An online (Chron. com) article for the Houston Chronicle discussed how a probability distribution can be a
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An online (Chron. com) article for the Houston Chronicle discussed how a probability distribution can be a useful tool in evaluating risk. The example presented involved a new business line developed by a company. The company needs to generate at least $500,000 in revenue in order to break even. A probability distribution for revenue determined that the probability that the company breaks even is .90.
a. Assume that revenue, x, has a uniform distribution and cannot be negative. Find the mean of x.
b. Assume that revenue, x, has an exponential distribution and cannot be negative. Find the mean of x.
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a If x has a uniform distribution with c 0 the...View the full answer
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Related Book For 
Statistics For Business And Economics
ISBN: 9780136855354
14th Edition
Authors: James T. McClave, P. George Benson, Terry T Sincich
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