Stats Help for College-level Students

Setting up constraints for profit maximization.

A florist is planning to make up floral arrangements for the upcoming holiday weekend. He has following supply of flowers in stock this Friday and he cannot get any more. Type------Number available------Cost per flower Roses----------800-----------------------0.20 Carnations---4000----------------------0.15 Gardenias ...continues

Statistical Inference

SCENARIO: The U.S. Bureau of Labor Statistics (http://www.bls.gov) released hourly wage figures for western countries in 2000 in the manufacturing sector. The hourly wage was $24.01 in Germany, $22.00 in Japan, and $19.86 in the United States. PROBLEM: Suppose 40 manufacturing workers are selected randomly from across ...continues

Calculating the probability in a given situation using the probability distribution table.

The U.S. Bureau of Labor Statistics (http://www.bls.gov) released hourly wage figures for western countries in 2000 in the manufacturing sector. The hourly wage was $24.01 in Germany, $22.00 in Japan, and $19.86 in the United States. PROBLEM: Suppose 50 manufacturing workers are selected randomly from across the Un ...continues

Calculating confidence intervals.

SCENARIO: The U.S. Bureau of Labor Statistics (http://www.bls.gov) released hourly wage figures for western countries in 2000 in the manufacturing sector. The hourly wage was $24.01 in Germany, $22.00 in Japan, and $19.86 in the United States. Problem: Construct a 95% confidence intervals for the average hourly wag ...continues

Binomial Distribution

The manager of a restaurant claims that only 3% of the customers are dissatisfied with the service. If this claim is true, what is the probability that the number of dissatisfied customers, in a random sample of 25 customers will be a) 0 b) at least 1 c) between 1 and 5 inclusive d) greater than 5 e) 25

Probability

Here are questions 33 and 34 to assist in answering question 52. 33) Let X be a random variable with probability density f(x)={c(1-x^2), -1 ...continues

Probability Questions

30)Let X be a Poisson random variable with parameter (lambda). Show that P {X=i} increases monotonically and then decreases monotonically as i increases, reaching its maximum when i is the largest integer not exceeding (lambda). Hint: Consider P{X=i}/P{X=i-1}. 37) Let X1, X2, ...., Xn be independent random variables, each ...continues

Conditional probability

4) In a survey conducted to determine cost of vacations, 164 individuals were randomly sampled. Each person was asked to assess the total cost of his or her most recent vacation. The average cost was $1,386. Assuming that the standard deviation was $400, find a 94% confidence interval for the average cost of all vacation trips. ...continues

Coins question

52) (from pg. 52) A coin, having probabiliyt p of landing heads, is flipped until head apears for the rth time. Let N denote the number of flips required. a) Calculate E[X] for the maximum random variable fo Exercise 37. b) Calculate E[X] for X as in Exercise 33. c) Calculate E[X] for X as in Exercise 34.

Insurance example

62)In deciding upon the appropriate premium to charge, insurance companies sometimes use the exponential principle, defined as follows. With X as the random amount that it will have to pay in claims, the premium charged by the insurance company is P=1/a In(E[e^ax]) where a is some specified positive constant. Find P when X ...continues