Week 3 Ind As - Using the following data compute the values...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Using the following data compute the values for the “ x ” values Show your work 1. For the probability distribution in car sales consider the following table and determine the probability distribution for the number of cars sold per day Cars Sold/day (x) Frequency P(x) 0 40 x 1 100 x 2 142 x 3 66 x 4 36 x 5 30 x 6 26 x 7 20 x 8 16 x 9 14 x 10 8 x 11 2 x Total 500 What is the probability of a. Less than 4 cars will be sold? x b. At most 4 cars will be sold? x c. Exactly 4 cars will be sold? x d. More than 4 cars will be sold? x 2. Given the following information about motor vehicles, motor vehicle accidents and cost of repair for last year: # of registered motor vehicles 215,000,000 # of vehicles involved in an accident 21,300,000 Cost of accidents $192,000,000,000 a. What is the probability that a randomly selected vehicle is involved in an accident? x A. 21.3/215 = 0.09907 b. What type of probability does this illustrate (classical, empirical, subjective)? Explain x B. Empirical (based on observation)
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 02/03/2012 for the course ECON 101 taught by Professor 123 during the Spring '97 term at University of Kelaniya.

Page1 / 3

Week 3 Ind As - Using the following data compute the values...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online