Statistics Business
Not what you're looking for?
#1
An investment can lead to a profit of $10,000, $5,000, $4,000, and $1,000, with respective probabilities of .4, .3, .2, and .05. In addition, there is a 3 percent chance of breaking even and a small chance of losing $10,000. Find the expected profit.
#2
A car dealership has combined all popular options available in four packages. The first three packages have the same chance of being sold and the fourth package is twice as likely to be sold as any one of the other packages. If package 1, package 2, and package 4 contain a CD player, find the probability that a randomly selected car will be sold with a CD player. Now assume that five different customers have ordered cars independently, what is the probability that at least 3 CD players will be ordered?
#3
Average occupancy rate at the Full Moon Motel is about 40 percent. It has 15 rooms. Assuming binomial distribution, find the probability that on any given day
a) Exactly 6 rooms will be occupied
b) At least 3 rooms will be occupied
c) No more than 9 rooms will be occupied
d) The motel will be full
Purchase this Solution
Solution Summary
This Solution contains over 300 words and calculations to aid you in understanding the Solution to these questions.
Education
- BSc , Wuhan Univ. China
- MA, Shandong Univ.
Recent Feedback
- "Your solution, looks excellent. I recognize things from previous chapters. I have seen the standard deviation formula you used to get 5.154. I do understand the Central Limit Theorem needs the sample size (n) to be greater than 30, we have 100. I do understand the sample mean(s) of the population will follow a normal distribution, and that CLT states the sample mean of population is the population (mean), we have 143.74. But when and WHY do we use the standard deviation formula where you got 5.154. WHEN & Why use standard deviation of the sample mean. I don't understand, why don't we simply use the "100" I understand that standard deviation is the square root of variance. I do understand that the variance is the square of the differences of each sample data value minus the mean. But somehow, why not use 100, why use standard deviation of sample mean? Please help explain."
- "excellent work"
- "Thank you so much for all of your help!!! I will be posting another assignment. Please let me know (once posted), if the credits I'm offering is enough or you ! Thanks again!"
- "Thank you"
- "Thank you very much for your valuable time and assistance!"
Purchase this Solution
Free BrainMass Quizzes
Measures of Central Tendency
This quiz evaluates the students understanding of the measures of central tendency seen in statistics. This quiz is specifically designed to incorporate the measures of central tendency as they relate to psychological research.
Measures of Central Tendency
Tests knowledge of the three main measures of central tendency, including some simple calculation questions.
Know Your Statistical Concepts
Each question is a choice-summary multiple choice question that presents you with a statistical concept and then 4 numbered statements. You must decide which (if any) of the numbered statements is/are true as they relate to the statistical concept.
Terms and Definitions for Statistics
This quiz covers basic terms and definitions of statistics.