Answer a expected value 10 b 12 41 10 c p2 or 03

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ANSWER: (a) expected value = 1.0 (b) variance = 1(.4) + 0(.3) + 1(.2) + 4(.1) = 1.0 (c) P(2 or more) = 0.2 + 0.1 = 0.3 {moderate, PROBABILITY DISTRIBUTIONS, AACSB: Analytic Skills}
Quantitative Analysis for Management Render 10th Edition Test Bank
Quantitative Analysis for Management Render 10th Edition Test Bank 2.118 Fast Service Store has maintained daily sales records on the various size "Cool Drink" sales. Assuming that past performance is a good indicator of future sales, “Cool Drink” Number Price Sold $0.50 75 $0.75 120 $1.00 125 $1.25 80 Total 400 what is the probability of a customer purchasing a $1.00 "Cool Drink?" what is the probability of a customer purchasing a $1.25 "Cool Drink?" what is the probability of a customer purchasing a "Cool Drink" that costs greater than or equal to $1.00? what is the expected value of a "Cool Drink" ? what is the variance of a "Cool Drink" ? ANSWER: (a) 125/400 = 0.3125 (b) 80/400 = 0.20 (c) 205/400 = 0.5125
(d) .5(.1875) + .75(.3) + 1(.3125) + 1.25(.2) = .88125 (e) 0.064 {hard, PROBABILITY DISTRIBUTIONS, AACSB: Analytic Skills} 2.119 A southwestern tourist city has records indicating that the average daily temperature in the summer is 82 degrees F, which is normally distributed with a standard deviation of 3 degrees F. Based on these records, determine: the probability of a daily temperature between 79 degrees F and 85 degrees F the probability that the daily temperature exceeds 90 degrees F the probability that the daily temperature is below 76 degrees F ANSWER: (a) P(79<X<85) = 0.68268 (b) P(X>90) = 0.00379 (c) P(X<76) = 0.02275 {moderate, THE NORMAL DISTRIBUTION, AACSB: Analytic Skills} 2.120 Using the table for finding the areas under normal curves, find the area under a normal curve with a mean of 200 and a standard deviation of 10 between the values of: 200 to 205 195 to 205 200 to 215 195 to 215 186.5 to 217 ANSWER: (a) 0.19146 (b) 0.38292 (c) 0.43319 (d) 0.62465 (e) 0.86692 {hard, THE NORMAL DISTRIBUTION, AACSB: Analytic Skills}
Quantitative Analysis for Management Render 10th Edition Test Bank
Quantitative Analysis for Management Render 10th Edition Test Bank 2.121 The time required to complete a project is known to be normally distributed with a mean of 44 weeks and a standard deviation of 8 weeks. What is the probability that the project is finished in 40 weeks or fewer? What is the probability that the project is finished in 52 weeks or fewer? There is an 95 percent chance that the project will be finished in fewer than how many weeks? ANSWER: (a) 0.30854 (b) 0.84134 (c) 44 + 1.645(8) = 57.16 {moderate, THE NORMAL DISTRIBUTION, AACSB: Analytic Skills} 2.122 Arrivals in a university advising office during the week of registration are known to follow a Poisson distribution with an average of 4 people arriving each hour. What is the probability that exactly 4 people will arrive in the next hour? What is the probability that exactly 5 people will arrive in the next hour? ANSWER: (a) P(X=4) = 0.1954 (b) P(X=5) = 0.1563 {hard, THE POISSON DISTRIBUTION, AACSB: Analytic Skills} SHORT ANSWER/ESSAY 2.123 Explain why event probabilities range from zero to one. ANSWER: Zero represents no chance of occurrence, while one represents a 100 percent chance of occurrence. Any number between zero and one represents that particular event’s chance of occurrence. Any negative number or number exceeding one has no meaning for an event probability. {moderate, FUNDAMENTAL CONCEPTS, AACSB: Reflective Thinking} 2.124 Using a standard deck of 52 cards, explain why the situation of drawing a 7 and a club is not collectively exhaustive.

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