SCENARIO 6-2 John Has Two Jobs.For Daytime Work at a Jewelry Store

question 1

Short Answer

SCENARIO 6-2
John has two jobs.For daytime work at a jewelry store he is paid $15,000 per month,plus a commission.His monthly commission is normally distributed with mean $10,000 and standard deviation $2000.At night he works occasionally as a waiter,for which his monthly income is normally distributed with mean $1,000 and standard deviation $300.John's income levels from these two sources are independent of each other.
-Referring to Scenario 6-2,for a given month,what is the probability that John's income as a waiter is no more than $300?

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Definitions:

Market Price

The present cost at which an item or service is available for purchase or sale in a market.

Natural Resources

Natural resources are elements like minerals, forests, water, and fertile land, found in the environment and can be exploited for financial benefit.

Renewable Resources

Natural resources that can be replenished or regenerated over time, such as solar energy, wind power, and forestry products.

Industrial Revolution

A period of major industrialization from the late 18th to the early 19th century that transformed mainly agrarian, rural societies in Europe and America into industrial and urban.