Casino gambling yields over $35 billion in revenue each year in the US. Casino games of pure chance (e.g., craps, roulette, baccarat, and keno) always yield a house advantage. For example in the game of double-zero roulette, the expected casino win percentage is 5.26% on bets made on whether the outcome will be either black or r
See attached Use the following to answer questions 20-22: A $152,400 loan is taken out at 11.5% for 25 years, for the purchase of a house. The loan requires monthly payments. 20. Find the amount of each payment. 21. Determine the total amount repaid over the life of the loan. 22. Find the total interest pai
The president of Doerman Distributors, Inc., believes that 34% of the firm's orders come from first-time customers. A simple random sample of 120 orders will be used to estimate the proportion of first-time customers a. What is the probability that the sample proportion will be between .25 and .35 (to 4 decimals)? Time/CNN
1. Chapter 8: (a) Chapter Review question # 10 (0.5 point) List differences and similarities between the Student's t and the standard normal distribution and carefully show all steps in your response. (b) Chapter Review question # 11 (0.5 point) By means of an example, show that for a given confidence le
What are the normal distribution probabilities for Weston Materials, Inc. and Shaver Manufacturing, Inc.?
Problem Sets - Descriptive Statistics and Probability Distributions Statistical Techniques in Business & Economics (text) The accounting department at Weston Materials, Inc., a national manufacturer of unattached garages, reports that it takes two construction workers a mean of 32 hours and a standard
1) How might the selection of a given tail test impact the Type I or II error, if any? 2) If the problem itself is not yet stated how might a researcher know which type of -tail test to use? 3) Might there be instances where a test is looking for a section of the area under the curve and not just the extreme ends?
The manufacturer of a particular bicycle model has the following costs associated with the management of the product's inventory. In particular, the company currently maintains an inventory of 1000 units of this bicycle model at the beginning of each year. If X units are demanded each year and X is less than 1000, the excess sup
Which of the following about the normal distribution is not true? a. About 2/3 of the observations fall within ±1 standard deviation from the mean. b. Its parameters are the mean, μ, and standard deviation, σ. c. It is a discrete probability distribution. d. Theoretically, the mean, median, and mode are the same
Part A: Describe the properties of a normal distribution. Explain why there are an infinite number of normal distributions. How does a standard normal distribution differ from any from any other normal distribution, and how is it similar? Explain. Part B: What is the transformation to standardize a normal random variable? Why
5. In baseball, a "no-hitter" is a regulation 9-inning game in which the pitcher yields no hits to the opposing batters. Chance (Summer, 1994) reported on a study of no-hitters in Major League Baseball (MLB). The initial analysis focused on the total number of hits yielded per game per team for all 9-inning MLB games played betw
1. True or False? Replacement is allowed in binomial experiments. Explain your answer. 2. True or False? Two normal distributions that have the same standard deviation have the same shape, regardless of the relationship between their means. Explain your answer.
1. Which of the following statement(s) about the normal probability distribution is/are true? a. The mean equals the mode and the median b. The median equals the mode c. The mean divides the distribution into two equal parts d. All of the above e. None of the above 2. a. 375 and 425 b. 300 and 500 c. 390 and 410
Normal probability distribution: Using the normal probability distribution, what is the probability the car will be repaired in 35 minutes or less?
