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Probability

book review probability of random selection

2. The editor of a publishing company is trying to decide whether to publish a proposed business statistics textbook. Information on previous textbooks published indicates that 10% are huge successes, 20% are modest successes, 40% break-even, and 30% are losers. However, before publishing decision is made, the book will be revie

Probability Review Questions

Question 1 The following five (5) situations require the application of one of the common discrete or common continuous distributions we learned about. All you have to do for each of these problems is identify the correct probability mass function or probability density function name. DO NOT SOLVE THE PROBLEM. There is only

Queuing and Process Simulation Modeling

Michael's Tire Company performs free tire balance and rotation for the life of any tires purchased there on a first-come, first-served basis. One mechanic handles this and can usually complete the job in an average of 20 minutes. Customers arrive at an average rate of two per hour for this service. a. How long will a customer

Queues and process simulation modeling

1. Star Savings and Loan is planning to install a drive-through window. Transaction times at the drive-through are expected to average three minutes because customers would use it for simpler transactions. The arrival rate is expected to be ten customers per hour. a. Compute the operating characteristics for the drive-through w

What is the probability?

1. A group of volleyball players consists of four Grade-11 students and six Grade-12 students. If six players are chosen at random to start a match, what is the probability that three will be from each grade? 2. If a bowl contains ten hazelnuts and eight almonds, what is the probability that four nuts randomly selected from t

Probability Distributions

1. Suppose you randomly draw two marbles, without replacement from a bag, containing six green, four red and three black marbles. a) Determine the probability that both marbles are red. b) Determine the probability that you pick at least one green marble. 2. What is the probability of at least two people in a class o

Probability of Rolling the Given Sum on Two Dice

You are rolling a pair of dice, one red and one green. What is the probability of the following out comes: a. The sum of the two numbers you roll from the dice is 8. b. The sum of the two numbers you roll is 12. c. The sum of the two numbers you roll is 7.

Introduction to Probability Review

Two coins are tossed simultaneously. What is the probability of tossing two heads? A coin is tossed three times. What is the probability of tossing exactly two heads? Two standard dice are rolled. What is the probability of rolling a total of 9? If the odds in favour of rain tomorrow are 4:7, what is the probability of

Probability Measurements

1 ) The following are measurements of the diameter of engine crankshafts in millimeters. The process mean is supposed to be 224. What is the probability that a similar study would have the same sample mean or higher? 224.120 224.001 224.017 223.989 223.960 223.961 224.089 2) Cola drink makers try to keep the sweetness of

Empirical and Theoretical probability

1)How well we understand the difference between empirical and theoretical probability is an important part of our ability to apply probability to a real world set of data. What is the difference between empirical and theoretical probability? Give two to three examples of professions where probability could be used. Explain your

Probability

3. At a certain university, 30% of the students major in mathematics. Of the students majoring in mathematics, 60% are males. Of all the students at the university, 70% are males. a. What is the probability that a student selected at random in the university is male and majors in mathematics? b. What is the probability that a

Probability: Bay's Theorem..

4. Seventy percent of all Big Burger chain stores decided to advertise in their local newspapers. Of those chain stores that advertised in their local newspapers, 60% had an increase in sales. Of those chain stores that did not advertise in their local newspapers, 25% had an increase in sales. a. What is the probability that

Marginal & Conditional Probability for Marketing Survey

2. For a marketing survey, 200 customers were classified according to their age (in years) and their favorite type of donut. Age of Customer Glazed Chocolate-covered Crème-filled Cake <21 3 25 10 7 21-30 5 23 26 10 31-45 15 12 3 20 >45 29 5 1 6 (a) What is the probability that a person prefers Creme-filled donut and is a

subjective probability

1. Match each of these terms with one of the phrases below. Terms: a. sample space b. events c. complement d. subjective probability e. outcomes f. theoretical probability g. trials Phrases: 1. deduced from analysis of all possible outcomes 2. the set of all possible outcomes 3. repetitions of a probability experimen

Probability

Solve the following problems showing your work: 1. Suppose you have 4 nickels, 6 dimes, and 4 quarters in your pocket. If you draw a coin randomly from your pocket, what is the probability that a. You will draw a dime? b. You will draw a nickel? c. You will draw a quarter? 2. You are rolling a pair of d

Expected Value Problem

There are 7 prisoners, and 7 rooms each with a switch. Assume all switch are off at first. Now there is a fair coin in each room. Each prisoner goes to each room and flips the coin. If the coin comes up heads, prisoner changes the state of the switch. Else, prisoner moves to the next room and repeats. What is the average numb

