stats study guide for exam ch 6,7,8.docx

stats study guide for exam ch 6,7,8 - A real estate...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
A real estate agent has 11 properties that she shows. She feels that there is a 50% chance of selling any one property during a week. The chance of selling any one property is independent of selling another property. Compute the probability of selling at least 5 properties in one week. Round your answer to four decimal places. *USE BINOMIAL CH6, ENTER 0,1,2,3,4 TO GET VALUES IN X=Answer: 0.7256 P (X GREATER OR equal To 5) = 1 – P ( X < 5 ) *CHANGE TO LESS THAN = 1 – [P(X=0) + P(X=1) +…+P(X=4)] = 1 – [0.000488 + 0.005371 + 0.026855 + 0.080566 + 0.161133] *ADD TOGETER = 1 - 0.2744 *SUBTRACT 1 FROM TOTAL = 0.7256 If you draw two spades on two consecutive draws without replacement from a standard deck of cards you win $19. Otherwise you pay me $4. STEP 1. TOTAL OF 13 SPADES IN THE DECK, 52 CARDS = 13/52 STEP 2. P(DRAWING A SPADE ON THE SECOND SELECITON “GIVEN” A SPADE WAS DRAWN ON THE FIRST SECTION) AFTER THE SPADE IS DRAWN ONLY 12 REMAIN SPADES, 51 TOTAL CARDS 12/51 STEP 3. P(WINNING)=13/52 * 12/52 = 1/17 P(LOSING)= 1-P(WINNING) = 1-1/17=16/17 PAYOFF PROBABILITY WIN $19 1/17 LOSE -$4 16/17 = [ ( 19 ) * ( 1/17 ) ] + [ ( -4 ) * ( 16/17 ) ] = 1.117647 + (-3.764706) = -2.647059 If you draw two clubs on two consecutive draws without replacement from a standard deck of cards you win $583. Otherwise you pay me $35. Step 1 of 2: Find the expected value of the proposition. Round your answer to two decimal places. Losses must be expressed as negative values. Step 2 of 2: If you played this game 632 times how much would you expect to win or lose? Round your answer to two decimal places. Losses must be entered as negative. You are asked to find the how much you would expect to win or lose after playing the following game 839 times: If you draw two spades on two consecutive draws without replacement from a standard deck of cards you win $19. Otherwise you pay me $4. TOTAL WINNINGS/LOSSES FOR 839 PLAYS = EXPECTED PAYOFF * NUMBER OF PLAYS = -$2.65 * 839 = -$2223.35 Assume the random variable X has a binomial distribution with the given probability of obtaining a success. Find the following probability, given the number of trials and the probability of obtaining a success. Round your answer to four decimal places. P(X>1), N=3, P=0.6 ANSWER: 0.6480 *USE BINOMIAL DIST. PROB X=__ TO CALCULATE EACH VALUE 1 – [0.064 + 0.288] = 0.6480 ADD THEN SUBTRACT FROM 1 A researcher wishes to conduct a study of the color preferences of new car buyers. Suppose that 30% of this population
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern