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Probability

Statistics and Probability

A retail grocer has decided to market organic "health food" and will purchase a new line of products from each of two suppliers. Unknown to the grocer, the two suppliers are in financial distress. Past experience has shown that, for firms with similar credit histories, the probability that bankruptcy will be initiated one year

Statistics Problem

Please help me with the following problem: The city of a particular community consists of five elected residents of the community, two of whom are land developers. The city mayor plans to elect two members at random from the council to study and make recommendations on land use rezoning requests. The composition of this su

Probability

In a game at a fraternity party, there are 10 bottles to knock down. Five fraternity brothers line up to shoot the bottles down, each a perfect shot. Each brother selects one bottle at random and shoots. Find the e-value of your distribution of the number of bottles knocked down. Each brother is a perfect shot so the probabi

Probability

X follows a normal distribution with mean 20 and standrad deviation 4. Find b such that Prob(-b<=X-20<=b)=0.95

E-value of a distribution: coin flips

Bill flips a coin that can land heads or tails, and you assign equal probabilities to each, with all flips mutually irrelevant. Bill will flip the coin until he sees a consecutive sequence of tails, tails, tails. What is the e-value of your distribution of the number of flips until this happens? For example, if Bill flips HHT

Probability of Rolling of the Die

A person rolls a pair of six-sided dice, which are equally likely to come up any number from 1 to 6. If the person rolls a seven he gets $0. If he rolls any other number, he can choose either to win that amount or play the game again from the start. This person believes that the best strategy is to keep rolling until he gets a "

Working with probability in the given situation given x-bar and sample size.

Your troop's past cookie sales went sour last year. Parents had to bail you and your troop member out of the hole. For next year the troop wants to know from your customers the planned cookie orders are likely to be for the next year. You get x-bar = $160,000 s = $80,000 and n = 1000. What is the probability that the r

Statistic - Number of ways to select an object

3) Furnish 2 offices each with a desk, chair, and file cabinet and 2 bookcases. At a local store there are 6 models of desks, 8 models of chairs 4 models of file cabinets and 10 models of bookcases. How many choices do you have if you want to select two desks, two chairs, two file cabinets and four bookcases if you don't want t

Distributions

1. Find the value of (a) in the following discrete probability distribution: X -2 0 2 P(x): a 0.35 0.25 2. A binomial distribution is based on n=25 and p=0.1. Find the probability that x =1. 3 A production process produces parts with weights that are normally distributed with a mean of 1.75 ounces and a standard devi

Working with sampling distribution and probability.

A southern state has an unemployment rate of 6%. The state conducts monthly surveys in order to track the unemployment rate. In a recent month, a random sample of 700 people showed that 35 were unemployed. a) If the true unemployment rate is 6%, describe the sampling distribution of p^. b) Find P(p^ >= 0.05) c) Assum

Probabilities

1.Find the probabilities for the standard normal random variable z: P(-1.55<z<.44) 2. Find zo such that P(-zo<z<zo)=.99 3. A normal random variable x has mean =1.20 and standard deviation =.15. Find the probability of the x value. 1.35<x<1.50 b. x>1.38 4. Assume the heights of men have a mean of 69 inches with a stan

Probability

26. MCQ: A family center conducted research on carbohydrate consumption in the high school and found that 30% of all high school sophomores ate at least four candy bars a day. If 20 high school sophomores are selected at random, what is the probability that exactly 6 of these eat at least 4 candy bars a day? a) 0.300 b)

Statistics: geological study and large elevator

1. A geological study indicates that wells drilled in a certain area should strike water with probability 0.2. Find the probability that: a) first strike of water comes in the 3rd well drilled b) 3 strikes of water in 5 drills 2. A large elevator has a max weight limit of 10,000 lbs. Suppose a load has 45 boxes. This has a

Probability using Binomial Distribution

7) On a very hot summer day, 5% of the production employees at Midland States Steelare absent from work. The production employees are to be selected at random for a special in-depth study on absenteeism.What is the probability of selecting 10 production employee at random on a hot summer day and finding that none of them are abs

Working with combinations.

I have 9 chalkboards to be distributed amongst 4 classrooms. If each class must get at least 1 chalkboard, how many possible divisions can I have?

Binomial Probability

A factory employs several thousand workers, of whom 30% are Hispanic. If the 15 members of the union executive committee were chosen from the workers at random, the number of Hispanics on the committee would have the binomial distribution with n=15 and p=0.3 a)What is the probability that exactly 3 members of the committee are

Working with binomial probability.

If the parents have 5 children, the number who have type O blood is a random variable X that has the binomial distribution with n=5 and p=0.25 a) What are the possible values of X? b) Find the probability of each value of X. Draw a histogram to display this distribution. (Because probabilities are long-run proportions, a hi

Statistics Problem

For a given data set Mean = u=200 and standard deviation =30. What is the probability that the mean of a sample of n=36 a) would be greater than 208? b) Less than 195? c) Between 192 and 210? d) Not more than 212?

A Decision Tree

Details: An electric power trading company has an option to buy 1,000,000 terawatts of electricity from a producer for $10 per terawatt. Other electric power trading companies have received this option and the company knows a decision must be made quickly. The company estimates it can sell the electricity for $14 per terawatt if

Statistics Multiple choice: The Exhibits are the sentences or tables of numbers below the Exhibit number. Total 15 multiple choice questions. In the following multiple-choice questions, circle the correct answer and give 1-3 line defense for your choice:

16. If a coin is tossed three times, the likelihood of obtaining three heads in a row is a. zero b. 0.500 c. 0.875 d. 0.125 e. None of the above answers is correct. 17. If A and B are independent events with P(A) = 0.05 and P(B) = 0.65, then P(A|B) = a. 0.05 b. 0.0325 c. 0.65 The following rep

Decision making with probabilities

Dollar Department Stores has received an offer from Harris Diamonds to purchase Dollar's store on Grove Street for $120,000. Dollar has determined probability estimates of the store's future profitability, based on economic outcomes, as: P($80,000) = .2, P($100,000) = .3, P($120,000) = .1, and P($140,000) = .4.

Simulation: a. Conduct a 10-day simulation of this business using Row #1 below for demand and Row #2 below for rental length. b. You find out that your firm can obtain another car for $200 for 10 days. Should you take the extra car?

As the owner of a rent-a-car agency you have determined the following statistics: Potential Rentals Daily Probability Rental Duration Probability 0 .10 1 day .50 1 .15 2 days .30 2 .20 3 days .15 3 .30 4 days .05 4 .25 The gross profit is $40 per car per day rented. When there is demand for a c

Statistics

Find the probability and expected value.

Find the expected value, variance, standard deviation, and probability.

1) A $25,000 investment in a tract of land may be worth $10,000, $25,000, or $45,000 after one year, the probabilities of these values being 0.25, 0.45, and 0.3, respectively. a) What is the expected value of the investment in one year? b) If your expected return on the investment is the expected present value of the investm