
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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They need to be probabilities and there should be six answer 1-a-b etc
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- 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 0.0073arrow_forward1. A sales man, figure that a contract results in a sale with 2. During a given day, he contacted two prospective clients. Calculate the probability distribution for X, the number of clients who signed the sales contract, so that the variance and standard deviation is found.arrow_forwardThe proportion of vehicles which drive above the speed limit on a freeway is 85%. Suppose 100 vehicles are randomly clocked. 20 If each speeding vehicle is issued a $185 speeding ticket, the expected value of the ticket amount is $________. a $15,725 b $14,560 c $13,480 d $12,485arrow_forward
- The probability distribution of the daily number of customers at the YumYum is given below. Daily number of customers Probability 20 0.2 40 0.3 60 0.4 80 0.1 What is the probability that on a given day the YumYum has less than 70 customers? Group of answer choices 0.1 0.8 0.9 0.5 thanks for helparrow_forward5. A shipment of 24 electric stoves is rejected if three 3 are checked for defects and at least one 1 is found ton be defective. Find the probability that the shipment will be returned if there are actually six stoves that are defectives.arrow_forwardAssume you are faced with two decision alternatives and two states of nature whose profit payoff table is shown below. Decision Alternative State of Nature 1 State of Nature 2 Decision 1 25 30 Decision 2 45 15 The probability of state of nature 1 is 0.4.(a) Compute the expected value of each alternative.(b) Which decision is the optimal decision?(c) Compute the expected value with perfect information.(d) Compute the expected value of perfect information.arrow_forward
- 1. Suppose the prices of used cars in the market are normally distributed with a mean of $15,000 and a standard deviation of $7,5000. What is the probability of selecting a car from this market and its priced above $20,000.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_forwardQuestion 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 calculatearrow_forward
- Required information An officer of the state lottery commission has sampled lottery ticket purchasers over a 1-week period at one location. The amounts distributed back to the purchasers and the associated probabilities for 5000 tickets are as follows: 2 5 Distribution, $ 0 Probability 10 0.013 0.045 0.025 NOTE: This is a multi-part question. Once an answer is submitted, you will be unable to return to this part. 0.91 100 0.007 If tickets cost $2, determine the expected long-term income to the state per ticket, based on this sample. The expected long-term income to the state is 96 cents per ticket.arrow_forwardQUESTION 3 A company sells its products to wholosalers in batches of 10 units only. The daily demand for its product and the respective probabilities are given below. 10 20 30 40 Demand (Units) Probability 0.2 0.2 0.3 0.2 0.1 Assume that the company sells its product at $3.75 per unit. What is the variance of the daily revenue? NOTE: Write your answer using 4 decimal digits. Do not round up or down,arrow_forwardQuestion Two a) The table below shows the probability distribution of the discrete random variable X. 2 3 4 5 7 P(X=x) 2p 2p 3p i. Find the value of p from the table above. Calculate the probability that at X is at least 5. Calculate the mean of the distribution. ii. 111.arrow_forward
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