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Probability

Discrete Probability Distribution: Example Problems

a. Find the value of "a" in the following discrete probability distribution: x P(x) -2 a 0 0.35 2 0.25 b. Determine whether or not the following is a probability distribution. Give a reason for your answers. x P(x) 3 3/5 4 2/5 5 1/5 6 - 1/5 c. Determine whether or not the following is a probability distribut

Probability of Occurrence

A. An activity that yields a result or an outcome is called an ____________________. b. An ________________________is a collection of some of the possible outcomes from the sample space. c. Two events A, B are to be ____________________if they cannot both occur together when an experiment is performed. d. Suppose A, B

Probability of Occurrence of Gender

I. At a certain college 10% of the students are majoring in mathematics, 70% of the student body are female, and 4% of the students are female mathematics majors. Suppose a student is selected by chance. Find the probability that the student is majoring in math given that the student is a female. j. Two events. A, B are ca

Probability

A golf course in Hawaii has determined that the mean time it takes for a group to complete an 18 hole round of golf is 4 hours 35 minutes or 275 minutes with a standard deviation of 14 minutes. The time distribution is also thought to be approximately normal. On a monthly basis, the head pro at the course randomly selected a sam

Statistics - Probability for City Surveys

A City Survey states that 70 percent of all business owners favor increasing the parking fees. The city has commissioned a random sample of n = 100 business owners. Of these, 63 stated that they favor increasing the parking fees. What is the probability of 63 or fewer favoring the idea if the Survey's claim is correct?

Statistics - Probability..

A golf course in Hawaii has determined that the mean time it takes for a group to complete an 18 hole round of golf is 4 hours 35 minutes or 275 minutes with a standard deviation of 14 minutes. The time distribution is also thought to be approximately normal. On a monthly basis, the head pro at the course randomly selected a sam

Statistics - Probability of Random Selection

It is assumed that the time failures for an electronic component are exponentially distributed with a mean of 50 hours between consecutive failures. Based on this information, what is the probability that a randomly selected part will fail in less than 10 hours?

Statistics - Probability of Customers 9 Minute Record

It is assumed that the time customers spend in a record store is uniformly distributed between 3 and 12 minutes. Based on this information, what is the probability that a customer will spend more than 9 minutes in the record store?

Statistics - Probability of Random Selection.

Assuming that the change in daily closing prices for stocks on the New York Stock Exchange is a random variable that is normally distributed with a mean of $.35 and a standard deviation of $.33. Based on this information, what is the probability that a randomly selected stock will close up $.75 or more?

Probability based on Norma distribution

The actual weight of 2-pound sacks of salted peanuts is found to be normally distributed with a mean equal to 2.04 pounds and a standard deviation of 0.25 pounds. Given this information, the probability of a sack weighing more than 2.40 pounds is 0.4251 True or False?

Risk Analysis Pronability

You are a risk analyst at Max Inc., which operates 15 manufacturing plants in the United States. Industry experts predict that the next year will be a bad one for your industry and 70 percent of the manufacturing plants like yours in the United States will operate at a loss. The CEO of your company has to provide an assessme

Statistics: Probability Calculations using Normal Distribution

The IQ for adults is 100 and the standard deviation is 16. a. What percentage of people have an IQ greater than 140? b. What percentage have IQ's between 100 and 140? c. SmartPeople is an organization that only admits people with IQ's in the top 98 percentile. What IQ score would a person need to be a member of SmartPeo

Hypergeometric/Binomial Probability Distribution

You are the manager of a softball league in the locality in which there are 5 local teams with 10 people each. The league has been arranged for parity so that each local team has 5 good players and 5 bad players. Another softball league located in another state wants to put together a regional all-star team for a tournament that

Data and Scales of Measures

1. Identify one each of the following data types used in the article above: ordinal, nominal, and ratio. 2. Use MS Excel and information from the Baseball Salaries spreadsheet above to create a single meaningful frequency distribution table with at least 5 separate categories. 3. For each baseball team listed in the workboo

Normal Distribution and Populations

Please help with the following problems involving normal distribution and populations. Based off the three requirements that must be met before an analysis of variance test (ANOVA) can be used: 1. Samples must be randomly selected from the populations to be evaluated. 2. All populations from which the samples are selected

