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Casino Game Probability

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?

The difference between a discrete and a continuous random variable

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

There is a 20% probability of a rain tomorrow means that ...

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

American Intellectual Union: Employee Job Satisfaction Report

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

Probability of Magazine Subscription

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 Construction Industry

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

Lognormal Distribution & Probability

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

Average IQ Probability

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.

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

Probability of Smokers

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

Probability of Cracked Eggs

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

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

Determining the probability of S1

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

Tree Diagrams for Conditional Probabilities

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.

probability of selecting gloves randomly

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

Probability calculation for normal distribution ..

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

Probability of Trip Duration

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?

Normally Distributed Age of Doctors

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

Inventory Control - Monte Carlo Simulation

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