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weights of catfish are normally distributed

1. The owner of a fish market has an assistant who has determined that the weights of catfish are normally distributed, with mean of 3.2 pounds and standard deviation of 0.8 pound. What percentage of samples of 4 fish will have sample means between 3.0 and 4.0 pounds? a) 84% b) 67% c) 29% d) 16% 2. The standard error of t

Probability and normal distribution : key information

1. At a computer manufacturing company, the actual size of computer chips is normally distributed with a mean of 1 centimeter and a standard deviation of 0.1 centimeter. A random sample of 12 computer chips is taken. What is the standard error for the sample mean? a) 0.029 b) 0.050 c) 0.091 d) 0.120 2. The owner of a fish

A certain airplane has two independent alternators to provide electrical power.

Prepare answers to the following assignments from the e-text, Applied Statistics in Business and Economics, by Doane and Seward: Chapter 5 - Chapter Exercises 5.62 and 5.70 Note: Methods of computation could include the usage of Excel, SPSS, Lotus, SAS, MINITAB, or by hand computation. 5.62 A certain airplane has tw

Probability: fax costs

Please help me with the attached questions. Please also provide the formulas used and how the numbers are plugged into the formula. Thank you. 1.) Faced with rising fax costs, a firm issued a guideline that transmissions of 10 pages or more should be sent by 2-day mail instead. Exceptions are allowed, but they want the averag

Binomial Tree for Currency Put Option

An American put option to sell a swiss franc for dollars has a strike price of $0.80 and a time to maturity of one year. The volatility of the swiss franc is 10%, the dollar interest rate is 6%, the swiss franc interest rate is 3%, and the current exchange rate is 0.81. Use a tree with three time steps to value the option. Estim

Monte Carlo Simulation

Please see that attached files. Must be completed in Excel (version no higher that 2003). The Excel spreadsheet contains the sample of how the problem should be work (the WORD document is the problem).

Marginal and Joint Probability

1. A company markets two products (Product A and Product B) through mail order. The company will market them in sequence with the first mail order offer for product A. It feels that there is a 30% chance that any customer will purchase product A. Product B is offered some months later. It is felt, for product B, that there is

Mary and John toss a coin three times

Mary Tosses a coin 3 times and john does the same. A) Find probability Mary obtains one head. I have that answer which i think is 1/33 or 33%, but do I include John's tosses also in that? b) Find the probability that Mary obtains exactly one head and so does John. Here I thought to do 1/2 times 1/2 = 1/4 is that right?

Questions on Binomial Probability

My son plays for the Hooks and his average is .333. Therefore I am going to assume the probability of him getting a hit is .333 for each time he bats. In a recent game he batted three times. What was the probability of him getting at least one hit? What was the probability of him getting two hits in the game? What was the

Probability: Insurance, Population, Medicare and TV Viewing

1. National Association of Insurance Commissioners The average annual cost of automobile insurance is $687 (National Association of Insurance Commissioners, January 2003). Use this value as the population mean and assume that the population standard deviation is σ = $230. Consider a sample of 45 automobile insurance polic

Nationally, 38% of fourth-graders cannot read an age-appropriate book.

9.Nationally, 38% of fourth-graders cannot read an age-appropriate book. The following data show the number of children, by age, identified as learning disabled under special education. Most of these children have reading problems that should be identified and corrected before third grade. Current federal law prohibits most chil

Calculate Expected Payoffs Modeled as Discrete Distributions

You can invest in one of 3 projects: (payoffs modeled as discrete distributions) 1. Sell land and you make $60,000 2. Build an apartment: if things go well (probability = 0.70) and estimated payoff is $130,000, or $50,000 otherwise 3. Build a single family house: payoff $100,000 (probability = .80) and $75,000 otherwise Fi

Probability: Optimal Choice of Dice

A game is played in which one of two players chooses a dice from a set of three die. After the first player chooses, the second player chooses a dice from the remaining two that are left. Then the two role their dice simultaneously. The player that turns up the highest number wins. In this game, however, although the dice are

Calculating Probability and Value for Salaries

The industry average salary is $140,000, and the standard deviation of salaries in the industry is $20,000. What is the probability that a single executive will earn $130,000 or more? What is the value of the standard error of the mean for this problem? What is the probability that any sample mean of salaries of any 15

Probability and Standard Deviation

#1) The U.S. Bureau of Labor Statistics collected data on the occupations of workers 25 to 64 years old. The following table shows the number of male and female workers (in millions) in each occupation category (Statistical Abstract of the United States: 2002) Occupation Male Female Managerial/Professional 19079 19021 Tech./S

Mean and Variance: Binomial Distribution

A television station estimates that 50% of college students watch the super bowl. For a sample of 120 students selected at random, what is the mean and variance of the number of students who watch the game?

Negative Binomial Distribution

For each example state whether or not the negative binomial distribution is appropriate, briefly explain why or why not. 1. Number of cars passing along a road until five red cars have passed. 2. Number of cars passing along a road until five commercial vehicles have passed. 3. Number of cars passing along a road until five

Probability and basic statistics

Dear OTA, Help me with the attached problems with steps. Thanks 1. Linda owns a small business. Use the probability distribution below, where X represents the number of employees who call in sick on a given day. (2 points each) Number of Employees Sick 0 1 2 3 4 P(X = x) 0.05 0.45 0.15 0.1 a. P(X

The Answer to Probability Questions

1. A certain airplane has 2 independent alternators to provide electrical power. The probability that a given alternator will fail on a 1 hour flight is 0.02 . Please show work so that I can understand for future problems. Probability: a) both will fail? b) neither will fail? c) one or the other will

Candy Manufacturing Company Production

Scenario: You are the Operations Manager for a candy manufacturing company. The Marketing Department has printed new labels for your 1-pound (16 oz) bags of jelly beans. Internal quality standards state that each bag can weigh 1%<16oz.<2.0% with a standard deviation of 0.186 ounces. You take a 100 bag random sample from your pro

Probability and the Gamblers Net Gain

A box has three red ball and five green balls. A gambler bets 1.00 on red. A ball is randomly chosen. The gambler wins 1.00 if the ball is red, otherwise he loses 1.00. He will play this game 100 times. I need to know what the value for the gamblers net gain is. I also need to find the SE for the gamblers net gain. Also what

Probability Theory - Tea Time

Please help with the following problem. Tea Time is considering selling juices along with its other products. States of Nature High Sales Med. Sales Low Sales A(0.2) B(0.5) C(0.3) 3000 2000 -6000 0 0 0 A1 (

Solve by using binomial and/or normal distributions

A college would like to have an entering class of 1200 students. Because not all students who are offered admission accept, the college admits more than 1200 students. Past experience shows that about 70% of the students admitted will accept. The college decides to admit 1500 students. Assuming that students make their decisio

Chances of Rain During the Next 30 Days

How could I find out what the chances are of raining in the next x-amount of days during the next 30 days? If a weatherman, for instance, forecasted that there's 70% chance of rain tomorrow, how can I use that information to predict the chances of getting rain in the next, let's say, 15 days?