Binomial Distribution

Consider a binomial distribution with 15 identical trials, and a probability of success of 0.5. Find the probability that x = 2 using the binomial tables. Use the normal approximation to find the probability that x = 2

Binomial random variable

A study consists of randomly selecting 14 newborn babies and counting the number of girls. If we assume that boys and girls are equally likely and if we let x=number of girls among 14 babies, then x is a random variable because its values depends on chance. The possible values of x are 0,1,2,...,14. The Below table lists the val

Probability: Expected Value and Decision Analysis

Expected Value and Decision Analysis: 1- In a certain state lottery, a lottery ticket cost $8. In terms of the decision to purchase or not to purchase a lottery ticket, suppose that the following payoff table applies: State of nature Decision alternative Wins s1 Lose s2 P

Probability and Logical Conclusion

Please provide formulas and logical conclusions for each. Include step by step calculations for each. 8. If the probability of having a boy is .47, find the following a. For families with 10 children i. The mean for the number of boys in a family ii. The standard deviation for the number of boys iii. The probability of h

Probability and Decision Making

1- A pharmaceutical company conducted a study to evaluate the effect of an allergy relief medicine. 200 patients with symptoms that included itchy eyes and a skin rash received the new drug. The results of the study are as follows: 90 of the patients treated experienced eye relief 135 had their skin rash clear up, and

Probability

I have two pair of black shoes in the closet, a loafer and a tied pair. I am in a hurry getting dressed and the light burns out in the closet. As these are the only shoes in the closet, I reach in and grab two. What is the probability that they match (i.e. l and r loafer, or l and r tie - wearing a tie and a loafer is a f

Which would surprise you more: (1) she predicts at least 8 out of 10 correctly, or (2) she predicts at least 6 out of 10 correctly on each of 4 separate occasions? Answer by assuming that (1) she really is guessing and (2) each day the Dow is equally likely to go up or down.

A person claims that she is a fortune teller. Specifically, she claims that she can predict tha direction of the change (up or down) in the Dow Jones Industrial Average for the next 10 days (such as U, U, D, U, D, U, U, D, D, D). (You can assume that she makes all 10 predications right now, although that won't affect your answ

Binomial distribution probabilities

Suppose 1.5 percent of the antennas on new Nokia cell phones are defective. For a random sample of 10 antennas, use the binomial distribution to find the probability that: a. None of the antennas is defective. b. Three or more of the antennas are defective. c. At most 3 are defective. d. All 10 antennas are defecti

Payoff Table Alternatives

Blossom's Flowers purchases roses for sale for Valentine's Day. The roses are purchased for $10 a dozen and are sold for $20 a dozen. Any roses not sold on Valentine's Day can be sold for $5 per dozen. The owner will purchase 1 of 3 amounts of roses for Valentine's Day: 100, 200, or 400 dozen roses. The number of alternatives fo

Mean of a Discrete Probability Distribution

A random sampling of financial analysts was asked to provide forecasts of earnings per share of a corporation's stock for the next year. The results are summarized as follows: Forecast ($ per share) # Analysts Mi FiMi $8 < $10 2 Analysts $10 < $12 3 Analysts $12 < $14

Choosing Shoes

I have two pair of black shoes in the closet, a loafer and a tied pair. I am in a hurry getting dressed and the light burns out in the closet. As these are the only shoes in the closet, I reach in and grab two. What is the probability that they match (i.e. l and r loafer, or l and r tie - wearing a tie and a loafer is a fashion

Picking a Card in a Game

A situation is presented where you have to pick the queen out of 3 cards, the other two are Aces. The person running the game asks you to pick a card, you do, and he turns over a card that you didn't pick to show it was an ace. He then offers you the choice to keep your card or choose the third card. Using your knowledge of p

The Probability for Electrical Power and Bond Funds

1. A certain airplane has two independent alternators to provide electrical power. The probability that a given alternator will fail on 1-hour flight is 0.02. What is the probability that (a) Both will fail? (b) Neither will fail? (c) One or other will fail? 2. The contingency table belo

Probability

1) Two cards are drawn from an ordinary deck of 52 cards find the probability of each event showing your reasoning carefully a. two aces b. two red cards c. two red aces d. two honor cards (A, K, Q, J, 10). 2) A certain airplane has two independent alternators to provide electrical power the probability that a given alt