21. When describing a graphical display, if the shape is approximately symmetric, you should use _________ as a measure of center and _______ as a measure of spread.If the shape is skewed, you should use _______ as a measure of center and ________ as a measure of spread.22. Mathematically speaking, casinos and life insurance companies make a profit because: (A) Of their understanding of sampling error and source of bias.(B) Of their use of well-designed, well-conducted surveys and experiments.(C) Of their use of simulation of probability distributions.(D) Of the law of large numbers.
23. A club sells raffle tickets and there are 10 prizes at $25 and one prize of $100. If 200 tickets are sold, what do you expectto win if you bought one ticket? If the ticket cost $5, do you expect to lose or gain? Explain24. The probability model below describes the number of repair calls than an appliance repair shop may receive during anhour. Repair Calls 0 1 Probability 0.1 0.3 0.4 (a) How many calls should the shop expect per hour? (b) What is the standard deviation?(c)Find the mean and standard deviation of the number of repair calls the appliance shop should expect during an 8 - hour day.25. Insurance companies compute expected values so that they can set their rates at profitable but competitive levels. A 64-year old man obtains a $10,000 one year life insurance policy at a cost of $600. Based on past mortality experience, the insurance company estimates that there is a 0.963 chance that this man will live for at least one year. How much can the insurance company expect to earn on this policy?26. A car owner cannot decide whether to take out a $250 deductible which will cost him $90 per year. Records show that for his community the average cost of repair is $900. Records also show that 10% of the drivers have an accident during the year.(a) Find the expected cost of the car owner if he buys the policy.(b) Find the expected cost of the car owner if he does not buy the policy.(c) Assuming the car owner would not be financially handicapped if he were to pay out the $900 or more for repairs would you suggest that he buy the policy?27. A company has 11 mathematicians on its staff, of which 3 are women. The president of the company is concerned about the number of women mathematicians. The president learns that about 30% of the mathematicians in the U.S. are women, and asks you to investigate whether or not the number of women mathematicians in the company is consistent with the national pool. The president knows very little about statistics. You decide the answer the president’s question with a simulation using the Nspire. (a) Write your assumptions(b) Describe how you will use the Nspire to model this situation and describe how you will find one trial for this simulation(c) Using the table Nspire, write your results from finding three trials. (d) Using the calculator find the results of 20 more trials. Construct a probability distribution for this situation. (e) Using your results what is the probability that no more than 3 of the 11 mathematicians would be women? 2 3 0.2 Unit I: Chapters 1 - 5
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- Fall '19