Think of your favorite casino game (craps, black-jack, roulette, etc) and analyze the probabilities of a few different outcomes. For example what is the probability of getting three straight craps (seven) in the game of craps?
I need help with these problems: Explain the difference between a discrete and a continuous random variable. Give two examples of each type of random variable. Determine whether each of the distributions given below represents a probability distribution. Justify your answer. a) x 1 2 3 4 P (x) 1/8 1/8 3/8 1/8
WHICH ANSWER IS RIGHT 1, 2, OR 3 AND WHY? There is a 20% probability of a rain tomorrow means that: 1. Tomorrow it will be raining during 0.2 of the day, and the rest of the day it will be clear; 2. Out of the next 5 days, one day it will be raining ; 3. According to the records, if a weather like one we have today occu
Compose an email to the head of the American Intellectual Union which discusses the following: Begin your email to AIU by first providing an overview of the database, i.e. a story. Be sure to include information about how you would use the concept of probabilities to apply to profiles for hiring more satisfied individual
Problem 3 Jim is considering pursuing an MS in Information Systems degree. He has applied to two different universities. The acceptance rate for applicants with similar qualifications is 20% for University X and 45% for University Y. What is the probability that Jim will be accepted at one and only one university? Problem 5 T
The amount of time ships spend at the Philadelphia dockyard follows an exponential distribution and the average time spent in the dockyard is 3.1 days.
Problem 1 The amount of time ships spend at the Philadelphia dockyard follows an exponential distribution and the average time spent in the dockyard is 3.1 days. a. What is the probability that a randomly selected ship spends no more than 1.5 days at the dockyard? b. What is the probability that a randomly selected ship spend
A standardized test consists entirely of multiple-choice questions, each with 5 possible choices. You want to ensure that a student who randomly guesses on each question will obtain an expected score of zero. How would you accomplish this?
Several Students enrolled in a finance course subscribe to Money magazine. If two students are selected at random from this class, the probability that neither of the chosen students subscribes to Money is 0.81. Furthermore, the probability of selecting one student who subscribes and one student who does not subscribe to this ma
Wages in the construction industry average $11.90 per hour with a standard deviation of $1.40. What percent of workers make less than $10.50 per hour (z = -1.00)? 2. The probability of employees taking the time to fill out a survey at Comptex is 17%. There are 5 people in the department managed by Alice. What is
1. If X, Y are lognormal distribution, what the distribution of X/Y? 2. what is the probability of getting 40 or less heads in 100 coin tosses. What distribution is this. With what other distribution can you approximate this. What is the final probability. 3. Which is greater exp((a+b)/2) or (exp(a)+exp(b))/2 4. what
Assume that adults have a normally distributed IQ scores with a mean of 100 and a standard deviation of 15. Find the probability that a randomly selected adult has an IQ less than 135. P(IQ < 135) =
Let X be a random variable representing the sum of trials. Then X is a binomial random variable if all of the following are satisfied except a. no two trials can have the same outcome b. p, the probability of "success" on any trial is the same for all trials c. each trial has exactly two possible outcome
For questions 1 through 3 use the table below. The table shows the number of smokers and nonsmokers by gender among 220 people. Assume one person is chosen at random from the 220. Smokers Nonsmokers Totals Male 40 60 100 Female 40 80 120 Totals 80 140 220 1. If a smoker is chose
A carton contains 12 eggs, five of which are cracked and seven of which are good. If four eggs are chosen at random, what is the probability that there will be three cracked and one good among the four chosen?
In establishing warranties on HDTV sets, the manufacturer wants to set the limits so that few will need repair at manufacturer expense. On the other hand, the warranty period must be long enough to make the purchase attractive to the buyer. For a new HDTV the mean number of months until repairs are needed is 36.84 with a standa
States A1 A2 A3 1 12 -2 8 2 4 10 5 Where; S1 is State of Nature 1, A1 is Action Alternative 1 S2 is State of Nature 2, A2 is Action Alternative 2 A3 is Actio
The following payoff matrix is given in dollars: EVENT PROBABILITY ACTION A ACTION B 1 0.5 400 700 2 0.5 200 500 The coeffici
EVENT PROBABILITY ACTION A ACTION B 1 0.5 400 700 2 0.5 200 500 Referring to the table above, what is the optimal action using the EMV criterion? ACTION A ACTION B EITHER ACTION A OR B IT CANNO
Please see attached file for full problem description. Tree diagrams for conditional probabilities A course in statistics is one of the most difficult at the local university. Because of this, for the past decade the university has arranged for teaching assistants to hold frequent discussion sessions as part of the course.
A box of 9 gloves contains two left handed gloves and seven right handed gloves. a: If two gloves are randomly selected from the box, without replacement, what is the probability that both gloves will be right handed? b: If two gloves are randomly selected from the box without replacement, what is the probability that ther
1. The average salary for graduates entering the actuarial field is $40,000. If the salaries are normally distributed with a standard deviation of $5,000, find the probability that a) An individual graduate will have a salary over $45,000. b) A group of nine graduates will have a group average over $45,000. 2. The natio
Replacement times for new Ford Taurus GL automobiles are normally distributed with a mean of 7.1 years and a standard deviation of 1.4 years. Find the probability that seven randomly selected Taurus GL automobiles will have a mean replacement time greater than 7.0 years. Among U.S. households, 24% have telephone answer
The time it takes to travel from home to the office is normally distributed with: (mean) = 25 minutes and (standard deviation) = 5 minutes. What is the probability the trip takes more than 40 minutes?
The average height of flowering cherry trees in a nursery is 11 feet. The heights are normally distributed with a standard deviation of 1.6, What is the probability that a tree is less than 13 feet tall?
What is the probability P(0.36 < z < 1.43) using the standard normal distribution?
The average age of doctors in a certain hospital is 43.0 years old with a standard deviation of 8.0 years. If 25 doctors are chosen at random for a committee, what is the probability that the mean age of those doctors is less than 43.96 years. The variable is normally distributed. Need the probability that the mean age of the
Good Day, Could you please assist with the attached question. Regards Q3 - Inventory Control: Monte Carlo Simulation A bookstore wishes to carry a certain book in stock. Demand is probabilistic and replenishment of stock takes two days (i.e. if th
In establishing warranties on HDTV sets, the manufacturer wants to set the limits so that few will need repair at manufacturer expense.
In establishing warranties on HDTV sets, the manufacturer wants to set the limits so that few will need repair at manufacturer expense. On the other hand, the warranty period must be long enough to make the purchase attractive to the buyer. For a new HDTV the mean number of months until repairs are needed is 36.84 with a standar
38. The accounting department at Weston Materials, Inc., a national manufacturer of unattached garages, reports that it takes two construction workers a mean of 32 hours and a standard deviation of 2 hours to erect the Red Barn model. Assume the assembly times follow the normal distribution. 1. Determine the z values for 29 a
A survey of undergraduate students in the School of Business at Northern University revealed the following regarding the gender and majors of the students
A survey of undergraduate students in the School of Business at Northern University revealed the following regarding the gender and majors of the students: Major Gender Accounting Management Finance Total Male 100 150 50 300 Female 100 50 50 200 Total 200 200 100 500 1. What is the probability of selecting a female stud