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Probability

Probability of Argentina consumer selections

Based on the table given in the attached file: 1. What is the probability that a consumer selected at random purchased fewer products than before? Round to 4 decimal places. 2. What is the probability that a consumer selected at random purchased the same number or more products than before? Round to 4 decimal places. 3

Determining the probabilities of percentage of population

Based on the table shown in the attached file: 1. On average, what percentage of the people in the fifty states and the District of Columbia does not have health insurance? Round to 2 decimal places. 2. Based on the data above, what is the median percentage of people who do not have health insurance in the fifty states and

Probability of Loan Request Being Approved: Example Problem

Ann is applying for a bank loan to open a pizza franchise. She must first complete a written application and then, if the written application is approved, be interviewed by bank officers. If an applicant's written application is not approved the applicant is not granted an interview with the bank officers. Past records fo

Email to AIU: value of statistics and probability used in business

See file attached. Using our data set from Unit 1, compose an email to the head of the American Intellectual Union which discusses the following: Begin your email to AIU by first providing an overview of the database, i.e. a story about the characteristics which may include the types of variables included, etc. Be sur

Statistics problem

I need help with these specific questions on my homework. I did the rest but can't figure these out. Please include an explanation because I don't want to get behind by not understanding how to solve these questions. I'm already struggling enough - don't need to add more to it. 1. A distribution has a standard deviation of

Trend projection and seasonal factors to simulate sales

A firm uses trend projection and seasonal factors to simulate sales for a given time period. It assigns "0" if sales fall, "1" if sales are steady, "2" if sales rise moderately and "3" if sales rise a lot. The simulator generates the following output. 0,1,0,2,2,0,0,1,2,3,2,0,2,0,2,2,1,2,3,1,2,2,2,0,3,0,0,2,1,2,1 Estimate

Statistics: Five Random Variable problems

Learning objectives: distinguish between discrete and continuous random variable; compute statistics about random variable; compute statistics about a function of a random variable; compute statistics about the sum of a linear composite of random variables; identify which type of distribution a given random variable is most like

Probability - Random Samples

According to the U.S. Census Bureau, the mean household income in the United States in 2000 was $57,045 and the median household income was $42,148 (U.S. Census Bureau, "Money Income in the United States: 2000," www.census.gov, September 2001). The variability of household income is quite large, with the 10th percentile approxi

binomial probability formula

The probability that a business owner will go bankrupt in it first year is .34. For 25 like businesses, find the probability first by using the binomial probability formula, and then by using the normal approximation. a. exactly 9 go bankrupt b. No more than 3 go bankrupt

Probability: Weather, Lottery, Outfits for the Year

1. There is a 20% probability of rain tomorrow means that: a. Tomorrow it will be raining during 0.2 of the day, and the rest of the day it will be clear. b. Out of the next 5 days, one day it will be raining. c. According to the records, if a weather like one we have today occurred in the past, then 20% of cases it w

Finding hypotheses for statistics

A sample of 20 is taken, resulting in a mean of 16.45 and standard deviation of 3.59. Assume that x is normally distributed and used alpha of 0.5 to test hypotheses. ho:u=16 ha:doesn't=16 i know for this problem you would use the p^+or-z(sqaureroot of p times q over n) But i am unsure after you plug those numbers which table

Probability: Binomial Tends to Normal

Effectiveness White flies are devastating California crops. An area infested with white flies is to be sprayed with a chemical which is known to be 98% effective for each application. Assume a sample of 1000 flies is checked. Find the approximate probability that no more than 986 of the flies are killed in one application.

Statistics: 4 problems about random variables and their probability distributions

3-44 A real estate agent has four houses to sell before the end of the month by contacting prospective customers one by one. Each costumer has an independent 0.24 probability of buying a house on being contacted by the agent. a) If the agent has enough time to contact only 15 customers, how confident can she be of selling a

Statistics: graduate and undergraduate students

The local college enrollment program evenly admits undergraduate and graduate students. If a random sample of 4 students is selected from the program to be questioned about the possibility of a study abroad program, what is the probability that all 4 students selected are undergraduate students?

Statistics M2: Six comprehensive problems

1. An auto supply store uses a fixed order size with safety stock system to control the inventory of a type of motor oil it sells. Demand for the oil averages 20 units per day (7300 units per year) and the standard deviation of the daily demand is 4.3 units. For this item, the cost of placing each order is $35. The store purchas

Binomial Probability: Guessing Answers

Each question has 5 possible answers of which only one is correct. a) What is the probability the student will guess them all right? b) The probability that he will guess AT MOST 12 correct. c) The probability that he will guess at least one correct. d) The mean and standard deviation of the number of the correct ans

Statistics: Union and intersection problems

1) Let G be the event that a girl is born. Let F be the event that a baby over 5 pounds is born. Characterized the union and the intersection of the two events? 2) Consider the event that a player scores a point in a game against team A and the event that the same player scores a point in a game against team B. What is the u

Statistics: Tchebychev inequality for samples

The Tchebychev inequality can also be stated in the following way: For any random variable x with mean equal to μ and variance equal to Δ². The minimum probability of X belong to the interval X?[ μ-k, μ+k] is at least: P( | X- μ|<k &#8805; 1-( Δ/k²) Suppose that the random variables x1, x2, x3... xn form a random sa

Poisson distribution probabilities and recursion relationship

The Poisson distribution is given by the following P(x,λ)=e ^ -λ * λ^x! x=0,1,2,3.....j..... Where λ>0 is a parameter which is the average value &#956; in poisson distribution. a) show that the maximum poisson probability P(x=j,λ) occurs at approximately the average value, that is λ=j if λ>1. (hint: you can take t

Mean of a Binomial Experiment

The theoretical probability of undesirable side effects resulting from taking Grebex is 1 in 20. If 500 people take Grebex to lower their blood pressure, theoretically how many will encounter undesirable side effects?

Statistics: Simulate the emergency calls for 3 days, using a random number table.

Simulate the emergency calls for 3 days, using a random number table. Compute the average time between calls and compare this value with the expected value of the time between calls from tthe probability distribution. Rescue receives an emergency call every 1, 2, 3, 4, 5, or 6 hours, according to the following probability di

QUANTITATIVE METHODS

DYNACO MANUFACTURING COMPANY PRODUCES A PRODUCT IN A PROCESS CONSISTING OF OPERATIONS OF FIVE MACHINES. THE PROBABILITY DISTRIBUTION OF THE NUMBER OF MACHNES THAT WILL BREAK DOWN IN A WEEK FOLLOWS. MACHINES BREAKDOWNS PROBABILITY PER WEEK 0 .10 1