An entrepreneur in a developing country owns 10 food carts. He has ten employees to work with these food carts. Let Xi be a random variable representing revenue from cart i (on a particular day), i = 1,…, 10.
An entrepreneur in a developing country owns 10 food carts. He has
ten employees to work with these food carts. Let Xi be a random variable representing revenue from cart i (on a particular day), i = 1,…, 10. Xi is approximately normally distributed with mean $35, and variance 64 (squared dollars). Revenues of the different carts are independent.
1. What is the probability that cart i will generate revenue less than $30 on a particular day?
Fz(0.625)
1-Fz(0.625)
Fz(1.97)
1-Fz(1.97)
2. What is the probability that average revenue will be less than $30 on a particular day?
Fz(0.625)
1-Fz(0.625)
Fz(1.97)
1-Fz(1.97)
3. How many carts would the entrepreneur have to own in order for the probability to be at least 0.90 that average revenue on a particular day will be between $33 and $37?
44
7
49
64
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