FinalReviewNQ (3)

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6. Over the last 100 business days, Harry had 20 customers on 30 of those days, 25 customers on 20 days, 35 customers on 30 days, 40 customers on 10 days, and 45 customers on 10 days. What is the variance of the number of Harry’s customers? A. 30 B. 38 C. 59 D. 75 E. 83 7. What is the probability that exactly 1 out of 10 cars experiences a breakdown if the probability of a breakdown is 30%? 2

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8. An accounts receivable auditor is examining accounts for a client. The accounts receivable balance can be considered as a continuous random variable that exhibits normal distribution characteristics. The mean amount due per account is \$5000. The standard deviation from the mean is \$1000. The auditor selects an account at random. The probability that the account selected by the Auditor has a balance which is outside of the range between \$6500 and \$7000 is: 9. Suppose the length of time (in days) between sales for an automobile salesperson is modeled as an exponential distribution with a mean of 2 days. What is the probability the salesperson goes more than 5 days without a sale? 10. During lunch time, customers arrive at Joe’s Lunch counter according to a Poisson distribution with an average of 2 per 30 second period. What is the probability of having more than two arrivals in a two-minute period? A. .9863 B. .9970 C. .0027 D .7619 E. None of the above 3
Use the following to answer questions 11-12 The new owner of a beauty shop is trying to decide whether to hire one, two, or three beauticians. She estimates that profits next year (in thousands of dollars) will vary with demand for her services and has estimated demand in three categories low, medium and high. NUMBER OF BEAUTICIANS DEMAND LOW MEDIUM HIGH One 50 75 100 Two 0 100 100 Three 100 70 300 11. If she uses the optimistic criterion, how many beauticians will she decide to hire? 12. If she uses the minimax regret criterion, how many beauticians will she decide to hire? 4

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Use the following decision tree to respond to the next 5 questions: 1 2 4 3 6 7 9 8 5 11 1 0 Survey No Survey Survey Shows Low Demand P=.60 Survey Shows High Demand P=.40 Small Store Small Store Large Store Large Store Large Store Small Store Low Demand Low Demand Low Demand Low Demand Low Demand Low Demand High Demand High Demand High Demand High Demand High Demand High Demand 30 50 80 10 50 30 80 10 50 30 10 80 .75 .25 .125 .75 .875 .25 .125 .875 .50 .50 .50 .50 5

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• Spring '12
• Herst
• Regression Analysis, Variance, Limit of a function, Limit of a sequence, Limit superior and limit inferior, Management Scientist output

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