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Probability

NCAA Basketball Tournament. Each year, 64 college basketball teams compete in the NCAA tournament. Sandbox.com recently offered a prize of \$10 million to anyone who could correctly pick the winner in each of the tournament games. The president of that company also promised that, in addition to the cash prize, he would eat a b

Solving Probabilty, Normal Distributions and Using Excel

SOB's systolic blood pressure is a random variable with a mean of 145 mmHG and a standard deviation of 20mmHG. If the SOB's blood pressure is taken at a randomly chosen moment what is the probability it will be below 135? What is the probability it will be over 175?

Probabilities of Profit Projections

A new product has the following profit projections, associated probabilities, and indifference probability: Profit Probability Indifference Probability \$150,000 .10 -- \$100,000 .25 .95 \$50,000 .20 .70 0 .15

Probability Distributions for AIU data base

Using our data set from Unit 1, compose an email to the head of the American Intellectual Union which discusses the following: Be sure to include information about how you would use the concept of probabilities to apply to profiles for hiring more satisfied individuals. (Job Satisfaction is an attitude about one's job. It

Statistics

See attached A final exam in sociology has a mean of 72 and a standard deviation of 9.2....

Probability Distributions

Refer to the Baseball 2005 data, which reports information on the 30 major league teams for the 2005 baseball season. www.baseball1.com/statistics/ a. Select the variable team salary and find the mean, median, and the standard deviation. = Mean = X Median = s = Standard Devia

STATISTICS

3. A tube of Listerine Tartar Control toothpaste contains 2.4 ounces. As people use the toothpaste, the amount remaining in any tube is random. Assume the amount of toothpaste left in the tube follows a uniform distribution. From this information, we can determine the following information about the amount remaining in a toothpa

General Statistics questions from probability and descriptive statistics.

1. A search engine site claims that, on average, one out of five visitors clicks on an ad. a. If 7 users visit the site, what is the probability that at least one clicks on an ad? b. If 7 users visit the site, what is the probability that less than three of them click on an ad? c. If 700 users visit the site, would the pr

Probability of Occurance

A person purchases a package of 10 ball-point pens which, unknown to the purchaser, contains 4 defective pens. Of the first 2 pens used by the purchaser, find the probability that at least 1 pen is defective.

Binomial distribution: Example problem

It is claimed that 70% of the residents in a large town approve of the current zoning law. Four residents are to be randomly selected. Find the probability that: a. None of the four approves. b. Exactly two approve. c. At least one approve

The probability of rain in Boston

When writing about the probability that it will rain in Boston on July 4 of next year, a newspaper reporter states that the probability is ½, because either it will rain or it will not. Is this reasoning correct? Why or why not? An insurance company states that the probability that a particular car will be involved in a car

Joint Probability Density

If the joint probability density of X and Y is given by f(x, y) = {(1/4)(2x + y) for 0 < x < 1, 0 < y < 2 0 else where } Find: a) the marginal density of X b) the conditional density of X given Y = 1 c) the conditional density of Y given X = 1/4

Statistics - Probability of Trend Wear

The tread wear (in thousands of kilometers) that car owners get with a certain kind of tire is a random variable whose probability density is given by f(x) = ( (1/30)e-x/30 for x > 0 0 for x < 0} What tread wear can a car owner expects to get with one of the tires? (Could you explain the in

Finance : Expected Return and Risk

Emery, Finnerty & Stowe - Ch. 6, problems A6, B6, & B10 (a only)- A6. (Expected portfolio return) Musumeci Capital Management has invested its portfolio as shown here. What is Musumeci's expected portfolio return? B6. (Expected return and risk) Procter & Gamble is considering three possible capital investment

Probability or Number of Possibilities questions

Lotto, a lottery game conducted by the Ohio State Lottery Commission, consisted of selecting six numbers from the 42 numbers 1, 2, ...,41, 42. (No repetitions are allowed, and order does not matter.) The Commission selects by chance the six winning numbers. You pay \$1 to play. You get a free ticket if three of your numbers matc

Probability based on binomial probability

Binomial Distribution 1. State a question that can be answered in a "binomial" manner, such as Do you normally read the front page of a newspaper at least 4 times a week? (yes or no). Determine ahead of time whether answers should be recorded or counted as a "yes " or "no". 2. Take a survey. Ask 22 individuals to respo

Random Probability of Residents being Selected

Q2 It is claimed that 70% of the residents in a large town approve of the current zoning law. Four residents are to be randomly selected. Find the probability that: a. None of the four approves. b. Exactly two approve. c. At least one approve.

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