HW5S11 - AEM 2100 Spring 2011 Homework 5 Name: _ Section:_...

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Name: _________________ Spring 2011 Section:_________________ Homework 5 This homework is not to be handed in. The answer key will be posted on the AEM 2100 Web page. 1.) Let X denote the response of a randomly selected person to the question, “What is the ideal number of children for a family to have?” The probability distribution of X in the United States is approximately as shown in the table, according to the gender of the person asked the question. Ideal Number of Children P(x) Females P(y) Males 0 0.00 0.04 1 0.03 0.03 2 0.63 0.57 3 0.23 0.23 4 0.11 0.13 a.) Calculate the mean ideal number of children for both the females and the males. b.) Which probability distribution would expect to have a larger standard deviation? Why? c.) Calculate the standard deviations for the distributions of the ideal number of children for both the females and the males. Do females hold slightly more consistent views than males about the ideal family size? Why or why not? 2.) The Gewing Construction Company is bidding on two contracts, one in New York and one in Boston. The probability is .6 of winning the New York contract and .3 of winning the Boston contract. Suppose the contracts are independent of one another. If Gewing gets the New York contract, the gain will be $20,000; if they do not get the contract, the loss will be $4,000 in costs for preparing the bids. If Gewing gets the Boston contract, the gain will be $54,000; if they do not get the Boston contract, the loss will be $9,000 in costs. Let X denote the net profit for the Gewing Construction Company after making the two bids. a.)
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HW5S11 - AEM 2100 Spring 2011 Homework 5 Name: _ Section:_...

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