Question

In: Statistics and Probability

Suppose that 80% of widgets produced by a factory that generates thousands of widgets every year...

Suppose that 80% of widgets produced by a factory that generates thousands of widgets every year are of acceptable quality.

(a) If a quality control inspector selects 3 widgets independently and at random, what is the probability that at least one will not be of acceptable quality?

(b) Suppose that a quality control inspector selects a random sample of 60 widgets to determine the proportion that have an acceptable level of quality. If Pˆ is the proportion of acceptable widgets he will find in his sample, what is the sampling distribution for Pˆ.

(c) What is the probability that more than 47 of the selected 60 widgets are acceptable?

(d) If the inspector finds that exactly 47 of the widgets selected are acceptable and calculates a 95% confidence interval for the true proportion of widgets from the factory that are acceptable, what would the corresponding margin of error be?

Solutions

Expert Solution

orchestra answered 1 year ago
Next > < Previous

Related Solutions

Suppose that it is known that the number of items produced in a factory during a...
Suppose that it is known that the number of items produced in a factory during a week is a random variable with mean 50. If the standard deviation of a week's production is 5, then what can be said about the probability that this week's production will be between 40 and 60?                                                                                                                                     
a.   Suppose that 5 % of the items produced by a factory are defective. If 5...
a.   Suppose that 5 % of the items produced by a factory are defective. If 5 items are chosen at random, what is the probability that none of the items are defective? Write your answer as a decimal accurate to three decimal places. b. Suppose that 7.9 % of the items produced by a second factory are defective. If 5 items are chosen at random from the second factory, what is the probability that exactly one of the items is...
A company uses EOQ. Every time they place an order for widgets, they order 1,000 widgets....
A company uses EOQ. Every time they place an order for widgets, they order 1,000 widgets. The cost of placing an order is $30. It cost $ 4.00 for a widget to sit in the warehouse for a year. On average, the company uses 50 widgets per day. The most widgets the company could ever use is 60. When an order is placed, it takes 4 days to receive the widgets. Annual usage is 13,000 units. Use this information to...
Suppose an application generates chunks 60 bytes of data every 200msec. Assume that each chunk gets...
Suppose an application generates chunks 60 bytes of data every 200msec. Assume that each chunk gets put into a TCP packet and that the TCP packet gets put into IP packets. What is the % of overhead that is added in because of TCP and IP combines? 1) 40% 2) 10% 3) 20% 4) 70%
In this current year Company has produced 300 widgets. Over the next 2 years production will...
In this current year Company has produced 300 widgets. Over the next 2 years production will increase by 25% more of the previous year. With each increase in production cost/unit will decrease 10% less of the previous year. Company’s present profit margin is 30%. Present cost/unit is $24. If price remains constant how many units will have to be sold in Year 3 of production to break even?
In this current year Company has produced 300 widgets. Over the next 2 years production will...
In this current year Company has produced 300 widgets. Over the next 2 years production will increase by 25% more of the previous year. With each increase in production cost/unit will decrease 10% less of the previous year. Company’s present profit margin is 30%. Present cost/unit is $24. If price remains constant how many units will have to be sold in Year 3 of production to break even?
Springfield Tech is a large university. They receive thousands of applications every year and accept 18%...
Springfield Tech is a large university. They receive thousands of applications every year and accept 18% of their applicants. A random sample of 30 applicants is selected. We are interested in the number of applicants of sample that are accepted. Find the probability that at least 3 of the 30 applicants are accepted. Find the probability that at most 3 of the 30 applicants are accepted. Find the probability that exactly 4 of the 30 applicants are accepted. Find the...
Springfield Tech is a large university. They receive thousands of applications every year and accept 16%...
Springfield Tech is a large university. They receive thousands of applications every year and accept 16% of their applicants. A random sample of 30 applicants is selected. We are interested in the number of applicants of sample that are accepted. Find the probability that at least 3 of the 30 applicants are accepted. Find the probability that at most 3 of the 30 applicants are accepted. Find the probability that exactly 4 of the 30 applicants are accepted. Find the...
Your company manufactures widgets. The fixed cost incurred (independent of the number of widgets produced) each...
Your company manufactures widgets. The fixed cost incurred (independent of the number of widgets produced) each year is $80,000. The variable cost per widget is $0.25. The sale price of each widget is $1.00. The price and the costs are expected to remain unchanged over time. In year 1, the company expects to sell 100,000 widgets. It expects its sales to increase at the rate of 4% a year forever. The discount rate is 10%. Ignore taxes. What is the...
Aqua Adventures currently generates net income of $500,000 every year, all of which is paid out...
Aqua Adventures currently generates net income of $500,000 every year, all of which is paid out in dividends, and expects no future growth. Aqua has 200,000 shares outstanding, and investors require an 8% return on the company's shares. Assume that new management is hired to grow the company. One plan for the company is to invest its earnings of $500,000 per year for 1 year in a new project. If Aqua goes with the new project it will not be...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT