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Probability

Binomial Probability

Consider a gambler who at each play of the game has probability of winning one unit and probability of loosing one unit. Assuming that the successive plays of the game are independent, what is the probability that, starting with units, the gambler's fortune will reach

Simple Probability Problems

1. Suppose you have 3 nickels, 2 dimes, and 6 quarters in your pocket. If you draw a coin randomly from your pocket, what is the probability that a. You will draw a dime? b. You will draw a half-dollar? c. You will draw a quarter? 2. You are rolling a pair of dice, one red and one green. What is the probability

Probability questions

A) A shipping form keeps 2 cars in readiness for local delivery. Because of demands on their time and the frequency of mechanical failure, the probability that a particular car will be available when needed is 0.9. The availability of one car is independent of the availability if other. a) If both cars are wanted at the sam

Probability questions

Records of a department store show that 5% of customers who make a purchase return the merchandise for refund. Of the remaining customers, 9% return the mechanise in order to exchange it. a) In the next six purchase, what is the probability that at most one will return for refund? b) In a sample of eight customers, exactly

Subjective Probability of a Capital Investment Firm

Suppose that an executive of a venture capital investment firm is trying to decide how to allocate his funds among three different projects, each of which requires a $100,000 investment. The projects are such that one of the three will definitely succeed, but it is not possible for more than one to succeed. Looking at each p

Probability problem marginal analysis

Working on below problem to identify error as presented. "On the fictitious game show "Marginal Analysis for Everyone" the host subjects contestants to unusual tests of mental skill. On one, a contestant may choose one of two identical envelopes labeled A and B, each of which contains an unknown amount of money. The host

Word Problem for probability ratio

Trying to complete the below word problem but not sure how to solve. ________________ It is said that Napoleon assessed probabilities at the battle of waterloo in 1815. his hopes for victory depended on keeping the English and Prussian armies seperated. Believing that they had not joined forces on the morning of the fatefu

Blossom's Flowers purchases roses for sale for Valentine's Day

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 Daycan be sold for $5 per dozen. The owner will purchase 1 of 3 amounts of roses: 100, 200 or 400 dozen roses. Given 0.2, 0.4 and 0.4 are the probabilities fo

A survey of 400 customers was completed in an attempt to measure the number of cups of coffee ordered during business hours versus those ordered during non-business (pleasure) hours. They also recorde

A survey of 400 customers was completed in an attempt to measure the number of cups of coffee ordered during business hours versus those ordered during non-business (pleasure) hours. They also recorded how many items were purchased during the transaction. Results are as follows: Customer 0 extra 1 extra 2 extra 3 or more Tota

Binomial probability by normal curve areas

Nathan wants to approximate a binomial probability by normal curve areas. The number of trials is 50 and the probability of success for each trial is 0.95 Can Nathan use the normal curve area to approximate a binomial probability?

Net present value & capital budgeting

1) Assume a 3 year sports contract with the following provisions: - $1,400,000 signing bonus - $2,500,000 per year for 3 years - 10 years of deferred payments of $1,250,000 per year beginning in year 4 - Other bonus provisions that total as mush as $750,000 per year for the 3 years of the contract. Assume the player has a

Summation of x and Squares of x

The values (in thousands of dollars) of cars owned by six persons are 13, 9, 3, 28, , and 16. Where, X1 = 13, X2 = 9, X3 = 3, X4 =28, X5 = 7, X6 = 16 Calculate: a. ΣX b. ΣX c. (Σ X)

Comprehensive Statistics Problem Set

(See attached file for full problem description) --- 5.21 Assume that the number of network errors experience in a day on a local area network (LAN) is distributed as a Poisson random variable. The mean number of network errors experienced in a day is 2.4. What is the probability that in any given day a.) Zero network error

PERT Network: Given the following network with activities and times estimated in days. a. What are the critical path activities? b. What is the expected time to complete the project? c. What is the probability the project will take more than 28 days to complete?

21. Given the following network with activities and times estimated in days. (see attached file for diagram and chart) Activity Optimistic Most Probable Pessimistic A 2 5 6 B 1 3 7 C 6 7 10 D 5 12 14 E 3 4 5 F 8 9 12 G 4 6 8 H 3 6 8 I 5 7 12 J 12 13 14 K 1 3 4 a. What are the critical path activiti

Combinations, permutations, and mutual exclusivity

1. A husband and wife want to purchase wallpaper for their living room and paint for their kitchen. If they can choose from six different wallpaper patterns and ten different colors of paint, how many possible outcomes from this sequence of events do they have available? 720 16 7200 60

Function and Probability

1. A new book is being released and a bookstore predicts that 70% of customers that walk through the door on the release day will purchase the book. If 30 customers walk through the door, answer the following: (MUST SHOW WORK) A) What type of distribution function (name) is the model for this situation? B) What is the expected

Queueing Models

Each airline passenger and his or her luggage must be checked to determine whether he or she is carrying weapons onto the airplane. Suppose that at Gotham City Airport, 10 passengers per minute arrive, on average. Also, assume that inter-arrival times are exponentially distributed. To check passengers for weapons, the airport mu

Combinations and probabilities with and without replacement

#52 The first card selected from a standard 52-card deck was a king. If it is returned to the deck, what is the probability that a king will be drawn on the second selection? If the king is not replaced, what is the probability that a king will be drawn on the second selection? What is the probability that a king will

Uniform distribution and joint probabiliy

The probabilities of the events A and B are .20 and .30, respectively. The probability that both A and B occur is .15. What is the probability of either A or B occurring? America West Airlines reports the flight time from Los Angeles International Airport to Las Vegas is 1 hour and 5 minutes, or 65 minutes. Suppose the a

Quantitative Methods: Decision models: Payoff table

A buyer for a large department store chain must place orders with an athletic shoe manufacturer 6 months prior to the time the shoes will be sold in the department stores. In particular, the buyer must decide on November 1 how many pairs of the manufacturer's newest model of tennis shoes to order for sale during the upcoming sum

Quatitative Methods/Statistics/Business Math

(See attached file for full problem description) --- 1. A large sporting goods store is placing an order for bicycles with its supplier. Four models can be ordered: the adult Open Trail, the adult Cityscape, the girl's Sea Sprite, and the boy's Trail Blazer. It is assumed that every bike ordered will be sold, and their

20 percent employees steal and probability that 5 will steal

A recent report in Business Week indicated that 20 percent of all employees steal from their company each year. If a company employs 50 people, what is the probability that: a. Fewer than 5 employees steal? b. More than 5 employees steal? c. Exactly 5 employees steal? d. More than 5 but fewer than 15 employees steal?

Discrete Probability Distributions

1. The probabilities that a customer selects 1, 2, 3, 4 and 5 items at a convenience store are 0.32, 0.12, 0.23, 0.18, and 0.15, respectively. Fill in the probabilities. Outcome X 1 2 3 4 5 P(X) 2. A study conducted by a TV station showed the number of televisions pe