Statistics for Business and Economics
8th Edition
ISBN: 9780132745659
Author: Paul Newbold, William Carlson, Betty Thorne
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 3.3, Problem 39E
(a)
To determine
Probability of no credit card donation received.
(b)
To determine
Probability of the first call leads to credit card donation, which is preceded by at least four calls.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Applied Machines produces large test equipment for integrated circuits. The machines are made to order, so the production rate varies from month to month. Before shipping, each machine is subject to extensive testing. Based on the tests the machine is either passed or sent back for rework. During the past 20 months the firm has had to rework the following numbers of machines: (given)
Consider the example of Applied Machines presented above. Based on the estimate of the probability that a machine is sent back for rework computed from the 20 months of data, determine the following:a. If the company produces 35 machines in one particular month, how many, on average, require rework?b. Out of 100 machines produced, what is the probability that more than 20 percent of them require rework? (Use the normal approximation to the binomial for your calculations).
An investor considers investing $17,000 in the stock market. He believes that the probability is 0.22 that the economy will improve, 0.42 that it will stay the same, and 0.36 that it will deteriorate. Further, if the economy improves, he expects his investment to grow to $23,000, but it can also go down to $11,000 if the economy deteriorates. If the economy stays the same, his investment will stay at $17,000. What is the expected value of his investment?
A company that manufactures and sells T-shirts for sporting events, is providing shirts for an upcoming tournament. Each shirt will cost $7 to produce and will be sold for $13. Any unsold shirts at the end of the tournament can be sold for $5 apiece in the near future. The company assumes the demand for the shirts will be 1,500,3,000,4,500, or 6,000. The company also estimates that the probabilities of each of these sales levels occurring will be 20%, 25%,25%, and 30%, respectively. Determine the expected monetary value of the project if the company chooses to print 4,500 shirts for the tournament.
The expected monetary value is----
(Type a whole number.)
Chapter 3 Solutions
Statistics for Business and Economics
Ch. 3.1 - Prob. 1ECh. 3.1 - Prob. 2ECh. 3.1 - Prob. 3ECh. 3.1 - Prob. 4ECh. 3.1 - Prob. 5ECh. 3.1 - Prob. 6ECh. 3.1 - Prob. 7ECh. 3.2 - Prob. 8ECh. 3.2 - Prob. 9ECh. 3.2 - Prob. 10E
Ch. 3.2 - Prob. 11ECh. 3.2 - In a city of 180,000 people there are 20,000 legal...Ch. 3.2 - Prob. 13ECh. 3.2 - Prob. 14ECh. 3.2 - Prob. 15ECh. 3.2 - Prob. 16ECh. 3.2 - Prob. 17ECh. 3.2 - Prob. 18ECh. 3.3 - Prob. 19ECh. 3.3 - Prob. 20ECh. 3.3 - Prob. 21ECh. 3.3 - Prob. 22ECh. 3.3 - Prob. 23ECh. 3.3 - Prob. 24ECh. 3.3 - Prob. 25ECh. 3.3 - Prob. 26ECh. 3.3 - Prob. 27ECh. 3.3 - Prob. 28ECh. 3.3 - Prob. 29ECh. 3.3 - Prob. 30ECh. 3.3 - Prob. 31ECh. 3.3 - Prob. 32ECh. 3.3 - Prob. 33ECh. 3.3 - Prob. 34ECh. 3.3 - Prob. 35ECh. 3.3 - Prob. 36ECh. 3.3 - Prob. 37ECh. 3.3 - Prob. 38ECh. 3.3 - Prob. 39ECh. 3.3 - Prob. 40ECh. 3.3 - Prob. 41ECh. 3.3 - Prob. 42ECh. 3.3 - Prob. 43ECh. 3.3 - Prob. 44ECh. 3.3 - Prob. 45ECh. 3.3 - Prob. 46ECh. 3.3 - Prob. 47ECh. 3.3 - Prob. 48ECh. 3.3 - Prob. 49ECh. 3.3 - Prob. 50ECh. 3.3 - Prob. 51ECh. 3.4 - Prob. 52ECh. 3.4 - Prob. 53ECh. 3.4 - Prob. 54ECh. 3.4 - Prob. 55ECh. 3.4 - Prob. 56ECh. 3.4 - Prob. 57ECh. 3.4 - Prob. 58ECh. 3.4 - Prob. 59ECh. 3.4 - Prob. 60ECh. 3.4 - Prob. 61ECh. 3.4 - Prob. 62ECh. 3.4 - Prob. 63ECh. 3.4 - Prob. 64ECh. 3.4 - Prob. 65ECh. 3.4 - Prob. 66ECh. 