The daily price in dollars per metric ton of cocoa in 2007, Ask an Expert

Statistics

The daily price in dollars per metric ton of cocoa in 2007 was normally distributed with µ = $2,014 per metric ton and σ = $2.00. Find a price such that the probability that the actual price will be above it is 0.80.

In the following problems, use a normal distribution to compute the required probabilities. In each problem, also state the assumptions necessary for a binomial distribution, and indicate whether the assumptions are reasonable.

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Statistics and Probability, Statistics

Category:- Statistics and Probability
Reference No.:- M92180938

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