Assume binomial probability distribution

Assignment Help Business Economics
Reference no: EM131164562

Assume a binomial probability distribution with n = 40 and p = .55. Compute the following:

a. The mean and standard deviation of the random variable. (Round your answer to 2 decimal places.)

Mean 22 Standard deviation 3.15

b. The probability that X is 25 or greater. (Round your answer to 4 decimal places.)

Probability 0.1711

c. The probability that X is 15 or less. (Round your answer to 4 decimal places.)

Probability 0.0132

d. The probability that X is between 15 and 25 inclusive. (Round your answer to 4 decimal places.)

Probability 0.8157

The mean and standard deviation is right according to the answer check, but somehow when i use the number to calculate the rest of b,c,d; all of them are wrong in the end. Please explain as much details as possible.

Reference no: EM131164562

Questions Cloud

Calculate number landings that maximizes airport profits : An airport is located on a tract of land owned by a housing developer. The developer would like to build houses but noise from the airport reduces the value of the land. The airport’s total profits are ΠA(x) = 48x − x^2 where x is the number of airpo..
Explain the continuum of precariousness : Draw and explain the continuum of precariousness that we developed in class. Explain why this diagram may only apply to certain people. What would the continuum look like for a different group of people? Part-time employment may correspond to life- s..
National labor relations board too politicized : Is the selection process for determining members of the National Labor Relations Board too politicized? Explain your response. Does the current selection process lead to instability in interpretations of the LMRA and is so, is this a positive or nega..
Network consists of three types of stores : The U.K. Body Shop franchise network consists of three types of stores—franchised, company-owned, and partnership stores. All stores that are distant from headquarters by more than 300 miles are franchised. More than half of the company-owned stores ..
Assume binomial probability distribution : Assume a binomial probability distribution with n = 40 and p = .55. Compute the following: The mean and standard deviation of the random variable. The probability that X is between 15 and 25 inclusive.
Diminishing marginal returns-implicit cost-marginal revenue : Define, describe and use an example for the following terms: Diminishing Marginal Returns, Implicit cost, Marginal revenue, Price ceiling, Price takers. Describe the type of elasticity that consumers would hold with a Rolex watch and a generic bottle..
Explosion of media options and promotional techniques : In the midst of an evolutionary explosion of media options and promotional techniques, which of the following statements does the text indicate is true?
Explain how opportunity cost differs from accounting cost : Explain how opportunity cost differs from accounting cost. Does every economic choice in business have an opportunity cost? Explain. Provide an example of a business practice with an opportunity cost that is different than its accounting cost. Why do..
Provide their competitor prices to potential customers : In the 1980s, Progressive was a small auto insurance company that sold most of its policies to people who had poor driving records and could not qualify for the standard rate policies sold by other insurers. Progressive charged higher premiums for th..

Reviews

Write a Review

Business Economics Questions & Answers

  About the right price investors

Right Price Investors, Inc. is considering the purchase of a $415,000 computer with an economic life of five years. The computer will be fully depreciated over five-year MACRS property for tax purposes. The market value of the computer will be $55,00..

  Argument against federal regulation of insurance

Present one argument for and one argument against the continuation of state regulation of insurance as well as one argument for and one argument against federal regulation of insurance. How does the Appleton Rule factor in your arguments?

  What is the present value of the coupon bond

If the face value of a 10% coupon bond is $10,000, what is the yearly coupon payment? If the yield to maturity of the above coupon bond is 8% and has 10 years to maturity, what is the present value of the coupon bond?

  Explain what are the implications of this for the relative

Explain what are the implications of this for the relative stability or instability of the prices of pork and lamb compared with other foodstuffs.

  How many different nash equilibrium payoff vectors exist

How many different nash equilibrium payoff vectors exist in an ultimatum-offer bargaining game, given player 1's strategy space is {0,1,2,3,4,5,6,7,8,9,10} and player 1's payoff is 10-x ?

  Arguments for regional economic integration

What are the economic and political arguments for regional economic integration? Given these arguments, why don't we see more integration in the world economy?

  Suppose that the equilibrium nominal exchange rate

Suppose that the equilibrium nominal exchange rate is 130 Japanese yen to the U.S. dollar. If the Federal Reserve wishes to maintain an exchange rate of 140 Japanese yen to the U.S. dollar, it must meet the private excess ________ dollars in the fore..

  Who gains and who loses from import restrictions

If it would be cheaper to give each steelworker $375,000 per year in cash rather than impose restrictions on steel imports, why do we have the import restrictions rather than the cash payments? Who gains and who loses from import restrictions? In ans..

  Why corruption with theft could either decrees

Explain using graphs why corruption with theft could either decrees or increase the quantity of the good purchased. for both cases (an increase in the quantity purchased and a decrease in the quantity purchase) show or describe who are the winners an..

  Market returns to the long-run equilibrium

Assume that apples are an inferior good. Draw a perfectly competitive market for apples and a firm selling apples in the long run equilibrium where price is $10 and the firm’s equilibrium quantity is 50. EXPLAIN what happens in the short-run if custo..

  What happened to real output

what happened to real output? by how much would the price index have had to rise for real income to remain constant?

  Benefits and challenges when implementing industrial policy

What are the benefits and challenges when implementing Industrial policy? How does comparative advantage relate the implementation of industrial policy?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd