Question

In: Statistics and Probability

A company sells LED bulbs in packages of 20 for $25. From past records, it knows...

A company sells LED bulbs in packages of 20 for $25. From past records, it knows that a bulb will be defective with probability 0.01. The company agrees to pay a full refund if a customer finds more than 1 defective bulb in a pack. If the company sells 100 packs, how much should it expect to refund?

Solutions

Expert Solution

please upvote.

orchestra answered 2 years ago
Next > < Previous

Related Solutions

A music teacher knows from past records that 60% of students taking summer lessons play the...
A music teacher knows from past records that 60% of students taking summer lessons play the piano. The instructor believes that this proportion may have dropped due to the popularity of wind and brass instruments. A random sample of 80 students yielded 43 piano players. Use α = .05.
Question 1 The coffee shop A coffee shop knows from past records that its weekly takings...
Question 1 The coffee shop A coffee shop knows from past records that its weekly takings (sales) are normally distributed with a mean of $10,500 and a standard deviation of $478. Answer the following questions: Find the probability that in a given week the coffee shop would have takings of more than $10,700 Find the probability that in a given week the takings are between $9,800 and $11,000. Calculate the inter-quartile range of weekly takings. What are the maximum weekly...
Question 1 The coffee shop A coffee shop knows from past records that its weekly takings...
Question 1 The coffee shop A coffee shop knows from past records that its weekly takings (sales) are normally distributed with a mean of $10,500 and a standard deviation of $478. Answer the following questions: a. Find the probability that in a given week the coffee shop would have takings of more than $10,700 b. Find the probability that in a given week the takings are between $9,800 and $11,000. c. Calculate the inter-quartile range of weekly takings. d. What...
25) You are comparing LED and CFL bulbs. A 100 watt CFL bulb costs $1.00 and...
25) You are comparing LED and CFL bulbs. A 100 watt CFL bulb costs $1.00 and lasts 1,500 hours, while a comparable LED bulb of 15 watts costs $3.00 and lasts 4,000 hours. There are 1,000 watt in a kilowatt and a unit of electricity (1,000 watts-hour) costs 12 cents. If you use each bulb for 500 hours in a year and require a return of 15% what are the equivalent annual cost of each bulb? Please show the calculations....
A CPA knows from past history that the average accounts receivable for a company is $521.72...
A CPA knows from past history that the average accounts receivable for a company is $521.72 with a standard deviation of $584.64. If the auditor takes a simple random sample of 100 accounts, what is the probability that the mean of the sample is within $120 of the population mean?
An auditor knows from past history that the average accounts receivable for ABC Company is $441.27...
An auditor knows from past history that the average accounts receivable for ABC Company is $441.27 with a standard deviation of $555.48. Suppose the auditor takes a sample of 100 accounts. a. What is the probability that the mean of the sample will be within $100 of the population mean? b. What is the probability that the mean of the sample will more than $580?
A researcher knows from the past that the standard deviation of the time it takes to...
A researcher knows from the past that the standard deviation of the time it takes to inspect a car is 16.8 minutes. A random sample of 24 cars is selected and inspected. The standard deviation is 12.5 minutes. At a= 0.05, can it be concluded that the standard deviation has changed? Use the P-value method. Assume the variable is normally distributed.
4. From past experience, the owner of a restaurant knows that, on average, 5% of the...
4. From past experience, the owner of a restaurant knows that, on average, 5% of the groups that make reservations never show, and 7% of the groups that make reservations show up late (the other 88% percent show up on time). a) How many reservations can the owner accept and still be at least 80% sure that all parties that make a reservation will show? b) How many reservations can the owner accept and still be at least 90% sure...
Past records show that at a given college, 20% of the students who began as economics...
Past records show that at a given college, 20% of the students who began as economics majors either changed their major or dropped out of school. An incoming class has 110 beginning economics majors. What is the probability that at most 30% of these students will leave the economics program?
A company sells packages of cookies with the following promotion. If two cookies in a package...
A company sells packages of cookies with the following promotion. If two cookies in a package are frostingless, you may get your money back. Suppose each cookie has a 1 100 chance of being frostingless and there are 20 cookies in a package. (a) What is the expected number of frostingless cookies in a package? 5 packages? (b) What is the variance in this number for one package? 5 packages? (c) What is the probability of returning at least one...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT