Chapter16 - distribution: X (Number of cakes sold) 1 2 3 4...

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1. A bowl contains 3 black beads and 2 white beads. We pick two beads (without replacement). Using the following chart, write a probability model for this experiment if the random variable X is defined to be the number of black beads chosen in the sample. Random Variable X Probability P(x) 2. If we play a game where we flip a fair coin and if we get a head, we win $5 and if we get a tail we lose $3, should we play the game? Why or why not? 3. A building contractor pays $250 to bid on a contract. If he gets the contract, the probability of which is 0.2, he will make $10,000 on the job (net). On the other hand, if he does not get the contract, he loses the $250 he paid to bid. Find the contractor’s expected net profit on a bid. Interpret the result. 4. Each day a bakery bakes 4 fancy cakes, costing $8 each and prices them at $25 each. (Any unsold cake is discarded at the end of the day) The demand for cakes on any given day has the following probability
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Unformatted text preview: distribution: X (Number of cakes sold) 1 2 3 4 P(x) 0.1 0.2 0.5 0.1 0.1 a. If the bakery sells 2 cakes, find the profit. b. Find the profits for each number of cakes sold. c. Find the expected profits for the bakery on their fancy cakes. 5. In a raffle the prizes include one first prize of $3,000, five second prizes of $1,000 each and twenty third prizes of $100 each. In all, 10,000 tickets are sold at $1.50 each. What are the expected net winnings of a person who buys one ticket? What does this mean? 6. The distribution given below describes the amount of time (in hours) spent during a day on homework by 9-year-olds during the year 1987-1988. Amount of time spent (in hours) none 0.5 1.5 2.5 Percent of Students 33 47 13 7 a. Find the expected amount of time spent by a 9-year-old during a day in 1987-88. b. Find the standard deviation of the amount of time spent....
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This note was uploaded on 04/12/2011 for the course STA 215 taught by Professor Tba during the Spring '08 term at Grand Valley State University.

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