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PROBLEM SET-3 Discrete Probability - STATISTICS FOR SOCIAL...

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STATISTICS FOR SOCIAL SCIENCES BUS 152 ___________________________________________________________________________ PROBLEM SET - 3 SOME BASIC DISCRETE PROBABILITY DISTRIBUTIONS Problem 1 (5.1) Given the following probability distribution: Distribution A Distribution B X P(X) X P(X) 0 0.50 0 0.05 1 0.20 1 0.10 2 0.15 2 0.15 3 0.10 3 0.20 4 0.05 4 0.50 a. Compute the expected value for each distribution. b. Compute the standard deviation for each distribution. c. Compare and contrast the results of distributions A and B . Problem 2 (5.3) Using the company records for the past 500 working days, the manager of Konig Motors, a suburban automobile dealership, has summarized the number of cars sold per day into the following table: Number of Cars Sold per Day Frequency of Occurrence 0 40 1 100 2 142 3 66 4 36 5 30 6 26 7 20 8 16 9 14 10 8 11 2 Total 500 a. Form the probability distribution for the number of cars sold per day? b. Compute the mean or expected number of cars sold per day? c. Compute the standard deviation?
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Problem 3 Using the local branch office records of a bank for the past 2 years (520 weeks), the manager of the bank has summarized the number of mortgages approved per week into the following table. Approved Home Mortgages per Week Frequency of Occurrence 0 52 1 104 2 208 3 78 4 52 5 26 Total 520 a. Form the probability distribution for the number of approved mortgages per week? b. Compute the mean or expected number of approved mortgages per week? c. Compute the standard deviation?
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