The time it takes a mechanic to change the oil in a car is exponentially distributed with a mean of 5 minutes. What is the probability that it will take a mechanic more than 4 minutes to change the oil?Explain the probability description & Formulation. Use spreadsheet and solve for the answer

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 0.10 Stock 70 0.30 65 This textbook costs the bookstore $82 and sells for $112. 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: 65 p=0.10 75 0.20 70 p=0.30 80 0.10 Demand 75 p=0.20 80 p = 0.10 85 p=0.30 85 0.30

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

ou have been pricing Samsung-Galaxy SmartWatch in several stores. Three stores have the identical price of $400. Each store charges 18 percent APR, has a 30-day grace period, and sends out bills on the first of the month. On further investigation, you find that store A calculates the finance charge by using the average daily balance method, store B uses the adjusted balance method, and store C using the previous balance method. Assume you purchased the SmartWatch on May 5 and made a $100 payment on June 15. What will the finance charge for June be if you made your purchase from store A? From store B? From store C?

Which experimental method involves randomly assigning participants to one of two groups in order to collect data and compare the performance of two distinct options? This method has been emphasized in various tech companies (e.g., Amazon, Netflix, Rent the Runway), and it is an useful method for uncovering causality between variables. Most tech companies heavily use this method for their data analytics process. Multivariate testing   Bucket testing   Web usability testing   A/B testing   Conjoint analysis

A GMAC MBA new-matriculants survey provided the following data for 2018 students. Excel File: data04-53.xlsx Applied to More Than One School Yes No 23 and under 207 201 24-26 299 379 Age Group 27-30 185 268 31-35 66 193 36 and over 51 169 a. Given that a person applied to more than one school, what is the probability that the person is 24 - 26 years old (to 2 decimals)? b. Given that a person is in the 36 and over age group, what is the probability that the person applied to more than one school (to 4 decimals)? c. What is the probability that a person is 24 - 26 years old or applied to more than one school (to 4 decimals)? d. Suppose a person is known to have applied to only one school. What is the probability that the person is 31 or more years old (to 4 decimals)? e. Is the number of schools applied to independent of age? Explain. Select your answer -