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Probability

Decision payoff table for sale of Christmas greeting cards.

6. The manager of the greeting card section of Mazey's department store is considering her order for a particular line of Christmas Cards. The cost of each box of cards is 3.00; each box will be sold for 5.00 during the Christmas season. After Christmas, the cards will be sold for 2.00 a box. The card section manager believe

Decision Analysis

Miramar Co. is going to introduce one of three new products: a widget, a hummer, or a nimnot. The market conditions (favorable, stable, or unfavorable) will determine the profit or loss the company realizes as shown in the following payoff table: Product favorable (0.2) Stable (0.7) Unfavorable (0.1) Widge

Statistics Simulation Problems: Hoylake Rescue Squad, Petroco Service Station

The Hoylake Rescue Squad receives an emergency call every 1,2,3,4,5, or 6 hours according to the following probability distribution. The squad is on duty 24 hrs per day, 7 days ... 2. The time between arrivals of cars at the Petroco Service Station is defined by the following probability distribution ... 3. The Dynaco Manufac

Statistics: Construct a binomial distribution for habits of other drivers

The graph below shows the results of a survey of drivers who were asked to name the most annoying habit of other drivers. You randomly select six people who participated in the survey and ask each one of them to name the most annoying habit of other drivers. Let x represent the number who named talking on cell phones as the most

Statistics: Probability of Die Rolls

A 6-sided die is rolled and depending on the result a ball is then chosen from one of three boxes. If the roll results in a 1 a ball is drawn from box A, if the roll results in a 2 or a 3 a ball is drawn from box B, and if the roll results in a 4, 5, or 6 a ball is drawn from box C. If box A contains 1 red, 6 white, and 3 black

Statistics

The average monthly gasoline purchase for a family with 2 cars is 90 gallons. This statistic has a normal distribution with a standard deviation of 10 gallons. A family is chosen at random. (a) Find the probability that the family's monthly gaoline purchases will be between 88 and 98 gallons. (b) Find the probability that the

Probability of meeting someone from Accounting Department

You have just been hired by the JFC Engineering Company. It is a mid-size company located in Phoenix, Arizona. Your prior experience has been with very small firms of less than ten employees, so you are excited about the opportunity of working for a much larger firm. You want to make sure and get to know as many of the employees

Probability of a big order is 0.4; probability of losing money this quarter is 0.5. Assuming that these are mutually exclusive events. Find the probability of getting the order or losing money.

The probability of getting a big order currently under negotiation is 0.4. The probability of losing money this quarter is 0.5. a. Assuming that these are mutually exclusive events. Find the probability of getting the order or losing money. b. Assuming that these are mutually exclusive events.Does this rule out the possibi

Statistics

1. (10 points) The Pizza Company claims they will deliver your in less than 30 minutes. An undercover consumer reporter monitored a random sample of 30 pizza deliveries at a National outlet. The number of minutes to perform the delivery is reported below. 44, 12, 22, 31, 26, 22, 30, 26, 18, 28, 12, 40, 17, 13, 14, 17, 25, 2

Probability

The ratings for "driving distance off the tee" for the top 10 golfers on the PGA Tour are as follows: RANK PREV RANK PLAYER VALUE (YDS) 1 1 Scott Hend 318.90 2 2 Tiger Woods 315.20 3 3 Brett Wetterich 310.70 4 4 John Daly 308.50 5 6 Scott Gutschewski 308.40 6 5 Hank Kuehne 308.30 7 10 Davis Love III 304.30 How wou

Decision Analysis

1. The Oakland Bombers professional basketball team just missed making the playoffs last season and believes it needs to sign only one very good free agent to make the palyoffs next season. The team is considering four players: Barry Byr4d, Raneal O' Neil, Marving Johnson, and Michael Gordan. Each player differs accordign to

Probability for Accumulated Snowfall

Problem 1 Molly Dymond and Kathleen Taylor are considering the possibility of teaching swimming to kids during summer. A local swim club opens its pool each day so it is available to rent during the morning. The cost of renting the pool during the 10-week period for which Molly and Kathleen would need it is $1,700.

