ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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- Sharlene has just put a down payment on a lot in a small subdivision. There are 24 lots in the subdivision, and all are approximately 0.3 acres in size. Four builders have been contracted by the subdivision manager to each build six homes in order to finish the subdivision in 6 months. Sharlene's uncle is one of the builders contracted by the subdivision manager. What is the probability that Sharlene's uncle will be the builder that builds her house? Round your answer to two decimal places, if necessary.arrow_forwardThe probability distribution for the number of automobiles sold during a day (x) at Bob Iron Motors isas follows. x f(x) 0 0.001 1 0.007 2 0.034 3 0.099 4 0.188 5 6 0.220 7 0.136 8 0.055 9 0.015 10 0.001 17 The probability that 5 automobiles will be sold is,a 0.232b 0.244c 0.257d 0.271arrow_forwardFind 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.arrow_forward
- Please no written by hand solution Kate recently invested in real estate with the intention of selling the property one year from today. She has modeled the returns on that investment based on three economic scenarios. She believes that if the economy stays healthy, then her investment will generate a 30 percent return. However, if the economy softens, as predicted, the return will be 10 percent, while the return will be -25 percent if the economy slips into a recession. If the probabilities of the healthy, soft, and recessionary states are 0.6, 0.2, and 0.2, respectively, then what are the expected return and the standard deviation of the return on Kate❝s investment? Calculate the coefficient of variation for this investment. (Round expected return to 3 decimal places, e.g. 0.125 and round intermediate calculations and standard deviation to 5 decimal places, e.g. 0.07680.)arrow_forwardAnswer is wrong should be 4.25arrow_forwardYou may need to use the appropriate appendix table or technology to answer this question. Shoppers enter a mall at an average of 360 per hour. (Round your answers to four decimal places.) (a) What is the probability that exactly 15 shoppers will enter the mall between noon and 12:05 p.m.? 0.0010 (b) What is the probability that at least 70 shoppers will enter the mall between 5:00 and 5:10 p.m.? 0.0985 Xarrow_forward
- Nonearrow_forwardNonearrow_forwardThe demand for a product of Carolina Industries varies greatly from month to month. The probability distribution in the following table, based on the past two years of data, shows the company's monthly demand. Unit Demand Probability 300 400 500 600 0.20 0.30 0.35 0.15 (a) If the company bases monthly orders on the expected value of the monthly demand, what should Carolina's monthly order quantity be for this product? (b) Assume that each unit demanded generates $70 in revenue and that each unit ordered costs $50. How much will the company gain or lose in a month (indoitars) if it places an order based on your answer to part (a) and the actual demand for the item is 300 units?arrow_forward
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