Standard Normal Concept and Standardized Variables : Speedy Business Cards, Inc., supplies customized business cards to commercial and individual customers. The company is preparing a bid to supply...

Standard Normal Concept and Standardized Variables
:
Speedy Business Cards, Inc., supplies customized business cards to commercial and individual customers. The company is preparing a bid to supply cards to the Nationwide Realty Company, a large association of independent real estate agents. Because paper, ink, and other costs cannot be determined precisely. Speedy anticipates that costs will be normally distributed around a mean of $20 per unit (each 500-card orderلكل طلبية من 500 بطاقة ) with a standard deviation of $2 per unit.

1. 
   What is the probability that Speedy will make a profit
   at a price of $20 per unit?

1. Calculate the
   unit price necessary to give Speedy a 95 per cent chance of making a profit
   on the orderللطلبية .

1. If Speedy submits a successful bid (قدمت عرضا ناجحا) of $23 per unit,
   what is the probability that it will make a profit?