The number of homes sold by a realtor during a month has the following probability distribution: 3. Number Sold Probability e.10 0.10 2. 0.80 The standard deviation of the number of homes sold by the realtor during a month is the closest to Multiple Choice O 041
Q: The probability distribution for damage claims paid by the Newton Automobile Insurance Company on…
A: Given: To Find: The expected value of an insurance claim for this company
Q: Using the standard normal distribution table, compute the following probabilities P(Zs2.5) is: .9599…
A:
Q: A casino offers people the chance to play the following game: flip two fair coins. If both come up…
A: 0.37 Explanation:This is so because, on average, if your friend plays the game enough times, the…
Q: An individual has a utility function U(W)= √w. where W is the level of wealth.They have been offered…
A: The certainty equivalent of a gamble or lottery is the amount of money that yields the same amount…
Q: The expected value of a random variable X that is denoted by u is called its: O a. median. O b.…
A: In statistics, expected value is the mean value of the data given. It is denoted by E(X) for a…
Q: Suppose that a particular large hotel has 790 rooms. Furthermore, suppose that for weekend nights…
A: Here' the answer: The Z value is X-Mu / ( Sigma/sqrt(n)) , where n is the sample of 35 nights taken.…
Q: Using the standard normal distribution table, compute the following probabilities P(-1.5 ≤ Z ≤ 1.8)…
A:
Q: sample of n=400 observations is drawn from a population with mean μ=1,000 and σ=400. Find the…
A:
Q: Beer bottles are filled so that they contain an average of 330 ml of beer in each bottle. The amount…
A: The probability that a randomly selected 6-pack of beer will have a mean amount less than 328 ml is:…
Q: The time taken to complete a bicycle race is normally distributed, with an average time (μ) of 2.25…
A: The standard normal distribution is a normal distribution with a mean of zero and standard deviation…
Q: Consider a random variable X with the following probability density function
A:
Q: The closing price of Martin's Sporting Goods Inc. common stock is uniformly distributed between $25…
A: The probability value can be obtained by taking the summation of the event and the desired number of…
Q: The probability of type-l error is: O A. always the same as the probability of type-Il error.
A: We have to find the probability of type - l error .
Q: ording to AAA, the price of a gallon of regular, unleaded gas across gas stations in North olina is…
A:
Q: The daily consumption of milk in a city, in excess of 20,000 litres, is and A = 2. The approximately…
A:
Q: The weekly salary paid to employees of a small company that supplies part-time laborers averages…
A: Disclaimer: “Since you have asked multiple questions, we will solve the first three sub-part…
Q: Consider the following information for the two independent random variables x, X to answer the…
A: When two random variables (r.v.) are independent, it means that the two r.v. are unrelated. The…
Q: Using the standard normal distribution table, compute the following probabilities P(Z ≥1.92) is:
A:
Q: The mean was found to be u = 70 so now we need to find the standard deviation o. The standard…
A: Standard deviation is a measure of spread of data around mean of the data. Higher the standard…
Q: If the heights of women are normally distributed with a mean of 64 inches and a standard deviation…
A: The provided information is: Population meanμ=64Population standard deviationσ=1
Q: A random variable has a triangular probability density function with a = 50, b = 375, and m = 250.…
A: Given, X~Triangle (a,b) with peak at X = M With a = 50, With b = 375, With m = 250, The…
Q: The number of auto parts that a company produces follows a normal distribution. The company has two…
A: The normal distribution, also known as the Gaussian distribution, is a symmetrical probability…
Q: The probability distribution for the number of automobiles sold during a day (x) at Bob Iron Motors…
A: ∑f(x)=1 ⇒0.001+0.007+0.034+0.099+0.188+X1+0.220+0.136+0.055+0.015+0.001=1 ⇒X1=1-0.756=0.244 Mean=∑x…
Q: A courier company guarantees its customers that the average time to pick up their packages is 20…
A: Process capability index is a statistical tool that measures the ability of any process to produce…
Q: Southwest Co-op produces bags of fertilizer, and it is concerned about impurity content. It is…
A: Note: As per Bartleby guidelines, only 3 subparts of question can be solved at a time. So kindly…
Q: According to a study done by UCB students, the height for Martian adult males is normally…
A: Given: Population mean height of adult males μ=68 Population standard deviation σ=2.5 X = height of…
Q: The following table contains the probability distribution for X- the number of traffic accidents…
A: option c is correct answer From above table we can show that X - number of traffic accident…
Q: a) Grace Floral Shop sells several types of roses for all occasions. It is known that 43% of the…
A:
Q: A signed a contract with B to buy a machine at a price of $920. Assume that A's value for the…
A: Probability and statistics could assist with shaping viable monetary and fiscal policies and to…
