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:

Product Availability

The status of being in stock and ready for sale to consumers, crucial for maintaining customer satisfaction and business operations.

Total Profits

The entirety of a company's earnings after all operating expenses, taxes, and costs have been deducted from its total revenue.

Varying Price

Implementing a strategy where the price of a product or service is adjusted over time or across markets to optimize sales volume, revenue, or market share.

Asset Value

The monetary worth of physical or intangible property owned by an individual or business.