.
We would be:
P (CT3 <550) = P [z <(550 - X) / SD]
Now if we give it values, for example that X = 600 and SD = 120
It would remain:
P (CT3 <550) = P [z <(550 - 600) / 120]
P (CT3 <550) = P [z <-0.42]
We look for this value in the normal distribution table (attached) and it shows us that the probability is approximately 0.3372, that is, 33.72%
What you need to do is replace the X and SD values of theCar type 3 in the equation above how I just did and you will get the result.
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Answer:
<em>If more than 134 articles are produced and sold, the firm will have positive profits and shoule start production</em>
Step-by-step explanation:
Cost, Revenue, and Profit Function
The cost function C(x) is given by
where x is the number of produced products.
The revenue function is
With both equations, we can know the profit function as
For the firm to have positive profits, it has to produce x articles with the condition
Or, equivalently
Solving for x
Thus
This means that if more than 134 articles are produced and sold, the firm will have positive profits and shoule start production