Q: Suppose that Bloomsburg University graduate starting salaries are normally distributed with a mean…
A: Given: Mean=X bar = $40,712 Standard deviation = σ=$12,570 Therefore, from Normal distribution,…
Q: The number of major snowstorms (that shut down businesses) has a Poisson distribution with rate 0.4…
A: The probability of an event is the proportion of times the event happens out of a large number of…
Q: The following table provides a probability distribution for the random variable r. Excel File:…
A: Hey champ, Welcome to this platform. Here you will get the answer with better quality in minimum…
Q: An investment portfolio contains stocks of a large number of corporations. Over the last year the…
A: The provided information are: Population meanμ=12.2%Population standard deviationσ=7.2% Consider X…
Q: A car salesperson estimates the following probabilities for the number of cars that she will sell in…
A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…
Q: The expected value of the number of automobiles sold is, a 5.20
A: Probability distribution shows all the possible values of a random variable and the likelihood of…
Q: If probability of "Event A occurs" is 0.6, then probability of "Event A does not occur" is
A: Given below is the information: The probability of an event to occur = 0.6
Q: Suppose the random variable Y has a mean of 11 and a variance of 49. Let Z = -(Y– 11). V49 Show that…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: A pizza delivery service delivers to a campus dormitory. Delivery times follow a normal distribution…
A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…
Q: On the average, the amount of money that a customer spends in the store is $40 with a standard…
A: Answer; Q21) Option (d) is correct
Q: If the joint probability is given by: x + y f(x, y) = 30 for a = 0, 1,2, 3; y = 0, 1,2, find P(X +…
A: Given: Joint probability is given by: x + y f(x, y) = 30 or (x+y)/30= f(x, y) for a = 0, 1,2, 3; y…
Q: Deli Delivery delivers sandwiches to neighboring office buildings during lunch time in New York…
A: * SOLUTION :- ( 1) * STEP 4 of 5 * The OPTION E ( none of the above) is correct answer.
Q: The Class 2 group for the next Boy's and Girt's Championships female 100m dash has 56 females…
A: Given , X follows a normal distribution mean , μ=23variance, σ2=169standard devaition,σ = 169=13.…
Q: A company sells its products to wholesalers in batches of 10 units only. The daily demand for its…
A: Demand Total revenue (X) Probability (P) 0 0 0.2 10 37.5 0.2 20 75 0.3 30 112.5 0.2 40…
Q: ase probabilities. Use the table to complete parts a through e below. K of reams of paper used 1 2 3…
A: In statistics, the standard deviation is a proportion of the measure of variety or scattering of a…
Q: the following probability distribution represents the number of people living in a household (x),…
A: Given the value of X (households) = 1, 2, 3, 4, and 5.Probability of occurrence Px = 0.33, 0.29,…
Q: The success of a project depends on the effort level of a worker. In case of success the revenues…
A: The optimal contract is represented in the following form: Salary=s If the…
Q: A major credit card company has determined that the amount its customers charge on their accounts is…
A: Given: Population meanμ=2800Population standard deviationσ=200 Consider X be the random variable…
Q: In a Poisson distribution, = 3.30. (Round your answers to 4 decimal places.) a. What is the…
A: The probability mass function for the Poisson distribution is, e-λλxx! , x=0,1,2,3.... The mean of…
Please all solve the question
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 4 images
- An insurance company would like to offer theft insurance for renters. The policy wouldpay the full replacement value of any items that were stolen from the apartment. Someapartments have security alarms installed. Such systems detect a break-in and ring an alarmwithin the apartment. The insurance company estimates that the probability of a theft in ayear is .05 if there is no security system and .01 if there is a security system (there cannot bemore than one theft in any year). An apartment with a security system costs the renter anadditional £50 per year. Assume that the loss from a theft is £10,000 and that the insurancecompany is risk neutral and the renter would be willing to pay more than the expected loss toinsure against the loss of theft. What is the insurance company's break even price for a one year theft insurance policy for anapartment without a security system?aaaaaa A soft drink machine outputs a mean of 27 ounces per cup. The machine's output is normally distributed with a standard deviation of 3 ounces. What is the probability of filling a cup between 21 and 30 ounces? Round your answer to four decimal places.The owner of Tastee Cookies needs to decide whether to lease a small, medium, or large new retail outlet. She estimates that monthly profits will vary with demand for her cookies as follows: SIZE OFOUTLET DEMAND LOW HIGH Small $ 1,000 1,000 Medium 500 2,500 Large 0 3,000 For what range of probability that demand will be high, will she decide to lease the medium facility?
