Question

Questions 1-5 are related to the following | |||||||||

You own a local company that has special equipment for moving pianos. Your company has enough equipment to handle three pianos in a day. The number of requests to move pianos is a random variable with following distribution. | |||||||||

x | f(x) | ||||||||

0 | 0.40 | ||||||||

1 | 0.40 | ||||||||

2 | 0.10 | ||||||||

3 | 0.1 | ||||||||

4 | 0.02 | ||||||||

5 | 0.02 | ||||||||

6 | 0.01 | ||||||||

1 | The probability of three (3) requests to move pianos is _______. | ||||||||

a | 0.04 | ||||||||

b | 0.05 | ||||||||

c | 0.06 | ||||||||

d | 0.07 | ||||||||

2 | What is the probability that you will run out of equipment? That is, you receive three or more requests. | ||||||||

a | 0.15 | ||||||||

b | 0.10 | ||||||||

c | 0.05 | ||||||||

d | 0.03 | ||||||||

3 | The probability that some of your equipment will be idle is ______. | ||||||||

a | 0.50 | ||||||||

b | 0.80 | ||||||||

c | 0.90 | ||||||||

d | 0.95 | ||||||||

4 | What is the expected value of the number of requests? | ||||||||

a | 0.99 | ||||||||

b | 1.01 | ||||||||

c | 1.03 | ||||||||

d | 1.05 | ||||||||

5 | What is the variance of the number of requests? | ||||||||

a | 1.40 | ||||||||

b | 1.45 | ||||||||

c | 1.50 | ||||||||

d | 1.55 |

Answer #1

One of the large photocopiers used by a printing company has a
number of special functions unique to that particular model. This
photocopier generally performs well but, because of the complexity
of its design and the frequency of usage, it occasionally breaks
down. The department has kept records of the number of breakdowns
per month over the last fifty months. The data is summarized in the
table below:
Number of Breakdowns
Probability
0
0.12
1
0.32
2
0.24
3...

A specialist electronics company carries out its own repairs.
The manager of the repair center is becoming concerned that the
cost of repairs is continually increasing. She has observed the
operations of the repair center and collected data relating to the
number of items being repaired each day, and also the cost of
repairing these items over a 50-day period. This information is
presented in the following tables:
Repairs per day
Probability
1
0.08
2
0.22
3
0.38
4
0.26...

One of the large photocopiers used by a printing company has a
number of special functions unique to that particular model. This
photocopier generally performs well but, because of the complexity
of its design and the frequency of usage, it occasionally breaks
down. The department has kept records of the number of breakdowns
per month over the last fifty months. The data is summarized in the
table below:
Number of Breakdowns
Probability
0
0.12
1
0.32
2
0.24
3...

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING
INFORMATION:
In a furniture manufacturing plant, a customer survey indicates
that blemishes in the finish are a major concern. The table shown
below displays a quality manager's probability assessment of the
number of defects in the finish of new furniture.
Number
of Defects
0
1
2
3
4
5
Probability
0.34
0.25
0.19
0.11
0.07
0.04
Let A be the event that there is at least one defect and
let event B...

1. Suppose that a bag contains 3 red chips and 7 white chips.
Suppose that chips are drawn from the bag with replacement, i.e.
the chips are returned to the bag and shuffled before the next chip
is selected. Identify the correct statement.
a.
If many chips are selected then, in the long run, approximately
30% will be red.
b.
If ten chips are selected then three will definitely be red.
c.
If seven consecutive white chips are selected then...

The manager of a music store has kept records of the number of
CDs bought in a single transaction by customers who make a purchase
at the store. The accompanying table gives six possible outcomes
and the estimated probability associated with each of these
outcomes for the chance experiment that consists of observing the
number of CDs purchased by a randomly selected customer at the
store.
Number of CDs
purchased
1
2
3
4
5
6 or more
Estimated
probability...

You have the following data on (1) the average annual returns of
the market for the past 5 years and (2) similar information on
Stocks A and B. Which of the possible answers best describes the
historical betas for A and B?
Years Market Stock A Stock B
1 0.03 0.16 0.05
2 -0.05 -0.20 0.05
3 0.01 0.12 0.05
4 -0.10 -0.25 0.05
a. bA < 0; bB = 0
b. bA = 0; bB = -1
c. bA...

Suppose that the following table contains the number of times a
late night comedian is bleeped on his show. Complete parts a and d
to the right.
Number of Bleeps
(x Subscript
ixi)
P(x Subscript
ixi)
0
0.21
1
0.16
2
0.15
3
0.12
4
0.09
5
0.08
6
0.07
7
0.06
8
0.04
9
0.02
a) What is the probability that the host of the
late night show is bleeped more than 3 times?
P(X>3 bleeps) =
(Round to...

You are given the following information on Events A, B, C, and
D. P(A) = .5 P(B) = .3 P (C) = .20 P(A U D) = .8 P(A ∩ C) = 0.05 P
(A │B) = 0.22 P (A ∩ D) = 0.25 Compute P(D). Compute P(A ∩ B).
Compute P(A | C). Compute the probability of the complement of C.
What does it mean to be mutually exclusive? Give an example. must
show work

Malibu, Inc., is a U.S. company that export goods to British. It
plans to use put options to hedge receivables of 100,000 pounds in
90 days. Three put options are available that have an expiration
date 90 days from now. Fill in the number of dollars needed to
receive for the receivables (including the option premium paid) for
each option available under each possible scenario
Scenario
Spot rate of
pound in 90 days
Probability
Option A
Exercise price= $1.62
Premium...

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