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    STAT 3360 Homework Chapter 7

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    This document summarizes key concepts in statistics including: - Expected value (mean), variance, and standard deviation - Laws of expected value and variance - Covariance, correlation, and how they relate variance of combined variables - Probability concepts like binomial, Poisson, and normal distributions It provides examples of calculating probabilities, means, variances, and other statistics for random variables related to business examples like pizza delivery, appliance sales, and computer systems.

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    STAT 3360 Homework Chapter 7

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    xxambertaimexx
    2K views2 pages
    This document summarizes key concepts in statistics including: - Expected value (mean), variance, and standard deviation - Laws of expected value and variance - Covariance, correlation, and how they relate variance of combined variables - Probability concepts like binomial, Poisson, and normal distributions It provides examples of calculating probabilities, means, variances, and other statistics for random variables related to business examples like pizza delivery, appliance sales, and computer systems.

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    This document summarizes key concepts in statistics including: - Expected value (mean), variance, and standard deviation - Laws of expected value and variance - Covariance, correlation, and how they relate variance of combined variables - Probability concepts like binomial, Poisson, and normal distributions It provides examples of calculating probabilities, means, variances, and other statistics for random variables related to business examples like pizza delivery, appliance sales, and computer systems.

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    Download as DOCX, PDF, TXT or read online from Scribd
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    2K views2 pages

    STAT 3360 Homework Chapter 7

    Uploaded by

    xxambertaimexx
    This document summarizes key concepts in statistics including: - Expected value (mean), variance, and standard deviation - Laws of expected value and variance - Covariance, correlation, and how they relate variance of combined variables - Probability concepts like binomial, Poisson, and normal distributions It provides examples of calculating probabilities, means, variances, and other statistics for random variables related to business examples like pizza delivery, appliance sales, and computer systems.

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    Statistics Homework Chapter 7

    Expected Value (mean) Variance Standard Deviation


    ⁡
    Ex=μ=x Pr(x) Vx=σ2=x2Prx-μ2 σ=σ2

    Laws of Expected Value Laws of Variance


    Ec=c Vc=0
    EX+c=EX+c VX+c=VX
    EcX=cE(X) VcX=c2V(X)
    Covariance Sum of Two Variables
    COVx, y=σxy=xyPrx,y-μx μy Ex+y=Ex+E(y)
    Vx+y=Vx+Vy+2 COV(x, y)
    Coefficient of Correlation Mean and Variance of a Portfolio of Two
    ρ=COV(x, y)σx σy Stocks
    ERp=w1ER1+w2ER2
    VRp=w12VR1+w22VR2+2w1w2 COV(R1, R2)
    =w12σ12+w22σ22+2w1w2ρ σ1 σ2
    Factorials and Number of Combinations Binomial Probability
    Cxn=nx=n!n-x!x! ⁡
    Pr(x)=nx px 1-pn-x
    Mean and SD
    μ=np σ=npq
    Poisson Probability Where n is the total number of trials, p is the
    Prx=μxe-μx! probability of success, and q is the probability of failure
    (1 – p).

    7.20 The number of Pizzas delivered to university students each month is a random variable with the following probability
    distribution.
    x 0 1 2 3
    P(x .1 .3 .4 .2
    )
    a. Find the probability that a student has received delivery of two or more pizzas this month.
    b. Determine the mean and variance of the number of pizzas delivered to students each month.

    7.21 If the pizzeria makes a profit of $3 per pizza, determine the mean and variance of the profits per student.

    7.52 The following distributions of X and Y have been developed. If X and Y are independent, determine the joint
    probability distribution of X and Y.
    x 0 1 2 y 1 2
    p(x .6 .3 .1 p(y .7 .3
    ) )

    7.54 After analyzing several months of sales data, the owner of an appliance store produced the following joint probability
    distribution of the number of refrigerators and stoves sold daily.
    Refrigerators
    Stoves 0 1 2
    0 .08 .14 .12
    1 .09 .17 .13
    2 .05 .18 .04
    a. Find the marginal probability distribution of the number of refrigerators sold daily
    b. Find the marginal probability distribution of the number of stoves sold daily.
    c. Compute the mean and variance of the number of refrigerators sold daily.
    d. Compute the mean and variance of the number of stoves sold daily.
    e. Compute the covariance and the coefficient of correlation.
    7.92 A sign on the gas pumps of a chain of gasoline stations encourages customers to have their oil checked, claimed that
    one out of four cars needs to have oil added. If this is true, what is the probability of the following events?
    a. One out of the next four cars needs oil.
    b. Two out of the next eight cars needs oil.
    c. Three out of the next twelve cars needs oil.

    7.96 A student majoring in accounting is trying to decide on the number of firms to which he should apply. Given his work
    experience and grade, he can expect to receive a job offer from 70% of the firms to which he applies. The student
    decides to apply to only four firms. What is the probability that he receives no job offers?

    7.98 Most Internet service providers (ISPs) attempt to provide a large enough service so that customers seldom encounter a
    busy signal. Suppose that the customers of one ISP encounter a busy signal 8% of the time. During the week a
    customers of this ISP called 25 times. What is the probability that she did not encounter any busy signals?

    7.130 An auditor is preparing for a physical count of inventory as a means of verifying its value. Items counted are
    reconciled with a list prepared by the storeroom supervisor. In one particular firm, 20% of the items counted cannot be
    reconciled without reviewing invoices. The auditor selects 10 items. Find the probability that 6 or more items cannot
    be reconciled.

    • The number of computers sold during one day by a small store is a random variable X with the distribution, Pr(0)=0.4,
    Pr(1)=0.3, Pr(2)=0.2, Pr(3)=0.1.
    a. Compute the probabilities Pr(X>1), Pr(X<1), Pr(0<X<3)
    b. If computers are sold at $600 each, find the probability mass function of the computer sales made by the store during
    one day.

    • Suppose that processes are generated on a distributed network randomly and independently at a mean rate of 6 per
    minute.
    a. What is the probability that more than 2 processes arrive during 30 seconds?
    b. This system is considered to be saturated whenever more than 3 processes are generated during a 10 second period
    of time. What is the probability that the system is saturated during a particular 10 second period?

    • Seventy-five percent of inquiries to an interactive computer system make references to databases, independently of each
    other. A system receives 25 inquiries. What is the probability that exactly 20 of them make references to databases?

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