Question

In: Statistics and Probability

for week 5 football, there are 14 total games. Let there be a 50% chance of...

for week 5 football, there are 14 total games. Let there be a 50% chance of predicting any particular game’s outcome (win/lose).

Each person chooses 6 out of the 14 games.

If one person picks all 6 games correct, they win the jackpot.

if multiple people win the jackpot, it gets split up evenly.

1) what is the probability of any individual winning the jackpot?

2) what are the odds multiple people win if there are 500 people involved?

3) what are the odds of nobody winning?

Expert Solution

Number of predictions correct out of the 6 selected games is modelled here as:

1) Probability that any individual win the jackpot is computed here as:

Therefore 0.015625 is the probability of any person to win a jackpot

b) Number of people out of 500 people who wins the jackpot could be modelled here as:

Therefore probability that multiple people win is computed here as:

This is the required probability, but the odds are computed here as:

= p / (1- p)
= 0.9966 / (1 - 0.9966)
= 293.12

Therefore 293.12 are the required odds here.

c) Probability of nobody winning is computed here as:

Therefore 0.000380 is the required probability here.

Odds are now computed as:
= 0.000380 / (1 - 0.000380)
= 0.0003801

Therefore 0.0003801 are the required odds here.

orchestra answered 1 year ago

Consider a sample of 50 football games, where 33 of them were won by the home...

Consider a sample of 50 football games, where 33 of them were won by the home team. Use a 0.05 significance level to test the claim that the probability that the home team wins is greater than one-half. Identify the null and alternative hypotheses for this test. Choose the correct answer below. A. Upper H 0 : pequals 0.5Upper H 1 : pless than 0.5 B. Upper H 0 : pequals 0.5Upper H 1 : pgreater than 0.5 C. Upper...

a There is a 50% chance of thunderstorms on Monday, a 50% chance on Tuesday and...

a There is a 50% chance of thunderstorms on Monday, a 50% chance on Tuesday and a 50% chance on Wednesday. Assume these are independent events. What is the probability that there will be thunderstorms on Monday, Tuesday, and Wednesday? Show your work. b) A student says that if P(A) = P(A|B), then A and B must be independent events. Is the student correct? Explain. Give a real life example that can be represented by P(A) = P(A|B). c) Describe the...

The probability of winning a stake is $5. The chance of winning each stake is 50%....

The probability of winning a stake is $5. The chance of winning each stake is 50%. You plan to bet in increments of $5, $10, $20, $40, $80, $160 ($315 in total) for each consecutive loss. For each win, you start back at $5 and continue betting following the incremental bet scheme. This means you would need to win 64 times without losing 7 in a row. What is the probability of this happening?

5. According to a study among 64 overtime football games, 35 of those were won by...

5. According to a study among 64 overtime football games, 35 of those were won by the team who won the coin toss. Use the 0.05 significance level to test the claim that more than 50% of overtime game wins are made by the team who wins the coin toss.

1. A firm's stock has 50% chance of a 13% rate of return and a 50% chance...

1. A firm's stock has 50% chance of a 13% rate of return and a 50% chance of a 20% rate of return. What is the standard deviation of return for this stock? Answer as a percent return to the nearest hundredth of a percent as in xx.xx without entering a percent symbol. 2. A firm's stock has 50% chance of a 35% rate of return. a 30% chance of a 18% rate of return. and a 20% chance of a -24%...

1. The Go Koozies Company sells Koozies at football games. There are 12 games each year....

1. The Go Koozies Company sells Koozies at football games. There are 12 games each year. The Go Koozie Sales team typically sells 1,000 koozies per game at $7 a piece. What is Total Revenue expected for ABC Company. 2. Go Koozies purchases the koozies for $1.50 per Koozie and then pays a company .25 per Koozie to add graphics for each game. What is the Variable Cost? 3. Go Koozie pays $25,000 a year in rent and $12,000 in...

Problem 5 Deflategate (14 pts) In 2014, a controversy erupted in American football known as Deflategate....

Problem 5 Deflategate (14 pts) In 2014, a controversy erupted in American football known as Deflategate. In this controversy, it was alleged that the New England Patriots tampered with their footballs on the day of a championship game by reducing their pressure, so that they would be easier to grip. On that day, the temperature in the locker room was between 67 – 71 OF. On the field, the temperature was 48 OF. a) (4 pts) If the footballs were...

Stock has a 25% chance of producing a 36% return, a 50% chance of producing a...

Stock has a 25% chance of producing a 36% return, a 50% chance of producing a 12% return, and a 25% chance of producing a -18% return. What is the firm's standard deviation? Do not round your intermediate calculations.

8) If most people prefer Sunday daytime football games, how can a football team increase revenue...

8) If most people prefer Sunday daytime football games, how can a football team increase revenue using different pricing strategies for games on other days?

A university is trying to determine what price to charge for tickets to football games. At...

A university is trying to determine what price to charge for tickets to football games. At a price of $21 per ticket, attendance averages 40,000 people per game. Every decrease of $3 adds 10,000 people to the average number. Every person at the game spends an average of $4.50 on concessions. What price per ticket should be charged in order to maximize revenue? How many people will attend at that price? What is the price per ticket? What is the...