Why is the standard deviation so large

Assignment Help Basic Statistics

Reference no: EM131009026

Casino

At a casino, people play the slot machines in hopes of hitting the jackpot, but most of the time, they lose their money. A certain machine pays out an average of $0.92 (for every dollar played), with a standard deviation of $120.

a) Why is the standard deviation so large?

b) If a gambler plays 5 times, what are the mean and stan- dard deviation of the casino's profit?

c) If gamblers play this machine 1000 times in a day, what are the mean and standard deviation of the casino's profit?

Reference no: EM131009026

Questions Cloud

Calculating the mean : a) Define your random variables, and use them to express the farmer's net income. b) Find the mean of the net income. c) Find the standard deviation of the net income. d) Do you need to make any assumptions in calculating the mean? How ab..

Problem regarding the bike sale : Define random variables and use them to express the bi- cycle shop's net profit. What's the mean of the net profit?

What desirable attributes of shipping facilities plans : The average operator of a certain company performs at 100% (avenge path) and the tinge of performance is from about 60% to 140%, and the distribution is assumed to be oormaL Determine the station speed of the company's assembly line assuming that ..

Find the hydrostatic pressure on the bottom of the aquarium : Find the hydrostatic pressure on the bottom of the aquarium. Find the hydrostatic force on the bottom of the aquarium. Find the hydrostatic force on one end of the aquarium.

Why is the standard deviation so large : At a casino, people play the slot machines in hopes of hitting the jackpot, but most of the time, they lose their money. A certain machine pays out an average of $0.92 (for every dollar played), with a standard deviation of $120.

Repair calls-insurance company : Repair calls. A small engine shop receives an average of 1.7 repair calls per hour, with a standard deviation of 0.6. What is the mean and standard deviation of the number of calls they receive for an 8-hour day? What, if anything, did you assume?

What is the standard deviation : A grocery supplier believes that the mean number of broken eggs per dozen is 0.6, with a standard deviation of 0.5. You buy 3 dozen eggs without checking them. a) How many broken eggs do you expect to get? b) What's the standard deviation?

What would make a personality test reliable and valid : Have you ever taken a personality test before? If so, what was your reaction to the analysis? If not, what would you expect a proper test to measure? What would make a personality test reliable and valid

Problem regarding the battery recall : A company has discovered that a recent batch of batteries had manufacturing flaws, and has issued a recall. You have 10 batteries covered by the recall, and 3 are dead. You choose 2 batteries at random from your package of 10.

User Account

All Pages