Uniform and Normal Probability Distribution - Desklib

Uniform and Normal
Probability Distribution

TABLE OF CONTENTS
REFERENCES................................................................................................................................6

SEMINAR 1
2. Calculating the probability that a domestic airfare is $550 or more
P (x > 550) P[(x-mean)/σ > (550-355.59)/188.54]
1.03
P(z > 1.03)
0.8484949972
P(x≥550) 0.1515
3. The probability that a domestic airfare is $250 or less
P (x < 250) P[(x-mean)/σ < (250-355.59)/188.54]
-0.56
P(z < -0.56)
0.2877397188
P(x≤250) 0.71
4. Probability that a domestic fare is between $300 and $400
P(300≤x≤400)
P[(300 – 355.59) / 188.54 < (x – μ) / σ < (400 – 355.59) /
188.54]
P (300 < x) -0.29
P(x < 400) 0.24
0.3859081188
0.5948348717
P(300 < x < 400) -0.0192570095
5. Calculating the cost for the 3% highest domestic airfares
To find this cost, value of 'y' needs to be assessed which is the cost new cost where P(x>y) = 3%
P(x>y) = 3%
P[(x-μ) / σ > ((y-μ) / σ] 0.03