3.4 - Prob. 67ECh. 3.4 - Prob. 68ECh. 3.4 - Prob. 69ECh. 3.4 - Prob. 70ECh. 3.4 - Prob. 71ECh. 3.4 - Prob. 72ECh. 3.4 - Prob. 73ECh. 3.4 - Prob. 74ECh. 3.4 - Prob. 75ECh. 3.4 - Prob. 76ECh. 3.4 - Prob. 77ECh. 3.5 - Prob. 78ECh. 3.5 - Prob. 79ECh. 3.5 - Prob. 80ECh. 3.5 - Prob. 81ECh. 3.5 - Prob. 82ECh. 3.5 - Prob. 83ECh. 3.5 - Prob. 84ECh. 3.5 - Prob. 85ECh. 3.5 - Prob. 86ECh. 3.5 - Prob. 87ECh. 3 - Prob. 88ECh. 3 - Prob. 89ECh. 3 - Prob. 90ECh. 3 - Prob. 91ECh. 3 - Prob. 92ECh. 3 - Prob. 93ECh. 3 - Prob. 94ECh. 3 - Prob. 95ECh. 3 - Prob. 96ECh. 3 - Prob. 97ECh. 3 - Prob. 98ECh. 3 - Prob. 99ECh. 3 - Prob. 100ECh. 3 - Prob. 101ECh. 3 - Prob. 102ECh. 3 - Prob. 103ECh. 3 - Prob. 104ECh. 3 - Prob. 105ECh. 3 - Prob. 106ECh. 3 - Prob. 107ECh. 3 - Prob. 108ECh. 3 - Prob. 109ECh. 3 - Prob. 110ECh. 3 - Prob. 111ECh. 3 - Prob. 112ECh. 3 - Prob. 113ECh. 3 - Prob. 114ECh. 3 - Prob. 115ECh. 3 - Prob. 116ECh. 3 - Prob. 117ECh. 3 - Prob. 118ECh. 3 - Prob. 119ECh. 3 - Prob. 120ECh. 3 - Prob. 121ECh. 3 - Prob. 122E
Knowledge Booster
Similar questions
- A restaurant manager classifies customers as regular, occasional, or new, and finds that of all customers 50%, 40%, and 10%, respectively, fall into these categories. The manager found that wine was ordered by 70% of the regular customers, by 50% of the occasional customers, and by 30% of the new customers.a. What is the probability that a randomly chosen customer orders wine?b. If wine is ordered, what is the probability that the person ordering is a regular customer?c. If wine is ordered, what is the probability that the person ordering is an occasional customer?arrow_forwardA class consists of 17 women and 65 men. If a student is randomly selected, what is the probability that the student is a woman?arrow_forwardYour employer, an insurance company, would like to offer theft insurance for renters. The policy would pay the full replacement value of any items that were stolen from the apartment. Some apartments have security alarms installed. Such systems detect a break-in and ring an alarm within the apartment. The insurance company estimates that the probability of a theft in a year is .05 if there is no security system and .01 if there is a security system (there cannot be more than one theft in any year). An apartment with a security system costs the renter an additional $50 per year. Assume that: the dollar loss from a theft is $10,000, the insurance company is risk neutral, and the renter would be willing to pay more than the expected loss to insure against the loss of theft. What is the insurance company's break-even price for a one-year theft insurance policy for an apartment without a security system? Does a renter have an incentive to pay for a security system if he…arrow_forward
- Your employer, an insurance company, would like to offer theft insurance for renters. The policy would pay the full replacement value of any items that were stolen from the apartment. Some apartments have security alarms installed. Such systems detect a break-in and ring an alarm within the apartment. The insurance company estimates that the probability of a theft in a year is .05 if there is no security system and .01 if there is a security system (there cannot be more than one theft in any year). An apartment with a security system costs the renter an additional $50 per year. Assume that: the dollar loss from a theft is $10,000, the insurance company is risk neutral, and the renter would be willing to pay more than the expected loss to insure against the loss of theft. What is the insurance company's break-even price for a one-year theft insurance policy for an apartment without a security system? Does a renter have an incentive to pay for a security system if he…arrow_forwardYour