Question

In: Statistics and Probability

1.According to the Port Authority of New York and New Jersey, 81.9% of New Jersey Transit...

1.According to the Port Authority of New York and New Jersey, 81.9% of New Jersey Transit trains ran  on time during 2018.  Assume that this percentage still holds true.  Using the normal approximation to the binomial distribution, determine the probability that the next 30 trains

a.   a. Fewer than 22 trains will run on time

b.   b.Exactly 26 trains will run on time

c.       c. 21,22,23, or 24 will run on time.

2. Consider that the hits on the Amazon website follow  the exponential distribution with a mean time of 2.7 minutes.

a.       a. What is the probability that the next hit on Amazon will occur in the next 5 minutes.

b.      b. What is the probability that the next hit will be between the next 2 to 6 minutes?

c.       c. What is the probability that the next hit will occur after the next 3 minutes?

3. Whole Foods has 18 two-liter bottles of a new Probiotic drink on the shelf, 4 of which had exceeded the shelf-life date.  You randomly select 3 bottles of the new drink without checking the expiration date.  Determine the probability that:

a.       a. None of the bottles have exceeded the expiration date.

b.      b. At least two bottles had exceeded the expiration date.

c.       c. Calculate the mean and standard deviation of this distribution.

Solutions

Expert Solution

1:

(a)

Using continuity correction factor the probability that fewer than 22 trains will run on time is

P(X< 22) = P(X < 22-0.5) = P(X < 21.5)

(b)

Using continuity correction factor the probability that exactly 26 trains will run on time is

P(X = 26) = P(26 -0.5 < X < 26+0.5) = P(25.5 < X < 26.5)

(c)

Using continuity correction factor the probability that 21,22,23, or 24 will run on time is

P(21 <= X <= 24) = P(21 -0.5 < X < 24+0.5) = P(20.5 < X < 24.5)


Related Solutions

The Port Authorities of New York and New Jersey estimate that the annual net revenues for...
The Port Authorities of New York and New Jersey estimate that the annual net revenues for the George Washington Bridge (GWB) will total $13M by the end of this year (t=1). At the end of three years (t=4) you expect a toll increase of 10%. Revenues will then remain constant for the next 6 years (year 4 through 10). Because the GWB is such an important artery for the New York City area, the Port Authorities would like to reinvest...
7. In a study of the New York Transit Authority, Steven discovers that subway ridership elasticity...
7. In a study of the New York Transit Authority, Steven discovers that subway ridership elasticity with respect to subway fares is 0.15 while the cross elasticity of demand for subways with respect to bus fares is 0.6. A. On basis of the information given above, would a reduction in fares increase or decrease the Transit Authority’s revenues? B. Are buses and subways substitutes or complements in New York? Briefly explain. C. If subway fares are expected to rise by...
The transit authority wants to increase its bus services. The transit authority would purchase 300 new...
The transit authority wants to increase its bus services. The transit authority would purchase 300 new energy-efficient buses. They would replace the 150 buses now in operation, doubling the size of the transit system. At a unit cost of $800,000 for each bus, the total expenditure would be $240 million. The projected salvage value of the old buses is $20,000 per bus, leaving $237 million to be financed by the transit authority. . The transit authority would purchase the buses,...
A bond issued for the purpose of building a tunnel between New Jersey and New York...
A bond issued for the purpose of building a tunnel between New Jersey and New York in which tolls are expected to pay the coupon and principal payments to the bondholders is most likely characterized as a(n): a. General obligation bond b. Treasury bond c. Industrial development bond d. Revenue bond The most likely reason an organization would issue commercial paper is to: a. Finance a budget deficit b. Manage working capital c. Invest in long-term projects d. Refinance a...
X Corporation exchanged a warehouse located in New York for a warehouse located in New Jersey....
X Corporation exchanged a warehouse located in New York for a warehouse located in New Jersey. The adjusted basis of the New York warehouse was $30,000. The fair market value of the New Jersey warehouse just prior to the exchange was $25,000. In addition to the warehouse, X Corporation also received $8,000 in cash. 54.     The amount realized by X Corporation is: a. $8,000 b. $33,000 c. $25,000 d. Zero e. None of the above The gain realized by X...
Is the crime rate in New York different from the crime rate in New Jersey? Independent...
Is the crime rate in New York different from the crime rate in New Jersey? Independent random samples from region A (cities in New York) and region B (cities in New Jersey) gave the following information about violent crime rate (number of violent crimes per 100,000 population). (Reference: U.S. Department of Justice, Federal Bureau of Investigation.) Region A 618 521 544 545 501 405 556 539 606 536 426 Region B 523 479 378 442 500 403 497 452 394...
In 2009, New York First National Bank acquired New Jersey National Bank. In an exchange, New...
In 2009, New York First National Bank acquired New Jersey National Bank. In an exchange, New York First National Bank issued three series of preferred stock for New Jersey National Bank's net assets. Series Senior A (the most senior series), was given to four of New Jersey National Bank's creditors so that the debt could then be retired. The four preferred shareholders are listed as follows: two regional banks, one money center bank, and a non-financial corporation. Senior Series A...
Hurricane Sandy.  Both New Jersey and New York continue to identify and prosecute contractors that have...
Hurricane Sandy.  Both New Jersey and New York continue to identify and prosecute contractors that have taken advantage of victims of this storm.  What types of services did victims of Sandy buy?  Who can be a contractor?  Who regulates these contractors?  Why is it so easy for someone to become a victim?  What protections are there for these victims? Please describe the frauds that have occured.  How were they perpetuated and why is it so easy to commit these frauds.
Why are liquor licenses vastly more expensive in New Jersey as opposed to New York City?...
Why are liquor licenses vastly more expensive in New Jersey as opposed to New York City? why are taxi licences vastly more expensive in New York than New Jersey? how has services such as Uber and Lyft affected the cost of taxi licences?
Henderson is on a business trip in New Jersey. He drove his car from New York...
Henderson is on a business trip in New Jersey. He drove his car from New York to New Jersey and checks into the Hotel Ritz. The Ritz has a guarded underground parking lot. Henderson gives his keys to the parking attendant, but did not tell him that his wife’s expensive ($15,000) fur coat was in the car. The coat was packed in a box in the trunk of the car. When Henderson went to check out the next day, he...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT