Probability that the logging company makes a profit

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Reference no: EM131426565

Biology and Environmental Science

The amount of timber harvested and sold is associated with the housing market and the general economy. In 2012, the total amount of timber harvested in the United States was 2,500,321 mbf (thousand board feet). It takes approximately 11 mbf to construct a typical 1900-square-foot-home. Assume the volume of timber harvested per acre is normally distributed with mean 30 mbf and standard deviation 6.25 mbf. Suppose an acre of timber is selected at random.

a. What is the probability that the volume of timber\ harvested is between 25 and 40 mbf?

b. What is the probability that the volume of timber harvested is less than 20 mbf?

c. Suppose the acre has already produced 35 mbf. What is the probability that the volume harvested will be more than 40 mbf?

d. A logging company selects three random acres to harvest during a week. The company will make a profit if all three acres produce more than 32 mbf. What is the probability that the logging company makes a profit?

Reference no: EM131426565

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