production line has an automatic scanner to detect defects. In recent production, 2% of items have been defective. Given that an item is defective, the scanner has a 90% chance of identifying it as defective. Of the nondirective items, the scanner has a 90% chance of identifying it correctly as nondirective. Given that the scanner identifies a part as defective, find the conditional probability that the part is truly defective.arrow_forwardA software developer makes 175 phone calls to its current customers. There is an 8 percent chance of reaching a given customer (instead of a busy signal, no answer, or answering machine). The normal approximation of the probability of reaching at least 20 customers is Multiple Choice .022 .007 .063 .937arrow_forward
- Please do not give solution in image format thanku Two Manufacturers supply food to a large cafeteria. Manufacturer A supplies 40% of the soup served in the cafeteria, while Manufacturer B supplies 60% of the soup that is served. 3% of the soup cans provided by Manufacturer A are found to be dented, while 1% of the cans provided by Manufacturer B are found to be dented. Given that a can of soup is dented, find the probability that it came from Manufacturer B.arrow_forwardIf the heights of women are normally distributed with a mean of 64 inches and a standard deviation of 1 inch, the probability of randomly selecting a woman smaller than 62.5 inches isarrow_forwardA company invests on selling computer units worth Php 32,000.00. The probability of maintaining this price throughout the year is 65% while that of less or more than 10% expected are 15% and 20%, (a) what is the probability that the selling price for that year is more than the expected price?arrow_forward
- A university knows from historical data that 25% of students in an introductory statistics class withdraw before completing the class. Assume that 16 students have registered for the course. What is the probability that exactly 2 will withdraw?arrow_forwardA property owner is faced with a choice of: A large-scale investment to improve her flats. This could produce a substantial pay-off in terms of increased revenue net of costs but will require an investment of 1.4 million pesos. After extensive market research it is considered that there is a 40% chance that a pay-off of 2.5million will be obtained, but there is a 60% chance that it will be only 800,000 pesos. A smaller scale project to re-decorate her premises. At 500,000 pesos this is less costly but will produce a lower pay-off. Research data suggests a 30% chance of a gain of one million pesos but a 70% chance of being only 500,000 pesos. Continuing the present operation without change. It will cost nothing but neither will it produce any pay-off. Clients will be unhappy and it will become harder to rent the flats out when they become free. What is the best alternative? Use decision tree analysis.arrow_forwardHalsen, a marketing manager at Business X, has determined four possible strategies (X1, X2, X3, and X4) for promoting the Product X in London. She also knows that major competitor Product Y has 4 competitive actions (Y1, Y2, Y3 and Y4) it’s using to promote its product in London, too. Ms. Halsen has no previous knowledge that would allow her to determine probabilities of success of any of the four strategies. She formulates the matrix below to show the various Business X strategies and the resulting profit, depending on the competitive action used by Business Y. Determine which strategy Ms. Halsen should select using. Maximax, maximin or minimax regret? Business X Strategy Business Y Strategy Y1 Y2 Y3 Y4 X1 25 57 21 26 X2 17 29 20 34 X3 47 31 32 37 X4 35 27 30 35arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you