Chegg Marc
Chegg Marc
Chegg Marc
d)
2.
(a)
The mean number of bankruptcies filed per minute in the United States in a
recent year was about two. Find the probability that:
exactly five businesses will file bankruptcy in any given minute. Let x is
number of business.
This is a Poisson distribution of data with = 3 minutes
P(5) = (^5 * e^- ) /5!
= (3^5 * e^-3) /5!
= 0.1008
(b)
( c)
More than five businesses will file bankruptcy in any given minute
P(X> 5)
= P(X>=5) P(5)
= 0.1847 0.1008
= 0.0839
3.
P(x)
.1
1
2
.25
.30
3
4
.15
.20
X 2 P( x)
X.P(x)
X .P( x)
.P( x)
P(x)
X.P(x)
.1
X 2 P( x)
0
1
2
.25
.30
0.25
0.60
0.25
1.20
3
4
.15
.20
0.45
0.80
1.35
3.20
X .P( x) 2.10
.P( x) 6.0
(a) Compute the expected value for the distribution: E(x) = x p(x)
E(x) = x p(x) = 2.10
(b) Compute the standard deviation for the distribution. Hint:
2 x 2 p ( x) 2
2 x 2 p( x) 2 = 6 (2.10)^2 = 1.59
1.59 = 1.26
4.
(a).
What is the probability that a student will score Over 650 i.e. P(X > 650) =
Z = (650 500)/ 100 = 1.5
Using z-score index tables;
P(over 650) = 1 - 0.9332 = 0.0668
(b).
What is the probability that a student will score less than 250 i.e. P(x<250)
Z = (250 500)/ 100 = -2.5
Using z-score index tables;
P(less than 250) = 0.0062
(c ). What is the probability that a student will score between 325 and 675 i.e.
P(325 < X < 675)
Z @ 325 = (325 500)/ 100 = -1.75
P(less than 325) = 0.040059
Z @ 675 = (675-500)/100 = 1.75
P(less than 675) = 0.959941
P(between 325 and 675) = 0.959941 - 0.040059 = 0.919882 = 0.9199
5.
(a)
(b)
(d)
Find the probability that the braking distance is less than or equal to 45 m.
Z = (45 45.1)/0.5 = -0.2
Using z-score index tables;
P(X<=45) = 0.4207
(e )
Find the probability that the braking distance is greater than 46.8 m.
Z = (46.8 45.1)/0.5 = 3.4
Using z-score index tables;
P(X > 46.8) = 1 0.9997 = 0.0003
(f)
Find the probability that the braking distance is between 45 m and 46.8 m.
P (45 < X <46.8) = 0.9997 0.4207 = 0.579
6.
A business wants to estimate the true mean annual income of its customers.
It randomly samples 220 of its customers. The mean annual income was
$61,400 with a standard deviation of $2,200. Find a 95% confidence interval
for the true mean annual income of the business customers.
Solution
n=220
xbar=61400
s=2200
alpha=0.05
First of all, we know the distribution is normal, since the sample size is large
(>30). That means our test statistic is either Z or t. Since the standard
deviation was estimated from a sample, the population standard deviation is
unknown. This means we will use the t-statistic.
So, the confidence interval will be of the form:
mean +/- t(1-alpha/2;n-1) x s/sqrt(n)
ie. 61400 +/- t(0.975;219) x 2200/sqrt(220)
ie. 61400 +/- 0.8347 x 148.324
ie. 61400 +/- 124
ie. (61276,61524)
7.
A business wants to estimate the true mean annual income of its customers.
The business needs to be within $250 of the true mean. The business
estimates the true population standard deviation is around $2,400. If the
confidence level is 90%, find the required sample size in order to meet the
desired accuracy.
Solution
m = margin of error = 250
standard deviation = 2400
90% confidence level
we need z*, at 90%, z* is 1.645
n = (1.645*2400/250)^2 = 249.39 and we will always round up to 250.
At least 250 samples.
8.
The weight of an almond is normally distributed with mean 0.05 ounce and
standard deviation 0.015 ounce. Find the probability that a package of 100
almonds weighs between 4.8 and 5.3 ounces. That is, find the probability
that X is between 0.048 and 0.053 ounce.
Hint: Z =