Explain why we can specify the probability of making a type 1 error, given that the null hypothesis is true, but we cannot specify the probability of making a type 2 error, given that the alternative hypothesis is true.
In: Statistics and Probability
A baseball player has a lifetime batting average of 0.168. If, in a season, this player has 460 "at bats", what is the probability he gets 101 or more hits?
Probability of 101 or more hits =
Answer is not .0015 or .0019.
In: Statistics and Probability
1. Consider rolling five dice. What is the probability of getting three ones (to 8 decimal places)?
2. Consider rolling five dice a single time each. What is the probability of rolling six ones?
In: Statistics and Probability
A patient is tested for cancer. This type of cancer occurs in 5% of the population. The patient has undergone testing that is 90% accurate and the results came back positive. What is the probability that the patient actually has cancer? (Conditional probability)
In: Statistics and Probability
Four classifications of corporate mergers are (1) horizontal, (2) vertical, (3) conglomerate and (4) congeneric. Explain its meaning in the context of a merger analysis in relation to the
(a) probability of a government intervention
(b) probability of operating synergistically
In: Finance
Let X~Bin(100,0.5).
Show all workings in details
a) Find the probability that X is a perfect square.
b) Find the probability that X is a greater than 60.
c) Find the expected value and variance of X.
In: Math
Neighborhood Insurance sells fire insurance policies to local
homeowners. The premium is $110, the probability of a fire is 0.1%,
and in the event of a fire, the insured damages (the payout on the
policy) will be $100,000.
a. Make a table of the two possible payouts on
each policy with the probability of each.
| Outcome A: No Fire | Outcome B: Fire! |
| Payout |
c. Now suppose your company issues two policies. The risk of fire is independent across the two policies. Make a table of the three possible payouts along with their associated probabilities. (Round your "Probability" answers to 4 decimal places.)
| Outcome: No Fire | Outcome: One Fire | Outcome: Two Fires | ||||
| Payout | ||||||
| Probability | % | % | 0.0001 | % |
d. What are the expected value, variance and
standard deviation of your profit?
In: Finance
In a certain state, about 70% of drivers who are arrested for driving while intoxicated (DWI) are convicted.
a. If 12 independently selected drivers were arrested for DWI, how many of them would you expect to be convicted? Choose the correct answer below.
A. 6
B. 9
C. 7
D. 8
Your answer is correct. b.
What is the probability that exactly 8 out of 12 independently selected drivers are convicted?
The probability that exactly 8 out of 12 12 drivers are convicted is . 231.
(Type an integer or decimal rounded to three decimal places as needed.)
c. What is the probability that 8 or fewer are convicted?
The probability that 8 or fewer drivers are convicted is ________.
(Type an integer or decimal rounded to three decimal places as needed.)
In: Statistics and Probability
7. The Sorry State Lottery requires you to select five different
numbers from 0 through 69. (Order is not important.) You are a Big
Winner if the five numbers you select agree with those in the
drawing, and you are a Small-Fry Winner if four of your five
numbers agree with those in the drawing. (Enter your answers as
exact answers.)
What is the probability of being a Big Winner?
What is the probability of being a Small-Fry Winner?
What is the probability that you are either a Big Winner or a
Small-Fry Winner?
8. In a New York State daily lottery game, a sequence of two digits (not necessarily different) in the range 0-9 are selected at random. Find the probability that all two are different.
In: Math
According to the International Data Corporation, HP is the leading company in the United States in PC sales with about 26% of the market share. Suppose a business researcher randomly selects 130 recent purchasers of PCs in the United States. (Round the value of ? to 2 decimal places. Round the values of z to 2 decimal places. Round your answers to 4 decimal places.)
(a) What is the probability that more than 37 PC purchasers bought an HP computer?
(b) What is the probability that between 27 and 37 PC purchasers (inclusive) bought an HP computer?
(c) What is the probability that fewer than 22 PC purchasers bought an HP computer?
(d) What is the probability that exactly 29 PC purchasers bought an HP computer?
In: Statistics and Probability