What is the probability that a randomly chosen player

Assignment Help Applied Statistics

Reference no: EM132375855

Question 1 - You are the manager of the Holmes Hounds Big Bash League cricket team. Some of your players are recruited in-house (that is, from the Holmes students) and some are bribed to come over from other teams. You have 2 coaches. One believes in scientific training in computerised gyms, and the other in "grassroots" training such as practising at the local park with the neighbourhood kids or swimming and surfing at Main Beach for 2 hours in the mornings for fitness. The table below was compiled:

	Scientific training	Grassroots training
Recruited from Holmes students	28	82
External recruitment	45	22

Tasks (show all your workings):

a. What is the probability that a randomly chosen player will be from Holmes OR receiving Grassroots training?

b. What is the probability that a randomly selected player will be External AND be in scientific training?

c. Given that a player is from Holmes, what is the probability that he is in scientific training?

d. Is training independent from recruitment? Show your calculations and then explain in your own words what it means.

Question 2 - You are an investment manager for a hedge fund. There are currently a lot of rumours going around about the "hot" property market on the Gold Coast, and some of your investors want you to set up a fund specialising in Surfers Paradise apartments.

You do some research and discover that the average Surfers Paradise apartment currently sells for $0.9 million. But there are huge price differences between newer apartments and the older ones left over from the 1980's boom. This means prices can vary a lot from apartment to apartment. Based on sales over the last 12 months, you calculate the standard deviation to be $270 000.

There is an apartment up for auction this Saturday, and you decide to attend the auction.

Tasks (show your workings):

A. Assuming a normal distribution, what is the probability that apartment will sell for over $1.5 million?

B. What is the probability that the apartment will sell for over $0.8 million but less than $0.9 million?

Reference no: EM132375855

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