1. The following probability distribution represents the number of people living in a Household (X), and the probability of occurrence (P(X). Compute the Expected Value (mean), the Variance and the Standard Deviation for this random variable. Show Your Calculations for the Mean. X 1 2 3 4 5 P(X) 33 29 27 07 .04 2. Use the binomial formula to compute the probability of a student getting 8 correct answers on a 10 question Quiz, if the probability of answering any one question correctly is 0.64. SHOW YOUR WORK 3. Submit your answers to the following binomial questions. You may use the appendix table BE2 to answer parts (a) and (b). According to a government study, 20%of all children live in a household that has an income below the poverty level. If a random sample of 15 children is selected: a) what is the probability that 6 or more live in poverty? b) what is the probability that 5 live in poverty? c) what is the expected number (mean) that live in poverty?

1. The following probability distribution represents the number of people living in a Household (X), and the probability of occurrence (P(X). Compute the Expected Value (mean), the Variance and the Standard Deviation for this random variable. Show Your Calculations for the Mean. X 1 2 3 4 5 P(X) 33 29 27 07 .04 2. Use the binomial formula to compute the probability of a student getting 8 correct answers on a 10 question Quiz, if the probability of answering any one question correctly is 0.64. SHOW YOUR WORK 3. Submit your answers to the following binomial questions. You may use the appendix table BE2 to answer parts (a) and (b). According to a government study, 20%of all children live in a household that has an income below the poverty level. If a random sample of 15 children is selected: a) what is the probability that 6 or more live in poverty? b) what is the probability that 5 live in poverty? c) what is the expected number (mean) that live in poverty?

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter17: Making Decisions With Uncertainty

Section: Chapter Questions

Problem 7MC

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