Someone purchases a liability insurance policy, and the probability that they will make a claim on that policy is equal to 0.1. The insurance payout is the amount of money the insurance company must pay if the holder of the policy files a claim. So, if no claim is made, then the insurance payout is just $0; however, whenever a c
Hello, I need a detailed solution of problem 13.6 in the attached file A replenishment order is placed to raise the stock level of a given product....What is the probability of a shortage occurring during the replenishment lead time and what is the expected value of the total shortage.
1. A mail order company tracks the number of returns it receives each day. Information for the last 50 days shows Number of returns Number of days 0 - 99 6 100 - 199 20 200 - 299 15 300 or more 9 a. How many sample points are there? b. List and
Service station cars arive randomly at a rate of 1 car every 30 min. the average time to change oil on a car is 20 min. both the time between arrivals and service time can be modeled using the negative exponential Poisson distribution. This shop only has one garage and one oil change person on duty at any given time. a) On
1. Binomial Distribution A fair die is rolled nine times. What is the probability that an odd number (1,3 or 5) will occur less than 3 times? a) .0899 b) .2544 c) .7456 d) .9101 4. Binomial Distribution This problem is a modified version of problem 8 in chapter 11. An automaker has issued a recall for truck transmiss
A doctor finds evidence of a serious illness in a particular patient and must make a determination about whether or not to advise the patient to undergo a dangerous operation. If the patient does suffer from the illness in question, there is a 95% probability that he will die if he does not undergo the operation. If he does unde
50. U.S. Population The population of the United States by race in 2000 and the projected population by race for the year 2025 are given below (in thousands).* Race 2000 2025 White 196,700 209,900 Hispanic 32,500 56,900 Afr
Suppose sunshine figures are independent identically distributed continuous random variables Y_k: k>= 1 (>=) denotes greater than or equal to. Find the probability that (a) Y_1 < Y_2 < Y_3 < Y_4 (b) Y_1 > Y_2 < Y_3 < Y_4
1. The weights in pounds of six elementary students are: 80,92,71,63,76, and 83. Find the following: (a) mean ____________ (b) median ____________ (c) mode __________ (d) range ___________ (e) standard deviation (to the nearest tenth of a pound) _______________ 2. A bag contains fiv
Natway, a national distribution company of home vacuum cleaners, recommends that its salespersons make only two calls per day, one in the morning and one in the afternoon. Twenty percent of the time a sales call will result in a sale. Write out the probability distribution for # of sales during a five-day week. What is the mean
When are the Poisson and negative exponential distributions used and What are the advantages and limitations of simulation models?
1. A class has 10 business majors and 15 econ majors. If Five students are chosen at random, what is the probability that three are business major and two are econ majors? 2. The average time it take to travel from here to three is 30 minutes. The standard deviation is 5 minutes. About 68% of trips take within what range of t
"Probability Games" Web site can you play the dice roll on this web site and let me know what you learned about probabilities by playing the game. http://www.betweenwaters.com/probab.html. Spend a few minutes playing the "Dice Roll".
You pay $6 to play a game where you will roll a die, with a payoff as follows: $8 for a 6, $7 for a 5, and $4 for any other result. What are your expected winnings? Is the game fair? Find the mean for: 105, 108, 110, 115, 106, 110, 104, 113, 117. Find the median and mode (or modes) for: 32, 35, 36, 44, 46, 46, 59.
Please help with the attached problem. Also, included are all the notes regarding this method. This is all that I have to go on. I cannot figure out how to solve this problem since the instructor skipped a lot of steps when solving the example problem. If this problem will be done by hand, then we need to do 20 simulations ju
A consulting firm has an option to bid on a contract that will yield $500,000 profit if it is awarded the contract. However, if the firm decides to bid on the contract and it is not awarded to the firm, it will incur a net loss of $125,000 due to the personnel cost involved in developing the contract proposal and profits lost fr
What is the difference between probability and non-probability sampling? In the answer provide examples on the use of probability sampling and non-probability sampling on real life problems.
Please see attachment. Week One Assessment 1. A box contains three blue balls and three white balls. If two balls are drawn one at a time, find the probability that both balls are blue if the draws are made as follows: (a) With replacement __________________________ (b) Without replacement
What are some practical uses of probability theory ? Can you think of two examples in your work day or personal experiences ? There are two bags each containing red balls and blue balls. Bag A contains 1 red and 4 blue balls. Bag B contains 3 red and 13 blue balls. Lucky Louie says you should always choose Bag B i
Sixty percent of the employees in adepartment are women. One third of the women drive foreign cars. The rest drive domestic cars. Twenty five percent of the men in the department drive foreign cars. One person is randomly selected from the departmental files. Use this information to construct a probability table and (1) cal
Help with attached file. In Arlington, 25% of all homes are all electric.
Use a worksheet to simulate the rolling of dice. Use the VLOOKUP function to select the outcome for each die. Place the number for the first die in column B and the number for the second die in column C. Show the sum in column D. Repeat the simulation for 1000 rolls of the dice. What is your simulation estimate of the probabilit
Please see the attached file. Thank-you so much for your help. If x~Gamma (theta, beta)...Find E[1/x^2]
Solve each problem. Show work. 6.3 From a group of 11 racers, how many top 3 finishes are possible? 6.4 In how many ways can a subcommittee of 4 be chosen from a senate committee of 6 Democrats and 8 Republicans if... a. All members are eligible? b. The subcommittee must consist of 3 Democrats and 1 Republican? 6.5
Please see the attached JPEG for homework specifics. If x and y are discrete random variables with a joint pdf of...
13.) The probability of a newborn baby being a girl is 0.49. If four babies are born in a hospital on one day, what is the probability that all four are girls?
12.) The following table shows the weather conditions each day for the last 100 days: Snowy Days Snowy Days Rainy Days Cloudy Days Sunny Days 5 20 40 35 Based on this data: a.) What is the probability that tomorrow will be snowy? b.) What is the probability that tomorrow will be rainy or cloudy? c.) What is the probab
How would I simulate the drying time for 5 processes to .53, .95, .97, .36 and .07? Minutes Frequency 3 .22 4 .36 5 .28 6 .10 7 .04
Finite Math 6.3 - Please see attached file for complete description) Multiplication Principle Problems 2. Commuter Passes. Five different types of monthly commuter passes are offered by a city's local transit authority for each of three different groups of passengers: youths, adults, and senior citizens. How many different
For an EXPONENTIAL DISTRIBUTION: Show that the mean and the variance are: E[x]=theta and Var[x]=theta^2 ,respectively. To be done using summation or another method (Do not use the moment generating function (M.G.F)).