How can you identify when to use the binomial, geometric and hypergeometric probability distributions? For example,...

How can you identify when to use the binomial, geometric and hypergeometric probability distributions? For example, if I want to flip a coin until I get heads, it is geometric, but if I flip the coin 5 times, it becomes binomial. What changed? How do I know which distribution to use?

Expert Solution

orchestra answered 2 years ago

Think about these three probability distributions: hypergeometric, binomial, and Poisson and describe one or more ways...

Think about these three probability distributions: hypergeometric, binomial, and Poisson and describe one or more ways that you might use any of these distributions to explore their applications in different situations that need not be particularly economically valuable

When do I use: Geometric cdf Geometric pdf binomial cdf Binomial pdf Thank you

4. For this problem, you’ll compare the hypergeometric and binomial distributions. Suppose there is a sock...

4. For this problem, you’ll compare the hypergeometric and binomial distributions. Suppose there is a sock drawer with N socks, each placed loosely in the drawer (not rolled into pairs). The total number of black socks is m. You take out a random sample of n < m socks. Assume all the socks are the same shape, size, etc. and that each sock is equally likely to be chosen. (a) Suppose the sampling is done without replacement. Calculate the probability...

Discuss how a manager of a retail store can use both the binomial and Poisson distributions...

Discuss how a manager of a retail store can use both the binomial and Poisson distributions to make business decisions. Explain how the distributions differ. Provide examples of the type of data that could be used in calculating the probabilities.

Discuss how a manager of a retail store can use both the binomial and Poisson distributions...

Discuss how a manager of a retail store can use both the binomial and Poisson distributions to make business decisions. Explain how the distributions differ. Provide examples of the type of data that could be used in calculating the probabilities

Question: Give an example of a hypergeometric random variable for which a binomial random variable is...

Question: Give an example of a hypergeometric random variable for which a binomial random variable is NOT a good approximation. You must describe each of the following: i. the experiment ii. a random variable X from the experiment and what X represents iii. the probability mass function (PMF) of X iv. a binomial random variable that approximates X and its parameters v. the PMF of the binomial random variable and why it's a good estimate of the PMF of X

Define the probability density functions (PDF): Binomial, Uniform, and Normal distributions. Provide one example of each...

Define the probability density functions (PDF): Binomial, Uniform, and Normal distributions. Provide one example of each of them, and their graphs.

The binomial and Poisson distributions are two different discrete probability distributions. Explain the differences between the...

The binomial and Poisson distributions are two different discrete probability distributions. Explain the differences between the distributions and provide an example of how they could be used in your industry or field of study. In replies to peers, discuss additional differences that have not already been identified and provide additional examples of how the distributions can be used.

The binomial and Poisson distributions are two different discrete probability distributions. Explain the differences between the...

The binomial and Poisson distributions are two different discrete probability distributions. Explain the differences between the distributions and provide an example of how they could be used in your industry or field of study.

How can a business manager use Binomial probability distribution to assess a profitability of a new...

How can a business manager use Binomial probability distribution to assess a profitability of a new firm?

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How can you identify when to use the binomial, geometric and hypergeometric probability distributions? For example,...

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Think about these three probability distributions: hypergeometric, binomial, and Poisson and describe one or more ways...

When do I use: Geometric cdf Geometric pdf binomial cdf Binomial pdf Thank you

4. For this problem, you’ll compare the hypergeometric and binomial distributions. Suppose there is a sock...

Discuss how a manager of a retail store can use both the binomial and Poisson distributions...

Discuss how a manager of a retail store can use both the binomial and Poisson distributions...

Question: Give an example of a hypergeometric random variable for which a binomial random variable is...

Define the probability density functions (PDF): Binomial, Uniform, and Normal distributions. Provide one example of each...

The binomial and Poisson distributions are two different discrete probability distributions. Explain the differences between the...

The binomial and Poisson distributions are two different discrete probability distributions. Explain the differences between the...

How can a business manager use Binomial probability distribution to assess a profitability of a new...