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Chapter16

# Chapter16 - distribution X(Number of cakes sold 1 2 3 4 P(x...

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Statistics & Probability – Chapter 16: Random Variables 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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