Exam 5: Discrete Probability Distributions

TABLE 5-8 Two different designs on a new line of winter jackets for the coming winter are available for your manufacturing plants.Your profit (in thousands of dollars)will depend on the taste of the consumers when winter arrives.The probability of the three possible different tastes of the consumers and the corresponding profits are presented in the following table. -Referring to Table 5-8,what is the variance of your profit when Design B is chosen?

A professor receives,on average,24.7 e-mails from students the day before the midterm exam.To compute the probability of receiving at least 10 e-mails on such a day,he will use what type of probability distribution?

TABLE 5-9 A major hotel chain keeps a record of the number of mishandled bags per 1,000 customers.In a recent year,the hotel chain had 4.06 mishandled bags per 1,000 customers.Assume that the number of mishandled bags has a Poisson distribution. -Referring to Table 5-9,what is the probability that in the next 1,000 customers,the hotel chain will have more than ten mishandled bags?

TABLE 5-10 An accounting firm in a college town usually recruits employees from two of the universities in town.This year,there are fifteen graduates from University A and five from University B and the firm decides to hire six new employees from the two universities. -Referring to Table 5-10,what is the probability that no more than four of the new employees will be from University A?

True or False: The diameters of 10 randomly selected bolts have a binomial distribution.

TABLE 5-8 Two different designs on a new line of winter jackets for the coming winter are available for your manufacturing plants.Your profit (in thousands of dollars)will depend on the taste of the consumers when winter arrives.The probability of the three possible different tastes of the consumers and the corresponding profits are presented in the following table. -Referring to Table 5-8,what is the total variance of the profit if you increase the shift of your production lines and choose to produce both designs?

TABLE 5-11 Subscribers to Investment Advice White Letters perform security transactions at the rate of five trades per month.Assume that one of the subscribers performs transactions at this rate and the probability of a transaction for any two months is the same and the number of transactions in one month is independent of the number of transactions in another month. -Referring to Table 5-11,what is the variance of the number of transactions per month for this subscriber?

A national trend predicts that women will account for half of all business travelers in the next 3 years.To attract these women business travelers,hotels are providing more amenities that women particularly like.A recent survey of American hotels found that 70% offer hairdryers in the bathrooms.Consider a random and independent sample of 20 hotels.Find the probability that at least 9 of the hotels in the sample do not offer hairdryers in the bathrooms.

TABLE 5-3 The following table contains the probability distribution for X = the number of retransmissions necessary to successfully transmit a 1024K data package through a double satellite media. -In a game called Taxation and Evasion,a player rolls a pair of dice.If on any turn the sum is 7,11,or 12,the player gets audited.Otherwise,she avoids taxes.Suppose a player takes 5 turns at rolling the dice.The probability that she gets audited once is ________.

True or False: The number of customers arriving at a department store in a 5-minute period has a binomial distribution.

TABLE 5-8 Two different designs on a new line of winter jackets for the coming winter are available for your manufacturing plants.Your profit (in thousands of dollars)will depend on the taste of the consumers when winter arrives.The probability of the three possible different tastes of the consumers and the corresponding profits are presented in the following table. -Referring to Table 5-8,if you decide to choose Design A for 10% of the production lines and Design B for the remaining production lines,what is the coefficient of variation of your investment?

The probability of a small business declaring bankruptcy was believed to be the same in any month.Also the number of small businesses that declared bankruptcy was the same every month.Which of the following distributions would you use to determine the probability that more than 3 bankruptcies will occur next month?

TABLE 5-11 Subscribers to Investment Advice White Letters perform security transactions at the rate of five trades per month.Assume that one of the subscribers performs transactions at this rate and the probability of a transaction for any two months is the same and the number of transactions in one month is independent of the number of transactions in another month. -Referring to Table 5-11,what is the probability that exactly ten security transactions will be conducted in one month?

TABLE 5-8 Two different designs on a new line of winter jackets for the coming winter are available for your manufacturing plants.Your profit (in thousands of dollars)will depend on the taste of the consumers when winter arrives.The probability of the three possible different tastes of the consumers and the corresponding profits are presented in the following table. -Referring to Table 5-8,what is the expected profit if you increase the shift of your production lines and choose to produce both designs?

What type of probability distribution will most likely be used to analyze the number of cars with defective radios in the following problem? From an inventory of 48 new cars being shipped to local dealerships,corporate reports indicate that 12 have defective radios installed.The sales manager of one dealership wants to predict the probability out of the 8 new cars it just received that,when each is tested,no more than 2 of the cars have defective radios.

TABLE 5-9 A major hotel chain keeps a record of the number of mishandled bags per 1,000 customers.In a recent year,the hotel chain had 4.06 mishandled bags per 1,000 customers.Assume that the number of mishandled bags has a Poisson distribution. -Referring to Table 5-9,what is the probability that in the next 1,000 customers,the hotel chain will have at least two mishandled bags?

TABLE 5-11 Subscribers to Investment Advice White Letters perform security transactions at the rate of five trades per month.Assume that one of the subscribers performs transactions at this rate and the probability of a transaction for any two months is the same and the number of transactions in one month is independent of the number of transactions in another month. -Referring to Table 5-11,what is the probability that more than two security transactions will be conducted in one month?

TABLE 5-10 An accounting firm in a college town usually recruits employees from two of the universities in town.This year,there are fifteen graduates from University A and five from University B and the firm decides to hire six new employees from the two universities. -Referring to Table 5-10,what is the probability that at least one of the new employees will be from University A?

Referring to Table 5-2,the probability that all 3 businesses fail is ________.

TABLE 5-8 Two different designs on a new line of winter jackets for the coming winter are available for your manufacturing plants.Your profit (in thousands of dollars)will depend on the taste of the consumers when winter arrives.The probability of the three possible different tastes of the consumers and the corresponding profits are presented in the following table. -Referring to Table 5-8,if you decide to choose Design A for half of the production lines and Design B for the other half,what is the risk of your investment?