Conditional Probability Overview

See the attached file. A school principal is looking at the combination of subjects students are studying. He learns that the probability that a student is studying Chemistry is 0.5 and that the probability that a student is studying Physics is 0.1. He has also found that the probability that a student is studying Chemist

binomial and combinatorial probability

An engineer has 200 resistors that he keeps in one box. Resistors are colored to help their identification, and in this box there are 30 white resistors, 50 black resistors, 80 red resistors and 40 green resistors. (a) If he chooses one resistor from this box without looking what is the probability that the resistor is eithe

College Mathematics

Exercises on Sets 1. Please provide a short definition of the following: a. Set b. Subset c. Proper Subset d. Complement of a set e. Union of a set f. Intersection of a set Solve following problems showing your work: 2. Set X = {3, 7, 11, 21, 39, 43, 567}, Set Y = {1, 3, 6, 8, 11, 42, 567}

Joint Probability Shown

Please give step-by-step process for solving the following problem. Suppose that X and Y are continuous random variables with joint pdf (probability distribution function) fXY(x,y) = kx^2y, when 0 < x < y < 1, 0, otherwise. (a) Determine the value of k. (b) Find P(X+Y > 1).

Exponential Distribution: Probability distribution function

Please give step-by-step process for solving the following probability problems. Let X ~ Exp(lamda1) and that Y ~ Exp(lambda2). Further assume that X and Y are independent. (a) Write down the joint pdf (probability distribution function) of X and Y, fXY(x,y). (b) For t > 0, prove that P(Y < tX) = t lambda2 / ( lambda1 +

Stock Probability

Please explain how to solve this problem. An investment advisor recommends the purchase of shares in Probaballisitics, Inc.. He has made the following predictions: P(Stock goes up 20% | Rise in GDP) = .6 P(Stock goes up 20% | Level GDP) = .5 P(Stock goes up 20% | Fall in GDP) = .4 An economist has predicted that the p

Biased Bernoulli Process

Suppose that two teams that meet in the world series are closely matched: the better team wins a given game with a probability of .55. What is the probability that the better team will win the World Series? Treat the games as tosses of a biased coin. Express the event "the better team wins" in terms of elementary Bernoulli event

probability of a company's stock price

The average stock price for companies making up the S&P 500 is $30,and the standard deviation is $8.20. Assume the stock prices are normally distributed. a. What is the probability that a company will have a stock price of at least $40? b. What is the probability that a company will have a stock price no higher than $20?

Poisson arrival, Exponential service time

The Friendly Neighbor Grocery Store has a single checkout stand with a full-time cashier. Customers arrive randomly at the stand at a mean rate of 30 per hours. The service-time distribution is exponential, with a mean of 1.5 minutes. This situation has resulted in occasional long lines and complaints from customers. Therefore,

Sets and probability of marble drawn from a box

28. A marble is drawn from a box containing 3 yellow, 4 white, and 8 blue marbles. Find the odds in favor of drawing the following. a. A yellow marble b. A blue marble c. A white marble If two cards are drawn without replacement from an ordinary deck, find the probabilities of the following results 8. The second is blac

From a Probability and Statistics math class

5. The fracture strength of tempered glass averages 14 (measured in thousands of pounds per square inch) and has standard deviation 2. a. What is the probability that the average fracture strength of 100 randomly selected pieces of this glass exceeds 14.5? b. Find an interval that includes, with probability 0.95, the avera

Expected Cash Flow and Net Present Value

Cooper Construction is considering purchasing new, technologically advanced equipment. The equipment will cost $625,000 with a salvage value of $50,000 at the end of its useful life of 10 years. The equipment is expected to generate additional annual cash inflows with the following probabilities for the next ten years: Proba

Statictis Problems

These are some of the questions I've run into and need help for. I'm unable to solve some of these problems. I'm studying for my final next week and I'm preparing for that. 7.16 Daily output of Marathon's Garyville, Louisiana, refinery is normally distributed with a mean of 232,000 barrels of crude oil per day with a s

Probablity

1. Suppose you have 4 nickels, 6 dimes, and 4 quarters in your pocket. If you draw a coin randomly from your pocket, what is the probability that a. You will draw a dime? b. You will draw a nickel? c. You will draw a quarter? 2. You are rolling a pair of dice, one red and one green. What is the probability of