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The Manager of Mining Company believes that total profit of the firm next year can be modelled using a normal distribution. If the mean profit is...
The Manager of Mining Company believes that total profit of the firm next year can be modelled using a normal distribution. If the mean profit is $1,250,000 and a standard deviation is $250,000.
(a) What is the probability that the firm's total profit will exceed $1,400,000?
(b) What is the probability that the firm's profit will fall to within $150,000 of the expected level of profit (i.e. mean profit)?
(c) In order to cover fixed costs, the firm's profit must exceed the break-even level of profit of $1,050,000. What is the probability that profit will exceed this break-even level?
(d) Determine the profit level that has only 15% chance of being exceeded next year.
