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Help with Statistics?
Suppose the monthly demand for automobile tires at a tire dealer is normally distributed with a mean of 225 tires and a standard deviation of 50 tires. How many tires must the store have in inventory at the beginning of each month in order to meet demand 95% of the time?
1 Answer
- statmanLv 61 decade agoFavorite Answer
The z score for 95% of the area under the standard normal distribution curve is 1.645, so we have
z = (x - µ)/σ
1.645 = (x - 225)/50
x = (1.645)(50) + 225 = 82.25+ 225 = 307.25
So they need 307 tires.