Probability bounds on the number of people

Assignment Help Basic Statistics

Reference no: EM13982847

1. The impact of a television commercial, measured in terms of excess sales volume over a given period, is believed to be approximately normally distributed with mean 50,000 and variance 9,000,000. Find 0.99 probability bounds on the volume of excess sales that would result from a given airing of the commercial.

2. A travel agency believes that the number of people who sign up for tours to Hawaii during the Christmas-New Year's holiday season is an approximately nor- mally distributed random variable with mean 2,348 and standard deviation 762. For reservation purposes, the agency's management wants to ?nd the number of people such that the probability is 0.85 that at least that many people will sign up. It also needs 0.80 probability bounds on the number of people who will sign up for the trip.

Reference no: EM13982847

Questions Cloud

Find the mean and the standard deviation of typing speed : The probability that the speed will be more than 70 words per minute is 0.15. Find the mean and the standard deviation of typing speed.

Out of bounds when the process is in control : Assuming a normal distribution of item values, what percentage of values would you expect to be out of bounds when the process is in control? Accordingly, how would you de?ne "too many"? What do you think is the rationale for this practice?

How much of insurance would mia buy : (i) What is Mia's expected utility? What is the expected value and the variance of her income? (ii) What is Mia's risk premium? (iii) Suppose that Mia; is offered an insurance policy at the rate p=0.25 How much of insurance would Mia buy?

Paying particular attention to the ethical implications : Required: Write a report addressing the parameters included in the 415 Ethics Rubrics, paying particular attention to the ethical implications of this situation. Come to a conclusion as to what you should do

Probability bounds on the number of people : For reservation purposes, the agency's management wants to ?nd the number of people such that the probability is 0.85 that at least that many people will sign up. It also needs 0.80 probability bounds on the number of people who will sign up for t..

What is mia''s expected utility : 1. Mia Dribble has a utility function u=W^(2/3). Mia is a basketball star starting her senior year. If she makes it through her senior year without a serious injury, she will receive a $8,000,000 contract for playing in the new professional women's b..

All alternatioves are equally acceptable : For the cash flows shown, use an annual worth comparison and an interest rate of 10% per year. Determine the alternative that is economically best. Determine the first cost required for each of the two alternaqtives not selected in (a) so that all al..

Estimate velocity of compressional wave in homogeneous rock : Estimate the velocity of a compressional wave in a homogeneous rock layer with a density of 2.75 g/cm3, a Young's modulus of 0.39 x 1011 N/m2, and a Poisson's ratio of 0.10.

Why in the long run an increase in the saving rate raises : Why in the long run an increase in the saving rate raises productivity but its growth rate is unchanged?

User Account

All Pages