This preview shows page 1. Sign up to view the full content.
Unformatted text preview: he is not allowed to return unsold papers. He has 20 customers and each customer buys his paper with probability 1/3. Suppose the newsboy buys 20 papers every day. What is the probability that he makes a proﬁt at least 6 days in a given week? *Bonus* Suppose the newsboy buys m papers every day. What value of m makes maximizes his daily expected proﬁt? 5. A father buys lottery tickets to get a doll for his daughter. Assuming that each lottery ticket wins a doll with probability 1/100, approximate the number of tickets the father needs to buy in order to have a 95% chance of winning at least 1 doll. *Bonus* Another father does the same to get a doll for each one of his three daughters. Approximate the number of tickets the father needs to buy in order to have a 95% chance of winning at least 3 dolls....
View Full Document
This note was uploaded on 02/03/2008 for the course MATH MATH 180A taught by Professor Castro during the Spring '08 term at UCSD.
- Spring '08