Question

In: Economics

A factory has 60% of newly hired workers quit within a year. The company hires 2...

A factory has 60% of newly hired workers quit within a year. The company hires 2 workers at the same time. Suppose each workers' decisions to leave or stay are independent.

a) What is the probability of both workers will work there for more than one year?

b) What is the probability of at least one will work there for more than one year?

Solutions

Expert Solution

Rahul Sunny answered 2 years ago
Next > < Previous

Related Solutions

A garments factory has 60 employees.Out of these 60 employees, 20% i-e 12 workers are involved...
A garments factory has 60 employees.Out of these 60 employees, 20% i-e 12 workers are involved in aparticular project. The remaining is not directly involved in thatproject. Out of the given budget of the project, the factory isfacilitating and giving 80% of their total employees who are 48 innumber and giving extra benefits to them. In connection with theproject, the factory is working on a shipment. It has been observedat the end of delivering the shipment that the entire project...
Toy Story Factory hires six workers to produce toys in the three divisions: “Toddle Toy”, “Girl...
Toy Story Factory hires six workers to produce toys in the three divisions: “Toddle Toy”, “Girl Toy” and “Boy Toy”. The major decision is the allocation of the workers among the three divisions, so as to maximize the amount of toy produced. The following table shows the amount (unit) of toys that will be produced in a division as a function of the number of workers deployed in the corresponding division. For instance, when 2 workers are sent to the...
You are a newly hired analyst at a top company Your starting salary is $80,000 year...
You are a newly hired analyst at a top company Your starting salary is $80,000 year You are attempting to save about 10% of your income You have the following options for savings and investment. A Company 401K Plan that matches the first 6% Pretax Contributions at a 50% Match rate Your own Individual Retirement Account (IRA) with a balance of $5,500. Your own Roth IRA with a balance of $1,250. Your brokerage account with a balance of $2,500 how...
2. As a newly hired manager of a company thatprovides cell phone service, you want to...
2. As a newly hired manager of a company thatprovides cell phone service, you want to determine the percentage of adults in your state who live in a household with cell phones and no land-line phones. How many adults must you survey? Assume that you want to be 90% confident that the sample percentage is within threepercentage points of the true population percentage if possible include graph
Information: Tangy Industries, a newly formed company, has hired you as a consultant. The company president,...
Information: Tangy Industries, a newly formed company, has hired you as a consultant. The company president, John Mills, is seeking your advice as to the appropriate inventory method the company should use to value its ending inventory and cost of goods sold. Mr. Mills is only aware of the LIFO and FIFO inventory valuations. He believes that LIFO might be better for tax purposes, but speculates that FIFO has certain advantages for financial reporting to investors and creditors. Mr. Mills...
Information: Tangy Industries, a newly formed company, has hired you as a consultant. The company president,...
Information: Tangy Industries, a newly formed company, has hired you as a consultant. The company president, John Mills, is seeking your advice as to the appropriate inventory method the company should use to value its ending inventory and cost of goods sold. Mr. Mills is only aware of the LIFO and FIFO inventory valuations. He believes that LIFO might be better for tax purposes, but speculates that FIFO has certain advantages for financial reporting to investors and creditors. Mr. Mills...
A company finds that one out of every 5 workers it hires turns out to be...
A company finds that one out of every 5 workers it hires turns out to be unsatisfactory. Assume that the satisfactory performance of any hired worker is independent of that of any other hired workers. If the company hires 15 people, what is the probability that the following number of people will turn out to be satisfactory? (Round your answer to six decimal places.) exactly 9
Telemarketers Inc. hires over 2,200 hourly workers. The company wants to compute the average wage it pays these workers.
Telemarketers Inc. hires over 2,200 hourly workers. The company wants to compute the average wage it pays these workers. What is the minimum sample size needed to construct a 90% confidence interval for the average wage Telemarketer Inc. pays its hourly workers? Assume the standard deviation is $10.00 and the company wants a margin of error of $2.50.
1. ABC toy factory has 10,000 workers. The salaries of the workers are based on the...
1. ABC toy factory has 10,000 workers. The salaries of the workers are based on the amount of toys they can make in each month. A random sample of 100 workers and the number of toys they have made in a week is selected and the results are tabulated below. Toys Pieces Number of workers 101 − 150 6 151 − 200 13 201 − 250 15 251 − 300 24 301 − 350 25 351 − 400 9 401...
1. ABC toy factory has 10,000 workers. The salaries of the workers are based on the...
1. ABC toy factory has 10,000 workers. The salaries of the workers are based on the amount of toys they can make in each month. A random sample of 100 workers and the number of toys they have made in a week is selected and the results are tabulated below. Toys Pieces 101 − 150 151 − 200 201 − 250 251 − 300 301 − 350 351 − 400 401 − 450 Number of workers 6 13 15 24...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT