Hi, I've got this question
Using the standard normal distribution X ~ N(0,1), answer the following question:
A pet shop owner is selling rabbits. The weight of the rabbits is normally distributed with mean 1000g and a standard deviation 100g. Rabbits between 900g and 1100g are sold as ‘Standard Rabbits’ the rest are sold as ‘Special Rabbits’. The pet shop owner wants to raise equal money from the sale of Special and Standard Rabbits. If Standard Rabbits are priced at £5.00, what should be the price of a Special Rabbit?
My attempt:
31.6% of rabbits are special, 68.4% are normal
68.4 / 31.6 = 2.16
2.16 * 5 = 10.8
£10.80
I'd be grateful if someone could help out. Have I got this right?
Thanks
Using the standard normal distribution X ~ N(0,1), answer the following question:
A pet shop owner is selling rabbits. The weight of the rabbits is normally distributed with mean 1000g and a standard deviation 100g. Rabbits between 900g and 1100g are sold as ‘Standard Rabbits’ the rest are sold as ‘Special Rabbits’. The pet shop owner wants to raise equal money from the sale of Special and Standard Rabbits. If Standard Rabbits are priced at £5.00, what should be the price of a Special Rabbit?
My attempt:
31.6% of rabbits are special, 68.4% are normal
68.4 / 31.6 = 2.16
2.16 * 5 = 10.8
£10.80
I'd be grateful if someone could help out. Have I got this right?
Thanks