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probability

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Q3

Vibranium

In a particular time period, the price of 1 pound of Vibranium is $50 on average, with a standard deviation of $10.

(a) Using Chebyshev’s inequality, derive an upper bound on the probability that a pound of Vibranium costs at least $80.

(b) What would the mean of a pound of Vibranium need to be (fixing standard deviation at $10) in order to upper bound the probability in Part A by 1/11? Again, use Chebyshev’s inequality.

 
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