To Use the Normal Distribution to Approximate the Binomial Distribution

question 164

Short Answer

To use the normal distribution to approximate the binomial distribution, we need ________ and ________ to be at least 5.

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Definitions:

Demand Function

A mathematical equation that describes the quantity of a good or service demanded at various prices.

Consumer's Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount they actually pay.

Mead

An alcoholic beverage created by fermenting honey with water, sometimes with various fruits, spices, grains, or hops included.

Demand Function

A mathematical expression that describes the relationship between the quantity demanded of a good or service and its determinants such as price, income, and prices of related goods.