Leaks occur in a pipeline at a mean rate of 4 leaks per 1,000
meters. In a 2,500-meter section of pipe,
(a) Using the Poisson approximation to the
binomial, what is the probability of no leaks? (Round your
answer to 6 decimal places.)
Probability
(b) Using the Poisson approximation to the
binomial, what is the probability of three or more leaks?
(Round your answer to 6 decimal places.)
Probability
(c) What is the expected number of leaks?
(Round your answer to 1 decimal place.)
Expected number of leaks
In: Statistics and Probability
Springfield Tech is a large university. They receive thousands of applications every year and accept 18% of their applicants. A random sample of 30 applicants is selected. We are interested in the number of applicants of sample that are accepted.
In: Statistics and Probability
Springfield Tech is a large university. They receive thousands of applications every year and accept 16% of their applicants. A random sample of 30 applicants is selected. We are interested in the number of applicants of sample that are accepted.
In: Statistics and Probability
Big Box Store (BBS) has an annual rate of 4% of all sales being returned. In a recent sample of thirty randomly selected sales the number of returns was five.(Use binomial probability)
What is the probability that a random sample of 30 sales has less than four returns?
What is the probability that the number of returns is not equal to 4 in a random sample of 30 sales?
What is the probability that a random sample of 30 sales has more than three returns?
In: Statistics and Probability
Suppose we are interested in bidding on a piece of land and we know one other bidder is interested. The seller announced that the highest bid in excess of $9,500 will be accepted. Assume that the competitor's bid x is a random variable that is uniformly distributed between $9,500 and $14,600.
a. Suppose you bid $12,000. What is the probability that your bid will be accepted (to 2 decimals)?
b. Suppose you bid $14,000. What is the probability that your bid will be accepted (to 2 decimals)?
c. What amount should you bid to maximize the probability that you get the property (in dollars)?
d. Suppose that you know someone is willing to pay you $16,000 for the property. You are considering bidding the amount shown in part (c) but a friend suggests you bid $12,750. If your objective is to maximize the expected profit, what is your bid? 1. stay with yourbid in part c: it maxmizes your profit 2.bid $12,750 to max your profit
In: Statistics and Probability
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Suppose we are interested in bidding on a piece of land and we know one other bidder is interested. The seller announced that the highest bid in excess of $10,500 will be accepted. Assume that the competitor's bid x is a random variable that is uniformly distributed between $10,500 and $15,300. Suppose you bid $12,000. What is the probability that your bid
will be accepted (to 2 decimals)? Suppose you bid $14,000. What is the probability that your bid
will be accepted (to 2 decimals)? What amount should you bid to maximize the probability that you
get the property (in dollars)? Suppose that you know someone is willing to pay you $16,000 for
the property. You are considering bidding the amount shown in part
(c) but a friend suggests you bid $13,250. If your objective is to
maximize the expected profit, what is your bid? |
In: Statistics and Probability
Suppose we are interested in bidding on a piece of land and we
know one other bidder is interested. The seller announced that the
highest bid in excess of $9,800 will be accepted. Assume that the
competitor's bid x is a random variable that is uniformly
distributed between $9,800 and $15,300.
In: Finance
Suppose we are interested in bidding on a piece of land and we know one other bidder is interested. The seller announced that the highest bid in excess of $10,500 will be accepted. Assume that the competitor's bid x is a random variable that is uniformly distributed between $10,500 and $14,800.
I need the answers in TWO decimal places to not be wrong.
Suppose you bid $12,000.What is the probability that your bid will be accepted (to 2 decimals)? Suppose you bid $14,000. What is the probability that your bid will be accepted (to 2 decimals)? What amount should you bid to maximize the probability that you get the property (in dollars)? Suppose that you know someone is willing to pay you $16,000 for the property. You are considering bidding the amount shown in part (c) but a friend suggests you bid $13,250. If your objective is to maximize the expected profit, what is your bid? What is the expected profit for this bid (in dollars)?
In: Statistics and Probability
Suppose you are interested in bidding on a parcel of land and you know that one other bidder is interested. The seller has announced that the highest bid will be accepted. The other competitor’s bidding price for the land will vary evenly from $72,000 to $85,500.
Let B be the competitor’s bid for the parcel of land. What are the distribution and parameter(s) of B?
What is expected value and standard deviation of the competitor’s bid?
What is the probability that the competitor’s bid will be less than $80,000?
What values mark the middle 50% of the competitor’s bids?
You and the competitor each put in a sealed bid (i.e. you do not know the competitor’s bid and he does not know yours). Suppose that you bid $79,000. What is the probability that your bid will be accepted? (i.e. that yours will be higher than the competitor.)
The competitor has hinted that he will not go higher than $82,750. What is the probability that his actual bid is above $80,200?
In: Math
Suppose we are interested in bidding on a piece of land and we know one other bidder is interested. The seller announced that the highest bid in excess of $10,000 will be accepted. Assume that the competitor's bid x is a random variable that is uniformly distributed between $10,000 and $15,400.
In: Math