A farmer in the developing country grows yams which he, Ask an Expert

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A farmer in the developing country grows yams, which he sells for cash income. The farmer faces distribution of yam prices. Yam prices are approximately normally distributed, with mean $2.50 per pound, and standard deviation $.50 per pound. This means that each and every growing season, the market price might be interpreted as a draw from this distribution.

a) Determine the probability that this growing season, the market price will exceed $3.25 per pound?

b) Determine the 10th percentile of yam prices?

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