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Stat Test 3Llantas Inc. developed a new tire that is expected to earn $1,000 in profit if customer demand is low, $2,000 if customer demand is moderate, and $5,000 if demand is high. The probabilities of low, moderate, and high demand is 0.2, 0.5, and 0.3 respectively. Determine the expected monetary value (EMV) of the new tire.1) $1,8702) $2,7003) $3,5004) $8,000Question 25 / 5pointsThe local hotel receives 3 reservations per day. What is the probability that the hotel receives 7 reservations next Sunday?Question 35 / 5points75% of college students do exercise in a regular basis. From a sample of 10 college students, what is the probability that 7 students do exercise in a regular basis?Question 45 / 5pointsConsider a Poisson probability distribution with λ = 5.0. What is the probability that x is less than 2?Question 50 / 5pointsConsider a binomial probability distribution with p = .65 and n = 8. What is the probability that x is greater than 5?
1) 0.29352) 0.42793) 0.57214) 0.7065T3-2Question 65 / 5 pointsWhich of the following is nota characteristic of a Poisson experiment?