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Hi
I hope you are doing good. I need help in calculating probabilities. There is a question in a book and kit with a name UNIQUE COMPONENTS. please help I’m not being able to calculate. I really appreciate that you are helping all. Thanx a lot. Looking forward to your reply.So, looking at (b)(i), we are looking for a reduction in cost of at least 12%. This will happen if costs falls to 41.21 x 88% = 36.26 or below.
On the first table, costs lower than this occur if sq meters = 0.5 and cuts = 25, and if sq metres = 0.4 , for any number of cuts (all the bottom line).
Matching to the probability table below, these events will occur with probability=0.08 + 0.02 + 0.03 + 0.03 + 0.01 + 0.01 = 0.18 or 18%.
Other parts of question similarly.
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