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Probability

Decision Tree for profitability of owners of a car park

As a result of an increase in demand for a town's parking facilities, the owners of a car park are reviewing their business operations. A decision has to be made to choose one of the following options: Option 1. Make no change. Annual profit is $200,000. There is little likelihood that this will provoke new competition.

Wait Line Analysis for truck loads of wheat at central storage bin

The wheat harvesting season is short. Farmers deliver their truck loads of wheat to a giant central storage bin within a two-week span. Because of this, wheat-filled trucks waiting to unload and return to the fields have been known to back up for a block at the receiving bin. The central bin is owned cooperatively and it is to

Probability of Outcomes of Different Situations

Five percent of patients suffering from a certain disease are selected to undergo a new treatment that is believed to increase the recovery rate from 30% to 50%. A person is randomly selected from these patients after the completion of the treatment and is found to have recovered. What is the probability that the patient receive

AIU Memo: Statistics for distribution by gender, tenure, age, satisfaction

Using our data provided below in this post, compose an e-mail to the head of the American Intellectual Union, which includes the following: Begin your e-mail to AIU by first providing an overview of the database, that is, a story about the characteristics that may include types of variables, etc. Be sure to include i

Statistics

******Please help me with this and show me how to do it. Using our data set which is attached, Use the attached templete: 1.Begin your e-mail to AIU by first providing an overview of the database, that is, a story about the characteristics that may include types of variables, etc. 2.Be sure to include information about

Probability

James Choi, David Laibson, and Brigitte Madrian conducted an experiment to study the choices made in fund selection. Suppose 100 undergraduate students and 100 MBA students were selected. When presented with four S&P 500 index funds that were identical except for their fees, undergraduate and MBA students chose the funds as fo

Probability

The Oil Price Information Center reports the mean price per gallon of regular gasoline is 3.26 with a population standard deviation of 0.18. Assume a random sample of 40 gasoline stations is selected and their mean cost for regular gasoline is computed. a.) What is the standard error of the mean in this experiment? b.) What

Binomial Probability

Answer the following: (A) Find the binomial probability P(x = 6), where n = 15 and p = 0.60. (B) Set up, without solving, the binomial probability P(x is at most 6) using probability notation.

Statistics: Analyze AIU data for gender, tenure, age, job satisfaction

See attached files. Compose an e-mail to the head of the American Intellectual Union, which includes the following: Begin your e-mail to AIU by first providing an overview of the database, that is, a story about the characteristics that may include types of variables, etc. Be sure to include information about where stat

Probability of sample gas prices in Illinois vs the population mean

The average price of a gallon of unleaded regular gasoline was reported to be $3.13 in Illinois (http://www.cincygasprices.com). Use this price as the population mean, and assume the population standard deviation is $.20. A) What is the probability that the mean price for a sample of 30 service stations is within $.03 of

Exponential distribution for American Time Use Survey for leisure use of computers

The Bureau of Labor Statistics' American Time Use Survey showed that the amount of time spent using a computer for leisure varied greatly by age. Individuals age 75 and over averaged .15 hour (9 minutes) per day using a computer for leisure. Individuals ages 15 to 19 spend 1.0 hour per day using a computer for leisure. If these

Analyze Average Precipitation for Toledo, Ohio

Average Precipitation For the first 7 months of the year, the average precipitation in Toledo, Ohio, is 19.32 inches. If the average precipitation is normally distributed with a standard deviation of 2.44 inches find these probabilities. a. A randomly selected year will have precipitation greater than 18 inches for t

Open Queuing System - Poisson

The sketch below shows an open queuing system with three stations. External arrivals to stations one to three occur at the Poisson rates of 5/hr, 7/hr and 10/hr respectively. 70% of the arrivals to workstation 1 leave the system while 30% proceed to work station 2. 10% of the workstation 2 arrivals are recycled back to workstati

Probability distributions for Math Exam scores

Please explain solutions for #21, 22. A final Math exam has a normal distribution with mean 73 and standard deviation 3.5. 21- If one student is randomly selected, find the probability that his score be less than 71: A) 0.7158 B) 0.2843 C) 0.4934 D) 0.6432 22- If 25 students are

Binomial Distribution and Probability Problems

Please explain the steps to solve the problems. The number of correct answers on a 10 questions test has Binomial Distribution with parameters n= 10 p= 0.40: 16- Find P( X > 7): A) 0.43 B) 0.013 C) 0.23 D) 0.68 17- Find the expected number (mean) of correc

Probability

Please provide explanation and answers to these questions. 1. The Speed master IV automobile gets an average 22.0 miles per gallon in the city. The standard deviation is 3 miles per gallon. Assume the variable is normally distributed. Find the probability that on any given day, the car will get more than 26 miles per gallon

Statistics: 9 Probability questions

See attached file. 1. At a swimming pool there are 2 managers, 8 lifeguards, 3 concession stand clerks, and 2 maintenance people. If a person is selected at random, find the probability that the person is either a lifeguard or a manager. 2. An automobile dealer has 10 Fords, 7 Buicks, and 5 Plymouths on his used-car lot. I

Statistics: Six Probability Quesitons

Please see the PDF attached for proper format. I need the full detailed solution of the following 6 probability questions. 1) Given S = {a, b, c, d, e, f, g, h, i, j, k, l}, A = {a, b, c, d, e, f, g, h}, and B = {g, h, k, l}, list the elements of [(A C ∪ B ) C ∪ B C] C. 2) For S = {1, 2, 3, 4}, A = {2, 3, 4} ∈A, a

Statistics/Probability

Revised the R = $1000 to R=$1,000,000. ______________ The management of Orange Computers was considering launching a new product called the whopper101. The problem was that if a certain competitor had developed a new technology as had been rumored, they would quickly blow the whopper101 out of the water resulting in a loss of

Statistics: Property of continuous distributions

Please choose the correct answer and write briefly why. A property of continuous distributions is that: a. As with discrete random variables, the probability distribution can be approximated by a smooth curve b. Probabilities for continuous variables can be approximated using discrete random variables c. Unlike discret

Safeguard Helmet Company: Statistical analysis for breadth of males heads

Engineers must consider the breadths of male heads when designing motorcycle helmets. Men have had breadths that are normally distributed with the mean of 6.0 inches and a standard deviation of 1.0 inches (based on anthropometric survey data from Gordon, Churchill, et al.). A. If one male is randomly selected, find the probab

Solution for queuing theory

4. Tom Smith's Jiffy Lube is able to serve customers in an average time of 12 minutes (negative exponential distribution). Customers arrive at the shop at an average of 3 per hour (Poisson distribution). The queue discipline is first-in, first-out and the calling population can be considered infinite. a. What is the average n

Gasoline mpg; probability for door assembly; health insurance

See attached graph for problem 3. 1.The manufacturer of a new compact car claims the miles per gallon (mpg) for the gasoline consumption is mound shaped and symmetric with a mean of 25.9 mpg and a standard deviation of 9.5 mpg. If 30 such cars are tested, what is the probability the average mpg achieved by these 30 cars will

Probability of orders after demonstrations of household appliance

Please provide an answer to the questions below, if possible using Excel and show your formulas. A salesperson goes door-to-door in a residential area to demonstrate the use of a new household appliance to potential customers. She has found from her years of experience that after demonstration, the probability of purchase (lo