When you send out a resume, the probability of being called for an interview is 0.20. What is the expected number of resumes you send out until you get the first interview?
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When you send out a resume, the probability of being called for an interview is 0.20. What is the expected number of resumes you send out until you get the first interview?
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- You need to hire some new employees to staff your start-up venture. You know that potential employees are distributed throughout the population as follows, but you can’t distinguish among them: Employee Value Probability $50,000 0.25 $60,000 0.25 $70,000 0.25 $80,000 0.25 What is the expected value of five employees you hire?Bob earn 60,000 a year and an accounting firm each year he receives Reyes Bob has determined that the probability that he receives a 10% raise is .7 the probability that he earns a 3% raise is .2 and the probability that he earns a 2% raise is .1 a competing company has offered Bob a similar position for 65,000 a year Bob wonders if he should take the new job or take his chances with his current job. a. Find the mathematical expectation of the dollar amount of his raise at his current job b.In the final round of a TV game show, contestants have a chance to increase their current winnings of$1 million to $2 million. If they are wrong, their prize is decreased to $500,000. A contestant thinks his guess will be right 50% of the time. Should he play? What is the lowest probability of a correct guess that would make playing profitable?
- You need to hire some new employees to staff your startup venture. You know that potential employees are distributed throughout the population as follows, but you can't distinguish among them: Employee Value Probability $65,000 0.25 $82,000 0.25 $99,000 0.25 $116,000 0.25 The expected value of hiring one employee is . Suppose you set the salary of the position equal to the expected value of an employee. Assume that employees will not work for a salary below their employee value. The expected value of an employee who would apply for the position, at this salary, is . Given this adverse selection, your most reasonable salary offer (that ensures you do not lose money) is .In a game, there are three values 1, 000, 2.500 and 5,000 and the cost of the game is 1, 500 . If each outcome has an equal probability of occurring, then what is the expected value of playing the game?If you choose two people at random, what is the probability that both have the same blood type?
- In the final round of a TV game show, contestants have a chance to increase their current winnings of $1 million dollars to $2 million dollars. If they are wrong, their prize is decreased to $500,000. The contestant thinks his guess will be right 50% of the time. Should he play? What is the lowest probability of a correct guess that would make playing profitable?Solve the following problem using an excel spreadsheet. A tobacco company isinterested in hiring a salesperson to promote smoking cigarettes in nightclubs. The position pays a flat salary of $50,000, regardless of sales levels. The firm has two applicants, Predictable Patty and Risky Ricky. Predictable Patty can produce with 100% certainty $100,000 a year in sales. Risky Ricky, on the other hand, can produce $300,000 with probability of 50%. But if he turns out to spend his time drinking and dancing in the nightclubs instead of making sales, he could actually cost the firm -$100,000 per year.a) During their first year on the job, what are the expected sales of Patty and Ricky? What are the firm’s expected profits on each worker?b) Now assume both workers are currently 25, and they will work until the retirement age of 65. The firm has the option to fire its new employee after one year based on sales, but can only hire one employee. Assume that it takes only one year to discover whether…You need to hire some new employees to staff your startup venture. You know that potential employees are distributed throughout the population as follows, but you can't distinguish among them: Employee Value Probability $65,000 0.1 $78,000 0.1 $91,000 0.1 $104,000 0.1 $117,000 0.1 $130,000 0.1 $143,000 0.1 $156,000 0.1 $169,000 0.1 $182,000 0.1 The expected value of hiring one employee is. Suppose you set the salary of the position equal to the expected value of an employee. Assume that employees will not work for a salary below their employee value. The expected value of an employee who would apply for the position, at this salary, is. Given this adverse selection, your most reasonable salary offer (that ensures you do not lose money) is (A. 65,000, B. 91,000, C. 78,000, D. 104,000)
- Calculate expected value of a probability distribution. Decisions Recognizing RiskHow much is his risk on any random day due to late arrival?Consider a lottery with three possible outcomes: $100 will be received with probability .1, $50 with probability .2, and $10 with probability .7. What is the expected value of the lottery? What is the variance of the outcomes of the lottery? What would a risk-neutral person pay to play the lottery?
