Related questions
A company that sells binders decides to run a promotion on their 1-inch and 2-inch size binders. They
discount the 1-inch binders to $1 per binder and discount the 2-inch binders to $2 per binder. They limit
sales to a quantity of 5 of each size of binder per customer. The probability distribution of “X = the number
of 1-inch binders purchased by a single customer during the promotion period” is given in the table below.
| X | 1 | 2 | 3 | 4 | 5 |
| P(X) | 0.02 | 0.09 | 0.12 | 0.15 | 0.62 |
a) Compute the
b) The company’s cost of manufacturing a single 1-inch binder is $0.25. What is the expected profit (in
dollars) that the company will make, per customer, for 1-inch binder sales during the promotion?
c) The mean and standard deviation of “Y = the number of 2-inch binders purchased by a single
customer” is 2.74 and 1.25, respectively. Assume that the number of 1-inch and 2-inch binders
purchased are independent random variables. What are the mean and standard deviation of the total
number of binders purchased by a single customer?
d) The company’s cost of manufacturing a single 2-inch binder is $0.55. What is the total expected profit
(in dollars) that the company will make, per customer, during the promotion?
Step by stepSolved in 4 steps
- When manufacturing fabric, the mean number of imperfections per yard of fabric is 0.12. Find the probability that 2 yards of fabric will have at most 1 imperfection.arrow_forwardUse the standard normal probability chart, included in this exam, to look up the following numbers and draw the graph for each one. a. - .0492 b. 1.6 c. 1.06 d. -5.2arrow_forwardThe percent defective from an incoming lot is 3%.An OC curve showed the probability of acceptance to be 0.55.Given a lot size of 2,000 and a sample of 100, determine theaverage outgoing quality in percent defectivearrow_forward
- The table summarizes results from 976 pedestrian deaths that were caused by automobile accidents. DriverIntoxicated? Pedestrian Intoxicated? Yes No Yes 61 84 No 246 585 If one of the pedestrian deaths is randomly selected, find the probability that the pedestrian was not intoxicated or the driver was intoxicated.Report the answer as a percent rounded to one decimal place accuracy. You need not enter the "%" symbol.prob =arrow_forwardAnswer the following questions using the separate rates X1,..., X20 and Y1,..., Y20 shown in Figure 1. (a) Carry out the calculations for a test of the hypotheses that the mean U.S. mortality rate On remained the same or increased from 2005 to 2015 against the alternative that the mean mortality rate decreased. State the hypotheses, test statistic, rejection region, and p-value. Do not interpret the conclusion of the test. (b) Compute a 99% confidence interval for the change in mean heart rate mortality. Do not interpret the interval.arrow_forwardMake a histogram of the probability distribution of X. Describe its shape.arrow_forward
- Kelly’s batting average is .30 (they hit 3 out of every 10 pitches). Let’s assume there are 120 pitches thrown in the first 8 games. !. There is a 70% chance they should hit at least how many pitches this season? Round down for this answer.arrow_forwardThe scores on a statewide math exam were normally distributed with ?=74 and ?=8. What proportion of test-takers had a grade between 66 and 88 on the exam?arrow_forwardThe table summarizes results from 976 pedestrian deaths that were caused by automobile accidents. Driver Intoxicated? Yes No Pedestrian Intoxicated? Yes No 48 83 284 561 If one of the pedestrian deaths is randomly selected, find the probability that the pedestrian was not intoxicated. Report the answer as a percent rounded to one decimal place accuracy. You need not enter the "%" symbol. prob = %arrow_forward
- MATLAB: An Introduction with ApplicationsStatisticsISBN:9781119256830Author:Amos GilatPublisher:John Wiley & Sons Inc
Probability and Statistics for Engineering and th...StatisticsISBN:9781305251809Author:Jay L. DevorePublisher:Cengage Learning
Statistics for The Behavioral Sciences (MindTap C...StatisticsISBN:9781305504912Author:Frederick J Gravetter, Larry B. WallnauPublisher:Cengage Learning 
Elementary Statistics: Picturing the World (7th E...StatisticsISBN:9780134683416Author:Ron Larson, Betsy FarberPublisher:PEARSON
The Basic Practice of StatisticsStatisticsISBN:9781319042578Author:David S. Moore, William I. Notz, Michael A. FlignerPublisher:W. H. Freeman
Introduction to the Practice of StatisticsStatisticsISBN:9781319013387Author:David S. Moore, George P. McCabe, Bruce A. CraigPublisher:W. H. Freeman