An auto repair shop takes an average of 45 minutes to complete a repair job. The owner of the shop has determined the repair time has a standard deviation of 7 minutes. A customer comes into the shop and states that she will return in 35 minutes -- at which time she must have the car ready to drive off. Using the normal probab
Problem 1 A store has noticed that checking errors have been occurring. The question arose as to whether these errors are any different than has happened in the past. An employee suggested that control charts be used to monitor this process. Fortunately there were past records which shoed that the average number of errors were
If x is normally distrubed with u = 20.0 and o = 4.0, determine the following: a. P(x > 20.0) b. P(16.0 < x < 24.0) c. P(X < 12) d. P(x = 22.0) e. P(12.0 , x , 28.0) f. P(x 15)
1) The manufacturing of a ball bearing is normally distributed with a mean diameter of 22 millimeters and a standard deviation of .016 millimeters. To be acceptable the diameter needs to be between 21.97 and 22.03 millimeters. a. What is the probability that a randomly selected ball bearing will be acceptable ? (Round to tent
USE EXCEL TO SOLVE THE FOLLOWING PROBLEMS PROBLEM 9.13: The heights of North American women are normally distributed with a mean of 64 inches and a standard deviation of 2 inches. (a) What is the probability that a randomly selected woman is taller than 66 inches? (b) A random sample of four women is selected. Wh
See attached file for solution regarding a problem about a normal distribution. Provide step by step calculations. WNAE, an all-news AM station, finds that the distribution of the lengths of time listeners are tuned to the station follows the normal distribution. The mean of the distribution is 15.0 minutes and the standard
Please solve the attached problem using matlab.
25. A major department store has determined that its customers charge an average of $500 per month with a standard deviation of $80. Assume the amounts of charges are normally distributed. a. What percentage of customers charges more than $380 per month? P(x > 380) = 1- p(x<380) (P(x<380) =
Please see the attached questions regarding Z-Tables. Can you please explain how you get from P(Z<8/3) - P(Z<-8/3) to 0.9962 - 0.0038? How do you check the z-table to find these values? Please show me in the Example Z-Table attached.
Assume that x has a normal distribution, with the specified mean and standard deviation. Find the indicated probabilities. 6)P(40 less than or equal to x less than or equal to 47); u = 50; o = 15 10) P( x greater than or equal to 2); u = 3; o = 0.25 Find the z value described and sketch the area described. 14) find
The figure below graphs the density curve of a uniform distribution. Answer the following Questions ... Too much cholesterol in the blood increases the risk of ... (Please see the attached document) The figure below graphs the density curve for a uniform distribution. Use areas under this density curve to answer the fol
The manager of the Tee Shirt Emporium reports that the mean number of shirts sold per week is 1,210, with a standard deviation of 325. The distribution of sales follows the normal distribution. What is the likelihood of selecting a sample of 25 weeks and finding the sample mean to be 1,100 or less?
1. Scores for men on the verbal portion of the SAT test are normally distributed with a mean of 509 and a standard deviation of 112. Randomly selected men are given the Columbia Review Course before taking the SAT test. Assume that the course has no effect. If 1 of the men is randomly selected, find the probability that his scor
It is said that sufferers of a cold virus experience symptoms for 7 days. However, the amount of time is actually a normally distributed random variable whose mean is 7.5 days and whose standard deviation is 1.2 days. a. What proportion of cold sufferers experiences less than 4 days of symptoms? b. What proportion of cold
Problem:1 Suppose that x is normally distributed random variable with µ = 11 and variance = 4. Find each of the following: a)P(10<x <12) b)P(x > 13.24) c)P(x < x0) 0.75 find Xo Problem:2.Consider the following hypothesis test. Ho: µ >; 10 Ha: µ < 10 A sample with n = 50 provides a sample mean of 9.46 and samp
Using the normal distribution, answer the following questions. 1. A pharmaceutical drug has mean effective duration of 10.4 hours with a standard deviation of two hours. In what percentage of the patients will the effectiveness of the drug be: a) Greater than 13 hours? b) At least 9 hours? c) Between 11.8 and 14.6 hour
Create a bell curve chart that shows the number of men needed per day for a 10,000 man hour job. The start date is 1/1/2008 and the end date is 6/1/2008. The job will run for a total of 21.71 weeks and there will be 108.57 work days. The estimated man hours is 10,000 and each worker will work an 8 hour shift 5 days out of the we
1. customers in a bank A bank has a drive thru service. The number of customers arriving during a 15 minute period is distributed as shown. Find the mean, variance, and standard deviation for the distribution Number of customers X 0 1 2 3 4 Probability