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1. The average annual wheat prices in your region for the past ten years have been as follows: Year 2 $3.51 Year 1 Year 3 Year 4 Year 8 $6.54 Year 5 Year 6 Year 7 Year 9 Year 10 $3.63 $3.70 $4.48 $7.16 $7.39 $5.26 $8.38 $8.27 In the graph below, draw a cumulative probability distribution function (CDF) for the price of wheat using this data. Assume that each price is equally likely. 1.00 0.90 0.80 0.70 0.60 0.50 0.40 0.30 0.20 0.10 0.00 $3.00 $4.00 $5.00 $6.00 $7.00 $8.00 $9.00 According to the CDF you have built, the probability that the average price of wheat will be $6.00 or less Is about:

1. The average annual wheat prices in your region for the past ten years have been as follows: Year 2 $3.51 Year 1 Year 3 Year 4 Year 8 $6.54 Year 5 Year 6 Year 7 Year 9 Year 10 $3.63 $3.70 $4.48 $7.16 $7.39 $5.26 $8.38 $8.27 In the graph below, draw a cumulative probability distribution function (CDF) for the price of wheat using this data. Assume that each price is equally likely. 1.00 0.90 0.80 0.70 0.60 0.50 0.40 0.30 0.20 0.10 0.00 $3.00 $4.00 $5.00 $6.00 $7.00 $8.00 $9.00 According to the CDF you have built, the probability that the average price of wheat will be $6.00 or less Is about:

A First Course in Probability (10th Edition)
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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Assignment Questions 1. The average annual wheat prices in your region for the past ten years have been as follows: Year 3 $3.70 Year 1 Year 5 $7.16 Year 2 Year 4 Year 6 Year 7 $5.26 Year 8 $6.54 Year 9 Year 10 $3.63 $3.51 $4.48 $7.39 $8.38 $8.27 In the graph below, draw a cumulative probability distribution function (CDF) for the price of wheat using this data. Assume that each price is equally likely. 1.00 0.90 0.80 0.70 0.60 0.50 0,40 0.30 0.20 0.10 0.00 $3.00 $4.00 $5.00 $6.00 $7.00 $8.00 $9.00 According to the CDF you have built, the probability that the average price of wheat will be $6.00 or less Is about:
Transcribed Image Text:Assignment Questions 1. The average annual wheat prices in your region for the past ten years have been as follows: Year 3 $3.70 Year 1 Year 5 $7.16 Year 2 Year 4 Year 6 Year 7 $5.26 Year 8 $6.54 Year 9 Year 10 $3.63 $3.51 $4.48 $7.39 $8.38 $8.27 In the graph below, draw a cumulative probability distribution function (CDF) for the price of wheat using this data. Assume that each price is equally likely. 1.00 0.90 0.80 0.70 0.60 0.50 0,40 0.30 0.20 0.10 0.00 $3.00 $4.00 $5.00 $6.00 $7.00 $8.00 $9.00 According to the CDF you have built, the probability that the average price of wheat will be $6.00 or less Is about:
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