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The probability for a passenger not showing up is 5%. For this reason, AirCanada sells 205 tickets for a 200-seat airplane at $300cdn each. If the 201th passenger shows up, she will be refunded 300 plus a $500 compensation. The same for the 202nd and so on. AirCanada pockets all money from seat-sale if 200 or fewerpassengers show up.
Let X be net income of the AirCanada from the above described random experiment. Compute the probability function of X.
In which of the following markets do all firms sell the same standardized product?
A certain police officer stops cars for speeding. The number of red sports cars she stops in one hour is a Poisson process with rate 4, while the number of other cars she stops is a Poisson process with rate 1.
A survey of top executives revealed that 35 percent of them regularly read Time magazine, 20 percent read Newsweek, and 40 percent read U.S. News and World Report.
Suppose you conduct survey asking people if they support something or if they like some product or if they watch some TV-show.
Assume the population standard deviation (s) is 0.5 and the sample size (n) is 100. Calculate the values for alpha, a type I error and beta, a type II error. (To calculate Beta, consider a mean that is 1 standard error away from the lower end valu..
What does r 2 of .73 tell us? Is this a strong or weak correlation? How can you tell?
P(A 1 )= .20, P(A 2 ), and P(A 3 )= .40. P(B 1 I A 1 ) = .25. P(B 1 I A 2 ) = .05. P(B 1 I A 3 )=.10. Use Bayes' theorem to determine P(A 3 I B 1 )
A sample of the length of time it took 42 persons to assemble the unit was organized into the following frequency distribution. What is the standard deviation (in minutes)?
To test is there any significant difference among two proportions. The Damon family owns a large grape vineyard in western New York along Lake Erie.
The ages of circulating pennies are right skewed. Most circulating pennies were minted relatively recently, and extremely old pennies are rare. Assume the ages of circulating pennies have a mean of 12.2 years and a standard deviation of 9.9 years.
Key Refining decided to send a special financing plan to charge account customers having the highest 10 percent of the money charges. What is the dividing point between customers who receive the special plan and those who do not.
The standard deviation of the ages of a sample of 21 executives from the northern states was 8.4 years; while the standard deviation of the ages of a sample of 30 executives from southern states was 12.8 years.
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