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    Quantitative Methods: Calculations for Probability

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    The owner of Western Clothing Company has determined that the company must sell 670 pairs of denim jeans each month to break even (i.e., to reach the point where total revenue equals total cost). The company's marketing department has estimated that monthly demand is normally distributed, with a mean of 805 pairs of jeans and a standard deviation of 207 pairs. What is the probability that the company will make a profit each month?

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    Solution. Let X be the number of pairs of denim jeans sold each month. Then X follows a ...

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    This solution provides step by step calculations for probability.