Use the following cumulative probability below (in cells A1 to B7 of an Excel worksheet) to answer

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Use the following cumulative probability below (in cells A1 to B7 of an Excel worksheet) to answer the three questions below. The following function is entered to create a random demand function

=VLOOKUP(RAND(),A1:B7,2)

Be sure to label answers a, b and c.

	A	B
1	Cumulative probability	Demand
2	0.00	1000
3	0.15	1200
4	0.25	1300
5	0.45	1450
6	0.75	1500
7	0.90	2000

a. Given the VLOOKUP function above, what is the probability of demand equal to 1450?

b. Given the VLOOKUP function above, what is the probability of demand equal to 1250?

c. Given the VLOOKUP function above, what is the probability of demand equal to 2000?

Related Book For answer-question

Essentials of Business Statistics Communicating With Numbers

ISBN: 978-0078020544

1st edition

Authors: Sanjiv Jaggia, Alison Kelly

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Posted Date: Jun 06, 2021 08:50 PM

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Use the following cumulative probability below (in cells A1 to B7 of an Excel worksheet) to answer

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Solution Probability of dema... View the full answer

Essentials of Business Statistics Communicating With Numbers

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