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Probability

Probability with and without replacement

Company x manufactures toy panzers. Suppose that in an assortment of 20 toy panzers, there are 5 with defective turrets. Draw with and without replacement. a. If one panzer is selected at random, what is the probability that it has defective turret? b. If two panzers are selected at random, what is the probability tha

Probability in Statistics

The sales records of a real estate agency show the following sales over the past 200 days: Number of Number Houses Sold of Days 0 60 1 80 2 40 3 16 4 4 a. How many sample points are th

Probability of lottery winnings

What is the probability you will win any money in the state lottery and the probability that you will win at least $100, if the payoff for $2.00 is 0.0200; $25.00 is 0.0100; $100 is 0.0050; $500 is 0.0010; $5000 si 0.0005 and $10,000 is 0.0001? Please show step by step in detail of how you compute the answers.

Calculate the best expected pay off (EMV).

Suppose a product needs to be marketed, but the manufacturer can make the product in three ways using any one of the three designs. There are three categories of market conditions and they occur with the probabilities given in the following table: Design Market condition I with probab

Probability, Mean

1. A manufacturer of batteries for "kids' toys" wishes to investigate the length of time a battery will last. Tests results on a sample of 10 batteries indicated a sample mean of 5.67 and a sample standard deviation of 0.57. a. Determine the mean and the standard deviation b. What is the population mean? What is the best e

Probability Machine

A machine is set to pump cleanser into a process at the rate of 7 gallons per minute. Upon inspection, it is learned that the machine actually pumps cleanser at a rate described by the uniform distribution over the interval 6.5 to 7.5 gallons per minute. Find the probability that the machine pumps less than 6.75 gallons during

Find the Probability - Sample Mean Weight

The amount of corn chips dispensed into a 10 ounce bag by the dispensing machine has been identified at possessing a normal distribution with a mean of 10.5 ounces and a standard deviation of .2 ounces. Suppose 100 bags of chips were randomly selected from this dispensing machine. Find the probability that the sample mean weig

Tree Diagram & Probability

A course in statistics is one of the most difficult at the local university. Because of this, for the past decade the university has arranged for teaching assistants to hold frequent discussion sessions as part of the course. Since the inception of the discussion sessions, 50% of the students enrolled in the course regularly att

Calculation of probability and standard deviation

The results of a calculus exam are normally distributed with a mean of 76 and a standard deviation of 6. Find the percentage of students that scored above 70. 15.9 50.0 84.1 23.1 Find the standard deviation of the given probability distribution. x P(x) 0 0.24 1 0.01 2 0.12 3 0.1

Decision Making: Decision Trees

Suppose that one of our colleagues has $2000 available to invest. Assume that all of this money must be placed in one of three investments: a particular money market fund, a stock, or gold. Each dollar your colleague invests in the money market fund earns a virtually guaranteed 12% annual return. Each dollar he invests in the st

Probability calculations for Discrete distributions

Use the binomial probability formula to determine the probability of x successes in n trials: n=12, x=5, p=0.25 0.103 0.082 0.091 0.027 The probability is 0.7 that a person shopping at a certain store will spend less than $20. For groups of size 22, find the mean number who spend

Probability Questions: 4 questions about probabilities

1. The board of directors for the ABC investment Fund has 10 members. If 3 members of randomly selected to oversee the auditors, the probability that the 3 wealthiest members are selected is 1/120. Is this correct??? 2. In problem #1, if members are elected to the positions of chairperson, vice chairperson, and treasurer how

Mean, Level Of Measurement & Probability

1. Each year, the US Energy Department publishes an Annual Energy Review that includes the per capita consumption for each of the 50 states. If the mean of these 50 values is calculated, what is the result? Is the answer the mean per capita energy consumption for the population in all 50 states combined??? 2. A set of data i

Indicated Probabilities

Find the indicated probabilities 1. P(z < 1.28) 2. P(z > -0.74) 3. P(-2.15 < z < 1.55) 4. P (0.42 < z <3.15)

Personal Probability vs. Population Proportion

Marital Status. The probability that a randomly chosen 40-year-old woman is divorced is about 0.15. this probability is a long-run proportion based on all the millions of women aged 40. Let's suppose that the proportion stays at 0.15 for the next 20 years. Bridget is now 20 years old and is not married. (a) Bridget think

Probability

1. How many ways can 15 girls be chosen to form a baseball team (need 9 players)? 5005 1,816,214,400 24 135 3. Use this table to answer questions #3 through #6. Some students were asked if they carry a credit card. Here are the responses. Class______ | Credit Card Carrier | Not a Credit C

Random Walk and 1-Dimensional Heat Equation and its Fundamental Solution

Suppose that a particle, starting at the origin, has an equal chance of moving to the left or right by a distance &#8710;x in a time interval of &#8710;t. (a) Let n>0 be an integer, and let m be an integer, such that -n&#8804;m&#8804;n and n-m is even. By computing the number of ways that the particle can move a net distance

Additional rule of probability

1. During a 52 week period, a company paid overtime wages for 18 weeks and hired temporary help for 9 weeks. During 5 weeks, the company paid overtime and hired temporary help a. Are the events "Selecting the week that contained overtime wages",and "selecting a week that contained temporary help wages" mutually exclusive? Exp

MaxiMin - MiniMax, Expected Value

The marketing department of a soft-drink company wishes to determine the maximum expected payoff from introducing a new crystal-clear drink. Assume that the marketing department works in a risk taking company. Which decision would they likely pursue? (MaxiMax) Calculate the opportunity lost table. Assume that the mark

Probabilities using a probability tree

Your firm is planning a new style of advertising and figures that the probability of increasing the number of customers is 0.63, while the probability of increasing sales given an increase in the number of customers is 0.651. Also assume that when there is no increase in the number of customers, there is no way that you'll be a

Statistics and Probability

A sample of 2,000 licensed drivers revealed the following number of speeding violations. Number of Violations Number of Drivers 0 1,910 1 46 2 18 3 12 4 9 5 or more 5 Total 2,000 What is the experiment? List one possible event? What is the probability that a particular drive had exactly two

Statistics Problems

1. What is the value of the binomial coefficient: combination 100 and zero? 2. If 60 percent of US households live with one or more pets and 4 of these US households are selected at random without replacement, what is the probability that the number of households has one or more pets, at most three? 3. A quantitative data set

Probability and Sample Size

See attached file for full problem description. 15. Captain D's tuna is sold in cans that have a net weight of 8 ounces. The weights are normally distributed with a mean of 8.025 ounces and a standard deviation of 0.125 ounces. You take a sample of 36 cans. Compute the probability that the sample would have a mean: a.

Probability & Usage Guarantee

11. A statistics instructor collected data on the time it takes the students to complete a test. The test taking time is uniformly distributed within a range of 35 minutes to 55 minutes. a. Determine the height. b. How long does the typical test taking time? c. Determine the standard deviation of the test taking time.

What is probability?

What is probability? How is probability concept used in making business decisions? Please explain with real life examples.

Statistics Questions- Normal distribution, z score, survey, sampling methods,

14. On a standard measure of hearing ability, the mean is 300 and the standard deviation is 20. Give the Z scores for persons who score (a) 340, (b) 310, and (c) 260. Give the raw scores for persons whose Z scores on this test are (d) 2.4, (e) 1.5, (f) 0, and (g) _4.5. 15. A person scores 81 on a test of verbal ability an