Application of chebyshev inequality

Reference no: EM13103106

1. In an exam, the mean score is 70 and the variance is 16. What is the probability that a student's score will lie within the "54 to 86" range? (Hint: Use Chebyshev's inequality, as we saw in class). What percentage of students will lie within 2 standard deviations on either side of the mean score?

2. You are the CEO of a company that sells a product and your sales advisor tells you that the anticipated consumer demand for your product during next year follows a Normal distribution with mean 1,200 units and standard deviation 100 units.

a) What is the probability that sales will exceed 1,000 units?

b) What is the probability that sales will be between 1,100 and 1,300 units?

c) The probability is 10% that sales will be more than how many units?

Reference no: EM13103106

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