Suppose you are trying to decide what to have for breakfast. You can chose between cereal and a toast, and you have four choices for what to drink: coffee (hot or cold), juice (apple or orange), tea (iced or hot), or water (Sparkling or cold). Draw a tree diagram for all the possibilities. Write down the possibility space. b) Bill Johnson has just bought a VCR from Jim’s Videotape Service at a cost of $300. He now, has the option of buying an extended service warranty offering 5 years of coverage for $100. After talking to friends and reading reports, Bill believes the following maintenance expenses could be incurred during the next five years: Expense 0 50 100 150 200 250 300 Probability 0.35 0.25 0.15 0.10 0.08 0.05 0.02 Find the expected value of the anticipated maintenance costs. Should Bill pay $100 for the warranty? c) If a population is given as (3, 5, 7, 9, 11) after selecting all possible samples of size 2 with replacement, find sample mean and standard deviation (also draw sampling distribution table). Discuss the relationship between X bar ??? ?.
Suppose you are trying to decide what to have for breakfast. You can chose between cereal and a toast,
and you have four choices for what to drink: coffee (hot or cold), juice (apple or orange), tea (iced or
hot), or water (Sparkling or cold). Draw a tree diagram for all the possibilities. Write down the possibility
space.
b) Bill Johnson has just bought a VCR from Jim’s Videotape Service at a cost of $300. He now, has the
option of buying an extended service warranty offering 5 years of coverage for $100. After talking to friends
and reading reports, Bill believes the following maintenance expenses could be incurred during the next five
years:
Expense 0 50 100 150 200 250 300
Probability 0.35 0.25 0.15 0.10 0.08 0.05 0.02
Find the expected value of the anticipated maintenance costs. Should Bill pay $100 for the warranty?
c) If a population is given as (3, 5, 7, 9, 11) after selecting all possible samples of size 2 with replacement,
find sample mean and standard deviation (also draw sampling distribution table). Discuss the relationship
between X bar ??? ?.
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