-A firm will shut down if price is below
Definitions:
Standard Deviation
A criterion for evaluating the extent of scattering or variation present in a dataset.
Probability
A quantification of the probability that a specific event will take place, commonly represented as a value ranging from 0 to 1.
Normal Model
A statistical model characterized by the normal (Gaussian) distribution, representing a bell-shaped curve where most observed data falls close to the mean.
Standard Deviation
A measure of the amount of variation or dispersion of a set of values, indicating how much the values in a dataset deviate from the mean.
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