If X Is a Normal Random Variable with a Mean $P ( X \leq 87 )$

question 19

Short Answer

If X is a normal random variable with a mean of 78 and a standard deviation of 5, find the following probabilities:
a. $P ( X \leq 87 )$
b. $P ( X \geq 91 )$
c. $P ( X = 78 )$

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Definitions:

Economic Losses

Losses incurred when a company or economy's total costs exceed its total revenues, indicating a negative profit situation.

Industry Supply

The total quantity of a good or service that all producers in an industry are willing and able to sell at various prices over a certain period.

Marginal Cost

The elevation in overall cost triggered by assembling an extra unit of a product or service.

Overallocated

The condition of having allocated or committed more resources to a project, task, or item than is available or necessary.