Probability

1. Suppose that for a 5-year-old automobile, the probability the engine will need repair in year 6 is 0.3, while the probability that the tires need replacing in year 6 is 0.8. The probability that both the engine will need repair and the tires will need replacing in year 6 is 0.2. What is the probability that the tires will nee

Distribution

A. Assuming that the distribution of IQ is accurately represented by the bell curve in Figure 5.16, determine the proportion of people with IQs in each of the five cognitive classes defined by Herrnstein and Murray. Figure 5.16 The distribution of IQ (See the attachment) b. Although the cognitive classes above are defined

Finance calculations using excel

Our midterm is going to be similar to problems I have posted. I need assistance in completing these type of problems using excel. Can you please assist?

Z-Score and Probability

1: Given the standardized normal distribution (with a mean of 0 and a standard deviation of 1, as in table E.2), what is the probability that A: Z is less than 1.57? B: Z is greater than 1.84? C: Z is between 1.57 and 1.84? D: Z is less than 1.57 or greater than 1.84? 2: The breaking strength of plastic bags used for p

Statistics Quantitative Analysis: Probability and frequency distribution

Probability A certain state is contemplating creating a weekly lottery, the revenues from which will be used to fund improvements in the state's public education system. The commission chartered to develop the guidelines for the proposed lottery envisions using a process whereby six (6) balls will be randomly selected from a

Statistics: Probability Example Questions

1: When a customer places an order with Rudy's On-Line Office Supplies, a computerized accounting information system (AIS) automatically checks to see if the customer has exceeded his or her credit limit. Past records indicate that the probability of customers exceeding their credit limit is 0.05. Suppose that, on a given d

Probability of Rejecting the Ledger

An auditor takes samples from ledgers to decide whether to certify or reject the ledger. The sampling method used is to select 10 entries at random from the ledgers and then analyze each for errors. If the auditor finds no errors he certifies the ledger. If he finds 2 or more entries with errors he rejects the ledgers. If the au

Help

According to the "January theory," if the stock market is up for the month of January, it will be up for the year. If it is down in January, it will be down for the year. According to an article in The Wall Street Journal, this theory held for 28 out of the last 34 years. Suppose there is no truth to this theory; that is, the pr

Statistics: 6 Probability distribution problems

Unit 2 Test 1. The United States National Centre for Education Statistics compiles enrolment data on American public schools and reports the information in Digest of Education Statistics. The following table displays a frequency distribution for the enrolment by grade level in public secondary schools for a given year. Freque

Independent Events

27. In 1998, the average age of students at UTC was 22 with a standard deviation of 3.96. In 1999, the average age was 24 with a standard deviation of 4.08. In which year do the ages show a more dispersed distribution? Show your complete work. 29. If A and B are independent events with P(A) = 0.4 and P(B) = 0.6

Venn Diagram, binomial probability problems

5.10 Given P(A) = .70, P(B) = .30, and P(A ∩ B) = .00, find (a) P(A ∪ B) and (b) P(A | B). (c) Sketch a Venn diagram and describe it in words 5.16 Given P(A) = .40, P(B) = .50. If A and B are independent, find P(A ∩ B). 6.4 Pepsi and Mountain Dew products sponsored a contest giving away a Lamborghini spo

Statistics Probability Question and Bowser Bites Industries

Question 1 Consider a random variable, z, that has a standardized normal distribution. Determine the following probabilities: a. P(0 < z < 1.96) b. P(z > 1.645) c. P(1.28 < z < 2.33) d. P(-2 < z < 3) e. P(z > -1) Question 2 Bowser Bites Industries (BBI) sells large bags of dog food to warehouse clubs. BBI uses an au