User Account

All Pages

Why is the standard deviation so large

Assignment Help Basic Statistics
Reference no: EM131742634

Question: Casino. A casino knows that people play the slot machines in hopes of hitting the jackpot, but that most of them lose their dollar. Suppose a certain machine pays out an average of $0.92, with a standard deviation of $120.

a) Why is the standard deviation so large?

b) If you play 5 times, what are the mean and standard 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?

d) Do you think the casino is likely to be profitable? Explain.

Reference no: EM131742634

Questions Cloud

Some critics have denounced these efforts as exploitative : As marketers increasingly develop marketing programs tailored to certain target market segments, some critics have denounced these efforts as exploitative.
Determine the different types of performance measurements : Determine the different types of performance measurements that can be used to measure LensCrafters’ service-delivery system design.
What key leadership qualities made him unique : What key leadership qualities made him unique? What challenges did he face?
Customer satisfaction and positive outcome : Reimbursement in the future is projected to be based on customer satisfaction and positive outcome. Do you agree or disagree with this prediction?
Why is the standard deviation so large : Casino. A casino knows that people play the slot machines in hopes of hitting the jackpot, but that most of them lose their dollar.
Explain the role of cloud computing traceability and rfid : Evaluate the effectiveness of E-Procurement and E-Auction. Explain the role of cloud computing, traceability, RFID and other ERP solutions.
Portable air conditioners and portable heaters : The Attaran Corporation manufactures two electrical products: portable air conditioners and portable heaters.
Probability-small bowl contains more cereal than large one : Cereal. The amount of cereal that can be poured into a small bowl varies with a mean of 1.5 ounces and a standard deviation of 0.3 ounces.
How can you change this perception using survey and research : Patients often equate the quality of the service with the quality of health care. How can you change this perception using surveys and research?

Reviews

Write a Review

Basic Statistics Questions & Answers

  Find the minimum sample size when we want to construct a 95

find the minimum sample size when we want to construct a 95 confidence interval on the population proportion for the

  If 35 healthy people are selected at random construct a 99

suppose we assume that the temperatures of healthy humans is approximately normal with a mean of 98.6 degrees and a

  Critical thinking statistical analysis of article

Choose three peer C-reviewed research articles and write a short review of each of them that includes the following: Write the problem statement. Name the theoretical model used or briefly describe the overall conceptual model.

  What is the variance of the gaussian pdf

Find the PDF of the magnitude- What is the variance of the Gaussian PDF that approximates the PDF of the phase angle.

  Pulls two socks out of a drawer that contains two black six

a bleary-eyed student awakens on morning late for an 800 class and pulls two socks out of a drawer that contains two

  Determining the p-value

At the 5 percent level of significance, can we conclude that the mean weight is greater than 16 ounces? Determine the  p- value.

  State the null hypothesis

Why does one use a Tukey's HSD rather than a t test when comparing mean differences in ANOVA?

  Use the least squares regression line from question 1

use the least squares regression line from question 1. 70.509 0.293 circumference one man had his waist circumference

  A security camera is used to monitor a particular

a security camera is used to monitor a particular survillence area to report wheather there is any threat present or

  Find maximum total allowable weight will not be exceeded

Find the maximum total allowable weight if we want a 0.975 probability that this maximum will not be exceeded when 16 males are randomly selected.

  Indicate the first patient file

Describe how you would attach identification numbers to the patient files; for example, how many digits (and which digits) would you use to indicate the first patient file?

  Graph the relationship between the two variables

Graph the relationship between the two variables and is there sufficient evidence to infer that height and length of index fingers are linearly related?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd