Questions
There are 32 families living in the Willbrook Farms Development. Of these families, 16 prepared their...

There are 32 families living in the Willbrook Farms Development. Of these families, 16 prepared their own federal income taxes for last year, 11 had their taxes prepared by a local professional, and the remaining 5 by H&R Block.

a.

What is the probability of selecting a family that prepared their own taxes? (Round your answers to 3 decimal places.)

  Probability
b.

What is the probability of selecting two families, both of which prepared their own taxes? (Round your answers to 3 decimal places.)

  Probability
c.

What is the probability of selecting three families, all of which prepared their own taxes? (Round your answers to 3 decimal places.)

  Probability
d.

What is the probability of selecting two families, neither of which had their taxes prepared by H&R Block? (Round your answers to 3 decimal places.)

  Probability

In: Statistics and Probability

Figure 1 shows the schematic diagram of a mechanical system that consists of two subsystems in...

Figure 1 shows the schematic diagram of a mechanical system that consists of two subsystems in parallel. The first subsystem consists of two components A and B in series, both of which have the same 0.80 probability of working. The second subsystem consists of three components C, D, and E in series, all of which have the same 0.90 probability of working. It is assumed that all components of the system are independent. (a) What is the probability that subsystem A-B works? (5 points) (b) What is the probability that subsystem C-D-E works? (5 points) (c) What is the probability that the whole system works? Hint: Remember that the probability that the system works = 1 – probability that the system doesn’t work. (7 points) (d) What is the probability that A is not working, given that the system works? Hint: Does it matter whether B works or not? (8 points)

In: Statistics and Probability

a. Assuming a low-informative prior probability distribution, find the posterior distribution of left-handed students in the...

a. Assuming a low-informative prior probability distribution, find the posterior distribution of left-handed students in the population. Summarize your results with an estimation of the mean, median, mode, and a 95% credible interval. Plot your posterior probability distribution.
b. According to the literature, 5 to 20% of people are left-handed. Take this information into account in your prior probability and calculate a new posterior probability distribution. Summarize your results with an estimation of the mean, median, mode, and a 95% credible interval. Plot your posterior probability distribution.
b. According to the literature, 5 to 20% of people are left-handed. Take this information into account in your prior probability and calculate a new posterior probability distribution. Summarize your results with an estimation of the mean, median, mode, and a 95% credible interval. Plot your posterior probability distribution.

In: Advanced Math

Conduct your own experiment by rolling a standard die. (a) List the possible outcomes. (Enter your...

Conduct your own experiment by rolling a standard die.

(a) List the possible outcomes. (Enter your answers as a comma-separated list.)



(b) Perform the experiment 36 times. Make a table to record your results.

This answer has not been graded yet.



(c) Find the experimental probability for each outcome.

This answer has not been graded yet.



(d) Find the theoretical probability for each outcome. (Enter your probabilities as fractions.)

probability of rolling a 1    
probability of rolling a 2    
probability of rolling a 3    
probability of rolling a 4    
probability of rolling a 5    
probability of rolling a 6    


(e) Compare the experimental and theoretical probabilities. Are your results the same? Explain.

2. You are given a bag with 8 green marbles, 4 blue marbles, 14 yellow marbles, and 12 red marbles. Find the theoretical probability of each random event. (Enter your probabilities as fractions.)

(a) Drawing a green marble


(b) Drawing a red marble


(c) Drawing a marble that is not yellow

In: Statistics and Probability

1. Amy tosses 12 biased coins. Each coin comes up heads with probability 0.2. What is...

1. Amy tosses 12 biased coins. Each coin comes up heads with probability 0.2. What is the probability that fewer than 3 of the coins come up heads?

Answer: 0.5583

2. Amy shoots 27000 arrows at a target. Each arrow hits the target (independently) with probability 0.2. What is the probability that at most 2 of the first 15 arrows hit the target?

Answer: 0.398

3. Amy tosses 19 biased coins. Each coin comes up heads with probability 0.1. What is the probability that more than 1 of the coins come up heads?

Answer: 0.5797

4. Amy shoots 49000 arrows at a target. Each arrow hits the target (independently) with probability 0.2. What is the probability that fewer than 3 of the first 12 arrows hit the target?

Answer: 0.5583

5. Amy rolls 16 8-sided dice. What is the probability that fewer than 1 of the rolls are 1s?

Answer: 0.1181

In: Statistics and Probability

A building contractor is preparing a bid on a new construction project. Two other contractors will...

A building contractor is preparing a bid on a new construction project. Two other contractors will be submitting bids for the same project. Based on past bidding practices, bids from the other contractors can be described by the following probability distributions:

Contractor Probability Distribution of Bid
A Uniform probability distribution between $500,000 and $700,000
B Normal probability distribution with a mean bid of $600,000 and a standard deviation of $40,000

If required, round your answers to three decimal places.

  1. If the building contractor submits a bid of $650,000, what is the probability that the building contractor will obtain the bid? Use an Excel worksheet to simulate 1,000 trials of the contract bidding process.

    The probability of winning the bid of $650,000 =

  2. The building contractor is also considering bids of 675,000 and $685,000. If the building contractor would like to bid such that the probability of winning the bid is about 0.6, what bid would you recommend? Repeat the simulation process with bids of $675,000 and $685,000 to justify your recommendation.

    The probability of winning the bid of $675,000 =  
    The probability of winning the bid of $685,000 =  

In: Statistics and Probability

For a certain​ candy, 55​% of the pieces are​ yellow, 1515​% are​ red, 55​% are​ blue,...

For a certain​ candy,

55​%

of the pieces are​ yellow,

1515​%

are​ red,

55​%

are​ blue,

2020​%

are​ green, and the rest are brown.

​a) If you pick a piece at​ random, what is the probability that it is​ brown? it is yellow or​ blue? it is not​ green? it is​ striped?

​b) Assume you have an infinite supply of these candy pieces from which to draw. If you pick three pieces in a​ row, what is the probability that they are all​ brown? the third one is the first one that is​ red? none are​ yellow? at least one is​ green?

​a) The probability that it is brown is

nothing.

​(Round to three decimal places as​ needed.)The probability that it is yellow or blue is

nothing.

​(Round to three decimal places as​ needed.)The probability that it is not green is

nothing.

​(Round to three decimal places as​ needed.)The probability that it is striped is

nothing.

​(Round to three decimal places as​ needed.)​b) The probability of picking three brown candies is

nothing.

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

The probability of the third one being the first red one is

nothing.

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

The probability that none are yellow is

nothing.

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

The probability of at least one green candy is

nothing.

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

In: Statistics and Probability

The fill amount of bottles of a soft drink is normally distributed, with a mean of...

The fill amount of bottles of a soft drink is normally distributed, with a mean of 2.0 liters and a standard deviation of 0.04 liter. Suppose you select a random sample of 25 bottles.

a. What is the probability that the sample mean will be between 1.99 and 2.0 liters ?

b. What is the probability that the sample mean will be below 1.98 liters ?

c. What is the probability that the sample mean will be greater than 2.01 liters?

d. The probability is 99 % that the sample mean amount of soft drink will be at least how much?

e. The probability is 99 % that the sample mean amount of soft drink will be between which two values (symmetrically distributed around the mean)?

a. The probability is ____ (Round to three decimal places as needed.)

b.The probability is ____. (Round to three decimal places as needed.)

c. The probability is____. (Round to three decimal places as needed.)

d. There is a 99 % probability that the sample mean amount of soft drink will be at least ____liter(s). (Round to three decimal places as needed.)

e. There is a 99 % probability that the sample mean amount of soft drink will be between ____liter(s) and nothing liter(s). (Round to three decimal places as needed. Use ascending order.)

In: Statistics and Probability

A product is being assembled and packaged on three production lines (line A, line B, and...

A product is being assembled and packaged on three production lines (line A, line B, and line C). Each day, the quality control team selects a production line and inspects a batch chosen at random from the output of the selected production line. Line A is selected with probability .5, line B is selected with probability .2, and line C is selected with probability .3. The probability that no defects will be found in a batch selected from line A is 0.98, and the corresponding probabilities for production lines B and C are 0.96 and 0.94, respectively.

a) What is the probability that the quality control team inspects a batch from line A and finds no defects?

b) What is the probability that the quality control team inspects a batch from line B and finds no defects?

c) What is the probability that the quality control team inspects a batch from line C and finds no defects?

d) What is the probability that no defects are found in any given day?

e) Given that no defects were found in a given day, what is the probability the inspected batch came from line A?

f) Given that no defects were found in a given day, what is the probability the inspected batch came from line B?

g) Given that no defects were found in a given day, what is the probability the inspected batch came from line C?

In: Statistics and Probability

A pension fund manager is considering three mutual funds. The first is a stock fund, the...

A pension fund manager is considering three mutual funds. The first is a stock fund, the second is a long-term government and corporate bond fund, and the third is a T-bill money market fund that yields a rate of 4.6%. The probability distribution of the two risky funds is as follows:

  

Expected Return Standard Deviation
   Stock fund (S) 16%         36%         
   Bond fund (B) 7%        30%        

The correlation between the two fund returns is 0.16.

1A. Compute the proportions of stock fund of the optimal risky portfolio. Assume that short sales of mutual funds are allowed. (Do not round intermediate calculations. Enter your answer as a decimal number rounded to 4 decimal places.

1B. Compute the proportions of bond fund of the optimal risky portfolio. Assume that short sales of mutual funds are allowed. (Do not round intermediate calculations. Enter your answer as a decimal number rounded to 4 decimal places.)

1C. Calculate the expected return of the optimal risky portfolio. Assume that short sales of mutual funds are allowed. (Do not round intermediate calculations. Enter your answer as a decimal number rounded to 4 decimal places.)

1D. Calculate the standard deviation of the optimal risky portfolio. Assume that short sales of mutual funds are allowed. (Do not round intermediate calculations. Enter your answer as a decimal number rounded to 4 decimal places.)

In: Finance