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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?

Distribution of sample average, variability of distribution

Suppose investigators are interested in a population of patients who have been recently diagnosed with a particular kind of colon cancer (nonpolypoid colorectal neoplasm). They believe the diameter of the colon cancer lesion at first diagnosis in this particular population is 15.9mm with standard deviation 10.2mm . Let x= lesion

Probability that an experiment has a successful outcome is 0.8.

1. The probability that an experiment has a successful outcome is 0.8. The experiment is to be repeated until five successful outcomes have occurred. What is the expected number of repetitions required? What is the variance? 4. In a lot of 10 components, 2 are sampled at random for inspection. Assume that in fact exactly 2

Normal Distribution and Probability Distribution

Using the areas of the standard normal distribution (Z table), 1) Find a value , Xo, such that =160 and sq. =256 a) P(X < Xo) = 0.16 b) P(X Xo) = 0.75 2) Find a Z score, call it Zo, such that: a) P (Z Zo) = 0.212 b) P (Z Zo) = 0.885 c) P (Z Zo) = 0.7704 d) P (-Zo Z Zo) = 0.8414 e) P (-2 Z Zo) = 06722

Phone Survey Company Probabilities

A company has 95% customer satisfaction. The company gets info by surveying customers over the phone. The satisfaction of each customer is considered to be independent from the others. If 40 customers are surveyed at random, what is the type of probability distribution is the model for this solution? What is the expected numb

Probabilities with Public Transport

Shuttles arrive every 5 minutes to take people to the parking lot, the amount of time that passengers wait is uniform continuous probability distribution between 0 and 5 minutes. How do I draw a graph of this probability distribution of the waiting times using both scales? What is the probability that the next passenger wi