320_hw4 - day If there are 20 customers in a given day and...

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Economics 320 Homework 4 Probability Distributions and Discrete Random Variables, including Binomials 1. Find the Probability that X = 2 for each of the following: a. P(x) = (1/33)x 5 x=1,2 b. P(x) = (1/1312)(x 5 +3) x=1,2,3,4 2. For each of the following probability functions find the mean and the variance of the random variable. a. P(x) = (1/33)x 5 x=1,2 b. P(x) = (1/1312)(x 5 +3) x=1,2,3,4 c. P(x) =( 1/266)(x 2 +x 3 ) x=3,4,5 3. A chain of motels has adopted a policy of giving $5 discount to customers that pay in cash rather than by credit cards. Its experience shows that 30% of all customers take the discount. Let X be the number of discount takers in a given
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Unformatted text preview: day. If there are 20 customers in a given day, and if this represents a random sample of all of the motels customers, a. Find P(X=0) b. Find P(X>18) c. Find mean and variance of the amount of discount paid by the firm. 4. It is known that 40 % of Allegheny students come from large metropolitan areas. a. If we choose 10 students at random, what is the probability that 3 of them are from large cities? b. On the average in a sample of 10, how many students are expected to come from large cities? c. What is the variance and how do you interpret this number?...
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This homework help was uploaded on 04/22/2008 for the course ECON 320 taught by Professor Martin during the Spring '08 term at Allegheny.

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