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Rita's toy factory produces toys for toddlers that are packed into boxes. Each box contains 10 toys. A box of toys randomly selected by the company's production manager found 45% of all toys packed in the boxes are defective.
Use the above information and your knowledge of binomial probability to answer the following questions.
1. Calculate the mean and standard deviation.
2. Find the probability that there are at least 8 defective toys in the box.
Assume that any dangerous snake you pick up has a probability of 0.8 of biting you. The defanged snakes do not bite. What is the probability
Gross domestic product (GDP) is a measure of the market value of final goods and services produced within the borders of a country during a specific time period
The dealer is willing to accept a $800 down payment and 3 annual payments of $450 each. At what effective interest rate are these terms equivalent?
A monopolist has two sets of consumers. The demand for one set can be described by Q1 = 5 ? p. For the other set, the demand is Q2 = 10 ? p. The monopolist faces constant marginal cost of 2. Derive the monopolist’s total demand if the two markets are..
A customer pays an admission fee to get into the local YMCA, and also a monthly membership fee.
How much (per unit) is the tax? Briefly discuss how incidence of the tax is divided between buyers and sellers in this case. Find comsumer surplus and producer surplus both before and after the tax. How much tax revenue has been generated? What impac..
Current stocks of mineral M are 250 million tonnes. If these stocks are continually being used up at an annual rate of 9%, what amount of M will remain.
Brenda Johnson has used a preprinted form that she got from the internet to create her will.
The following is an equation representing a country’s hypothetical supply of soybean, with price (P) expressed in $/bu and quantity supplied (Q) expressed in billion bu: P = 2 + 2.5 Q. Use a computer spreadsheet (e.g., Excel) to plot this supply curv..
The value of the U.S. dollar relative to the value of other major currencies has always been an issue of contention among foreign exchange experts
Develop conclusions about the economy's influence on personal and business decision-making relative to purchases of big-ticket items, investments
The demand curve for product X is given by QDx = 220 ? PX + 3PY + 0.001I where PY is the price of a related good Y, and I is income. The supply curve for good X is given by QSX =10+3PX. What is the marginal effect of an increase in PY on the equilib..
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