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1. Suppose X, the amount of money a student at a university spent on books in 2017, was normally distributed with mean $550 and standard deviation $250 (that is, µ = 550 and σ = 250). Compute the probability that a randomly selected student at this university spent between $520 and $580 on books in 2017 (that is, compute P(520 ≤ X ≤ 580)). (Show work)
2. Suppose X, the amount of money a student at a university spent on books in 2017, was normally distributed with mean $550 and standard deviation $250 (that is, µ = 550 and σ = 250). You have selected a simple random sample of size 100 from the student population at this university. Compute the probability that the average amount of money spent by this sample of students on books in 2017 is between $520 and $580 (that is, compute P(520 ≤ X bar ≤ 580)). (Show work)
Given the following information, formulate a continuous-review inventory management system. The item is demanded 50 weeks a year. Item cost $80 Standard deviation of weekly demand Order cost $100 25 per week Annual holding cost (%) 10% of item cost L..
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