Fill in the P(X=x) values to give a legitimate probability distribution for the discrete random variable X, whose possible values are -3, 0, 4, 5, and 6.Value x of XP (X = x)-300.2350.1760.30

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Answered: Fill in the P(X=x) values to give a…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Suppose that you have two four-sided dice that are each equally weighted (i.e. equal chance of any of the four sides landing face up). One of them has values [12.5968, 2, -2 and -12.5968] , the other [12.5968, 4, -2 and -12.5968] Which of them has a σ of 9 using the probability model approach. a) [12.5968, 2, -2 and -12.5968] B) [12.5968, 4, -2 and -12.5968]
The University of Miami bookstore stocks textbooks in preparation for sales each semester. It normally relies on departmental forecasts and preregistration records to determine how many copies of a text are needed. Preregistration shows 85 operations management students enrolled, but bookstore manager Vaidy Jayaraman has second thoughts, based on his intuition and some historical evidence. Vaidy believes that the distribution of sales may range from 65 to 85 units, according to the following probability model: Demand Probability 65 0.05 Stock 65 70 75 80 85 70 0.25 This textbook costs the bookstore $82 and sells for $107. Any unsold copies can be returned to the publisher, less a restocking fee and shipping, for a net refund of $30. a) Based on the given information, Vaidy's conditional profits table for the bookstore is: Demand 75 P=0.30 65 P = 0.05 0000 70 P = 0.25 75 0.30 ☐☐☐☐ 80 0.15 00000 80 85 P = 0.15 P = 0.25 30000 85 0.25 ☐☐☐☐
Below n is the sample size, p is the population and p is the sample proportion.use the central limit theorem and th to-84 probability n=148 P=0.14
A certain reagent is created to test for an infectious disease. The test has anaccuracy rate of p = 90%, and the accuracy does not depend on whether or not thepatient is actually infected. a. If four people are tested for the disease, what is the probability that at leastthree of them receive accurate test results? b. In an area where q = 5% of people are infected, a man’s test result ispositive. What is probability that it is a false positive (which means that he is notinfected but the test is positive due to inaccuracy)? *please solve for a-b, type or neatly write your answers on paper, NO EXCEL* thank you !
Senior executives at an oil company are trying to decide whether to drill for oil in a particular field. It costs the company $750,000 to drill. The company estimates that if oil is found the estimated value will be $3,650,000. At present, the company believes that there is a 48% chance that the field actually contains oil. Before drilling, the company can hire an expert at a cost of $75,000 to perform tests to make a prediction of whether oil is present. Based on a similar test, the probability that the test will predict oil on the field is 0.55. The probability of actually finding oil when oil was predicted is 0.85. The probability of actually finding oil when no oil was predicted is 0.2. What is the EMV if the company hires the expert?
true or false Some speculative risks are insurable (T) The possibility of not meeting the annual sales target of one million dollar set by the top management is an example of strategic risk. ABC Insurance Company plans to sell fire insurance in Kedah. ABC expects that eight buildings out of every 100, on average, will report claims each year. The variation between the loss that ABC expects to occur and the loss that actually occurs can be measured by range, variance, standard deviation or coefficient of variation A total loss to the car that could happen to a driver as a result of a collision is an example of pure risk.
4.1 TYPES OF RANDOM VARIABLES. Which of the following describe continuous random variables? Which describe discrete random variables? The number of newspapers sold by the New York Times each month The amount of ink used in printing a Sunday edition of the New York Times The actual number of ounces in a 1-gallon bottle of laundry detergent The number of defective parts in a shipment of nuts and bolts The number of people collecting unemployment insurance each month
An operational risk analyst is using the POT methodology to estimate VaR. Parameters are provided in the following tables: Loss threshold (%) μ. = 2 Number of observations N = 1000 Observations in excess of the threshold n = 9 Scale parameter β = 0.85 Shape parameter (tail index) = 0.3 - Calculate VaR at the 99% confidence level.
Sami Abbasi Health Food stocks five loaves of Vita-Bread. The probability distribution for the sales of VitaBread is listed in the following table. How many loaves will Sami sell on the average?Number of Loaves Sold Probability0 .051 .152 .203 .254 .205 .15
The Cook County Lumber Co. has three sawmills that produce boards of different lengths. The following table is a joint frequency distribution based on a random sample of 1,000 boards selected from the lumber inventory. Board Length Sawmill 8ft 10ft 12ft 14ft A 140 100 80 14 B 250 20 100 50 C 160 50 16 20 Based on these data, if a board is selected that is 12 feet long, the probability that it was made at sawmill A is: 0.20 0.24 0.08 0.41
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Texas Petroleum Company is a producer of crude oil that is considering two drilling projects with the following profit outcomes and associated probabilities: Drilling Project, A Profit -$300,000 100,000 500,000 600,000 Probability (percent) 10 60 20 10 Drilling Project, B Profit -$600,000 100,000 300,000 1,000,000 The manager's attitude toward risk is as follows: Profit ($'000) -600 -300 100 U(II) 0.00 0.05 0.20 Note: U(II) stands for utility index of profit. 300 0.30 500 0.45 Probability (percent) 15 25 40 20 600 0.55 1,000 1.00 In making decision under risk, which project will be chosen by the manager of Texas Petroleum Company based on his behaviour toward risk? Also describe the manager's ways of handling decision-making associate with risk. Justify your answers using numerical explanation.

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Fill in the P(X=x) values to give a legitimate probability distribution for the discrete random variable X, whose possible values are -3, 0, 4, 5, and 6. Value x of X P (X = x) -3 0 0.23 5 0.17 6 0.30