Question

In: Statistics and Probability

A salesman normally makes a sale​ (closes) on 75​% of his presentations. Assuming the presentations are​...

A salesman normally makes a sale​ (closes) on 75​% of his presentations. Assuming the presentations are​ independent, find the probability of each of the following.

​a) He fails to close for the first time on his fifth attempt.

​b) He closes his first presentation on his fourth attempt.

​c) The first presentation he closes will be on his second attempt.

​d) The first presentation he closes will be on one of his first three attempts.

A manufacturer of game controllers is concerned that its controller may be difficult for​ left-handed users. They set out to find lefties to test. About 13​% of the population is​ left-handed. If they select a sample of 6 customers at random in their​ stores, what is the probability of each of the outcomes described in parts a through f​ below?

a) The first lefty is the fourth person chosen.

The probability is _____________

​(Round to four decimal places as​ needed.)

The probability model below describes the number of repair calls that an appliance repair shop may receive during an hour. Complete parts a and b below.

Repair Calls 1 2 3 4

Probability .1 .4 .3 .2

​b) What is the standard​ deviation?

The standard deviation is ____________

​(Round to two decimal places as​ needed.)

Solutions

Expert Solution

The probability that the salesman closes on any given presentation is p=0.75

The probability that the salesman does not close on any given presentation is 1-p=1-0.75=0.25

a) The probability that he fails to close for the first time on his fifth attempt is same as the probability that he closes on his first 4 attempts and fails on his 5th attempt.

ans: The probability that he fails to close for the first time on his fifth attempt is 0.0791

b) The probability that he closes his first presentation on his fourth attempt is same as he fails on his first 3 attempts and closes on the 4th

ans: The probability that he closes his first presentation on his fourth attempt is 0.0117

c) The probability that the first presentation he closes will be on his second attempt is

ans: The probability that the first presentation he closes will be on his second attempt is 0.1875

d) The probability that the first presentation he closes will be on one of his first three attempts is same as the probability that he closes at least 1 presentation on his first 3 attempts.

ans: he probability that the first presentation he closes will be on one of his first three attempts is 0.9844

The probability that a randomly selected customer is left handed is 0.13

The probability that a randomly selected customer is right handed is 1-0.13=0.87

The probability that the first lefty is the fourth person chosen is same as the probability that first 3 chosen are right handed and the 4th customer is a lefty

ans: The probability that the first lefty is the fourth person chosen is 0.0856

Let X= the number of repair calls that an appliance repair shop may receive during an hour

The distribution of X is

Repair Calls (x) Probability P(x)
1 0.1
2 0.4
3 0.3
4 0.2

The expected value of X is

The expected value of is

The variance of X is

The standard deviation of X is

ans: the standard deviation is 0.92


Related Solutions

Life insurance salesman meets his prospective customers separately. At each meeting, he makes the same effort...
Life insurance salesman meets his prospective customers separately. At each meeting, he makes the same effort to persuade the prospective client to be insured. The vendor's understanding after a long term in the insurance business is that the probability of persuading the customer to be insured (probability of success) is 0,1. What is the probability in 4 trials to insure one of them?
Life insurance salesman meets his prospective customers separately. At each meeting, he makes the same effort...
Life insurance salesman meets his prospective customers separately. At each meeting, he makes the same effort to persuade the prospective client to be insured. The vendor's understanding after a long term in the insurance business is that the probability of persuading the customer to be insured (probability of success) is 0,1. What is the probability in 4 trials to insure one of them?
A salesman has an 80% chance of making a sale on each call. If 3 calls...
A salesman has an 80% chance of making a sale on each call. If 3 calls are made, let X=total number of sales and Y=total profit from the sales were the profit Y is calculated as follows: Any Sales on the first two calls yield a profit of $100 each. By the time the third call is made, the original product has been replaced by a new product whose sale yields a profit of $200. Thus, for example, the sequence...
1) A door-to-door salesman expects to make a sale 26% of the time when starting the...
1) A door-to-door salesman expects to make a sale 26% of the time when starting the day. But making a sale increases his enthusiasm so much that the probability of a sale to the next customer is 0.36. If he makes no sale, the probability for a sale to the next customer stays at 0.26. What is the probability that he will make at least two sales with his first three visits? 2)Two machines turn out all the products in...
1. Rob took the afternoon off from his job as a tire salesman to mow his...
1. Rob took the afternoon off from his job as a tire salesman to mow his lawn. Rob told his wife that this made sense because he would be saving the $50 he would have to pay a lawn service, noting that this would be the opportunity cost to the family. Rob’s wife disagreed. What did Rob’s wife say?    a.   That Rob just wanted to take the afternoon off.    b.   The opportunity cost would be Rob’s lost income...
Raziq uses accrual basis accounting to record his business expenses and revenues. He closes his accounts...
Raziq uses accrual basis accounting to record his business expenses and revenues. He closes his accounts on 31 December every year. Which of the following explains the accrual basis accounting? * a.All business expenses are recorded when cash has been spent. b.The pay period for hourly employees ends on 27 December, but the employees continue to earn wages through December 31, which are paid to them on 5th January 2020. The business should not record the wages within the year...
Gary, a middle aged salesman, complains of a burning pain in the pit of his stomach,...
Gary, a middle aged salesman, complains of a burning pain in the pit of his stomach, usually beginning about two hours after eating and abating after drinking a glass of milk. When asked to indicate the site, he points to the epigastric region. the GI tract is examined by x-ray. A gastric ulcer is visualized and drug therapy using an antibiotic-bismuth approach is recommended. a) why is this treatment suggested b) what are possible consequences of non-treatment?
A shoe salesman wants to see if his female customers have a preference in the color...
A shoe salesman wants to see if his female customers have a preference in the color of shoe purchased. He notes the color preferences of 100 randomly selected customers. The results: Black=32, Brown=27, Red=15, Navy =13 White =13
our firm (an Australian firm) makes a sale to a Japanese customer. The sale price is...
our firm (an Australian firm) makes a sale to a Japanese customer. The sale price is 200 million Japanese Yen payable in exactly three months from today. The current exchange rate is AUD/JPY = 90 (i.e., 1 Australian Dollar (AUD) is worth 90 Japanese Yen (JPY)). The current interest rates in Australia and Japan are 3% p.a. and 0.5% p.a., respectively. Given this information, please answer the following questions. Please label your answers according to parts. (a) Given that Australian...
When the Fed makes an open market sale of government securities, or sale of treasuries (TBs,...
When the Fed makes an open market sale of government securities, or sale of treasuries (TBs, TNs,…), M2 shall: Group of answer choices a. Decrease b. Remain unchanged c. None of the above d. Increase e. All of the above
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT