X Is a Normally Distributed Random Variable with a Mean $\le$

question 36

Essay

X is a normally distributed random variable with a mean of 50 and a standard deviation of 5. Use Excel to calculate the following:
a.P(x $\le$ 45)
b.P(45 $\le$ x $\le$ 55)
c.P(x $\ge$ 55)
d.x value with .20 in the lower tail
e.x value with .01 in the upper tail

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Definitions:

Direct Labor

The cost of wages for workers who are directly involved in producing goods or providing services.

Overhead

Indirect costs not directly associated with the production of goods or services, such as administrative expenses and rent.

Variable Production Costs

Variable production costs are expenses that vary directly with the level of production, such as raw materials and direct labor costs.

Fixed Costs

Costs that do not vary with the volume of production or sales, such as rent, salaries, and insurance expenses.