Probability Concepts and the Standard Normal Distribution

Hi, I need some assistance with the following two questions. I am not sure that I understand the questions fully. Any assistance would be appreciated.

1. What are some conditions under which business decisions are made using probability concepts? Provide at least two examples of subjective probability.
2. What are the characteristics of Standard Normal Distribution. Explain with examples. Your response should be around 250 words in length.

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Hi, I hope that this helps!

1. Probability theory is used extensively in business. For example, suppose you are planning an outdoor promotion that costs $100,000 and will generate a $30,000 profit. However, there is a 20% chance of rain that day. Should you go ahead with the promotion or cancel due to the chance of rain?

To solve this problem, we do a probability analysis. If it does rain, you will lose $100,000 and if it does not, you will earn $30,000. Thus, your expected profit is (0.2)(-$100,000) + (0.8)($30,000) = -$20,000 + $24,000 = +$4,000. Thus it is worthwhile not to cancel the ...

Solution Summary

We give two examples of how probability theory can be used in business and describe basic properties of the normal distribution. Response includes over 400 words.

1. For a standardized normaldistribution calculate the following probabilities
a. P(0.00 < z < or equal to 2.33)
b. P( -1.00 < z < or equal to 1.00)
c. P( 1.78 < z < 2.34).
2. A random variable is normally distributed with mean of 25 and standard deviation of 5. If an observation is randomly selected
a. what val

A normaldistribution has a mean of 50 and a standard deviation of 4. Please use Excel Spreadsheets. Show all work and formulas
a) Compute theprobability of a value between 44.0 and 55.0
b) Compute theprobability of a value greater than 55.0
c) Compute theprobability of a value between 52.0 and 55.0

Upload speed are measured on a standard scale I which the target value is 1.0. Data collected over the past year indicate that the upload speeds are approximately normally distributed with a means of 1.005 and a standard deviation of 0.10. Each day at 25 random times , the upload speed is measured . Assuming that the distribu

1.Suppose a normaldistribution has u =1.4,and o =0.2, calculate the z -score f or x= 3.5
2.What is the mode of the data set 23, 44, 22, 23, 23, 44, 23, 55?
3. Give the following data set
50, 40, 33, 37, 60
a. Find the mean, median and mode
b. Find the standard deviation

See attached file for solution regarding a problem about a normaldistribution. Provide step by step calculations.
WNAE, an all-news AM station, finds that thedistribution of the lengths of time listeners are tuned to the station follows thenormaldistribution. The mean of thedistribution is 15.0 minutes andthe standard

Which of the following about thenormaldistribution is not true?
a. About 2/3 of the observations fall within ±1 standard deviation from the mean.
b. Its parameters are the mean, μ, and standard deviation, σ.
c. It is a discrete probabilitydistribution.
d. Theoretically, the mean, median, and mode are the same

A normaldistribution has a mean of 50 and a standard deviation of 4.
a-compute theprobability of a value between 44.0 and 55.0.
b-compute theprobability of a value greater than 55.0.
c-compute theprobability of a value between 52.0 and 55.0