- The range of probability is O any value between -1 to 1 O any value between minus infinity to plus infinity. any value larger than zero. O zero to one.Question 21 On the average, the amount of money that a customer spends in the store is $40 with a standard deviation $1O. The probability that the total spending of 4 customers in the store is over $170 is closest to 0.1543 0.3085 0.2376 O 0.4013 not able to calculateAccording to the Intern al Revenue Service, the mean tax refund for the year 2014 was $2800 Assu me the stan dard devlation I6 $450 an d that the amounts 1etunded follow a normal probability distribution. a. What percont of the refunde aro more th an $3,100? (Round the Intermediate velues to 2 decimal places. Round your answer to 2 decimal places) Percert 0.25 % b. What percent of the refun ds are more th an $3,100 but less th an $3.500? (Round the intermediete values to 2 dec imal places Round your ans wer to 2 decimal places) Peroert c. What percent of the retun ds are more th an $2,250 but less than $3.500? (Round the inter mediate val ues to 2 decimal places Round your answer to 2 decimal places) Peroart
- 5.100 Tossing a die. You are tossing a balanced die that has probability 1/6 of coming up 1 on each toss. Tosses are independent. We are interested in how long we must wait to get the first 1. (a) The probability of a 1 on the first toss is 1/6. What is the probability that the first toss is not a 1 and the second toss is a 1? (b) What is the probability that the first two tosses are not 1s and the third toss is a 1? This is the probability that the first 1 occurs on the third toss. 4 (c) Now you see the pattern. What is the probability that the first 1 occurs on the fourth toss? On the fifth toss?21 Los Angeles averages 266.5 sunny days per year. What is probability that Boston has at least as many sunny days as Los Angeles? a 0.0020 b 0.0031 c 0.0047 d 0.0073themepans i max Task 3: During the last 10 years, a corporation's net profit increased year over year 6 times and decreased year over babive969 with characteristicsmber of annual earnings increases for the next 10 years is modelled in 4 times. Assume that the accordance with quote of the binomial distribution. Estimate the probability that the corporation's net profit will increase in exactly 4 of the next 10 years. tot twee monteutimut ethomi smo bsd-.2.U A :clesT Diswiot brs toqe ert tuods noitsmotnleysb 08 ni utimut to insmqinle 6 101 000,000,83 vsqof ever lliw 2.0 woled nevig ai 29161 (AU3 8.0 ataoo 020) 008.0 02U AU3 eer.o 020 A03 9161 toqe tre etsi biswiot ysb-08
- Find the probability of rolling a standard 6-sided die 23 times and getting 10 or more twos. Select an answer Enter a decimal rounded to four places as needed.The probabilities of X, Y and Z becoming managers are 4/9, 2/9 and 1/3 respectively. The probabilities that the Bonus Scheme will be introduced if X, Y and Z becomes managers are 3/10, 1/2, and 4/5 respectively. (i) What is the probability that Bonus Scheme will be introduced, and (ii) if the Bonus Scheme has been introduced, what is the probability that the manager appointed was X ?Suppose the market for auto insurance is made of up two types of buyers: high-risk and low-risk. Buyers’ willingness to pay (WTP) for auto insurance plans, and sellers’ willingness to accept (WTA) when selling plans to each type of buyer, are outlined in a photo Assume now that there is asymmetric information and that insurance companies do not knowhow risky an individual buyer is. In the face of this uncertainty, they determine that the probability that a “walk-in” is high-risk is 0.75. What is the minimum price sellers are willing to accept when selling aninsurance plan? At this price, will low- and high-risk buyers both be willing to purchase this insurance plan? Explain. Be sure the mention adverse selection in your answer. Returning to the conditions outlined in Q1, suppose that buyers of auto insurance (high- and low-risk) were offered a $1,000 subsidy to purchase coverage. This would raise their WTP by $1,000. Would the market for both insurance plans clear after the…