For exercises 21-23, construct a probability distribution and compute the mean and standard deviation for only...

For exercises 21-23, construct a probability distribution and compute the mean and standard deviation for only 21 and 23.

21 Kathryn and John would like to rent a car for a day at the airport. There is a 0.30 probability that they will rent a truck at $20per day, a 0.27 probability that they will rent a SUV at $18 per day, and a 0.28 probability that they will rent a sport car at $35 per day, and a 0.15 probability that they will rent minivan at $24 per day. Let X be random variable be defined as renting cost.

22 A car dealer bought a used car at $2,800. He estimates that he can sell the car for $3,500, $3,700, or $3,900, with probabilities .24, .40, and .36, respectively. Let X be a random variable defined as profit obtained by selling a car.

23 The probabilities that a customer selects 1, 2, 3, 4, or 5 items at a convenience store are 0.32, 0.12, 0.23, 0.18, and 0.15, respectively

Solutions

Expert Solution

orchestra answered 1 year ago

Next > < Previous

Related Solutions

Calculate (by hand) the mean and standard deviation for the binomial distribution with the probability of...

Calculate (by hand) the mean and standard deviation for the binomial distribution with the probability of a success being 0.50 and n = 10. Either show work or explain how your answer was calculated. Use these formulas to do the hand calculations: Mean = np, Standard Deviation = Comparison: Calculate (by hand) the mean and standard deviation for the binomial distribution with the probability of a success being 0.10 and n = 10. Write a comparison of these statistics to those...

Suppose x has a distribution with a mean of 40 and a standard deviation of 21....

Suppose x has a distribution with a mean of 40 and a standard deviation of 21. Random samples of size n = 36 are drawn. (a) Describe the x distribution and compute the mean and standard deviation of the distribution. x has distribution with mean μx = and standard deviation σx = . (b) Find the z value corresponding to x = 47. z = (c) Find P(x < 47). (Round your answer to four decimal places.) P(x < 47)...

Suppose x has a distribution with a mean of 60 and a standard deviation of 21....

Suppose x has a distribution with a mean of 60 and a standard deviation of 21. Random samples of size n = 36 are drawn. (a) Describe the x bar distribution. Compute the mean and standard deviation of the distribution. (For each answer, enter a number.) (b) Find the z value corresponding to x bar = 53. (c) Find P(x bar < 53). (Enter a number. Round your answer to four decimal places.) (d) Would it be unusual for a...

A normal distribution has a mean of 21 and a standard deviation of 3.2. What is...

A normal distribution has a mean of 21 and a standard deviation of 3.2. What is the Z-score for a sample with a value of 23? (calculate to 1 decimal) The mean weight of your sample of 100 doves is 6.59 grams, with a standard deviation of 1.1. You look at one sample and its weight is 6.08 grams. What is the Z-score for this sampled dove? Please carry your answer to three decimal places.

. A normal distribution has mean = 127 and standard deviation = 21 . Give limits,...

. A normal distribution has mean = 127 and standard deviation = 21 . Give limits, symmetric ? ? about the mean, within which 95% of the population will lie: a. Individual observations. b. Means of 4 observations. c. Means of 16 observations. d. Means of 100.

The mean of a normal probability distribution is 460; the standard deviation is 6. a. About...

The mean of a normal probability distribution is 460; the standard deviation is 6. a. About 68% of the observations lie between what two values? Lower Value Upper Value b. About 95% of the observations lie between what two values? Lower Value Upper Value c. Nearly all of the observations lie between what two values? Lower Value Upper Value

In a normal distribution with mean = 27 and standard deviation = 4 Find the probability...

In a normal distribution with mean = 27 and standard deviation = 4 Find the probability for a.) 23 < x < 31 b.) 27<x<35 c.) 25 < x < 30 d.) x>26 e.) x < 24

The mean of a normal probability distribution is 410; the standard deviation is 105. a. μ...

The mean of a normal probability distribution is 410; the standard deviation is 105. a. μ ± 1σ of the observations lie between what two values? Lower Value Upper Value b. μ ± 2σ of the observations lie between what two values? Lower Value Upper Value c. μ ± 3σ of the observations lie between what two values? Lower Value Upper Value

1. Following a normal probability distribution with a mean of 200 and a standard deviation of...

1. Following a normal probability distribution with a mean of 200 and a standard deviation of 10, 95 percent of the population will be between: 200 and 220 180 and 220 180 and 200 less than 180 3. A family of four spends an average of $1000 per month with a standard deviation of $50. This spending follows a normal continuous distribution. What is the probability that a family will spend more than $1050 in a month? (answer to 3 decimal places) 5....

The mean of a normal probability distribution is 380; the standard deviation is 10. About 68%...

The mean of a normal probability distribution is 380; the standard deviation is 10. About 68% of the observations lie between what two values? About 95% of the observations lie between what two values? Practically all of the observations lie between what two values?

Subjects