17. A firm plans to bid Rs. 300 per kg. for a contract to supply 1,000 kg. ofametal. It has two competitors A and B and it assumes that the probability that A will bidless than Rs. 300 per kg. is 0.3 and that B will bid less than Rs. 300 per kg. is 0.7, If thelowest bidder gets all the business and the firms bid independently, what is the expectedvalue of the contract to the firm?n3 aerallAll

Answered: Image /qna-images/answer/bf46c433-ad66-4f92-aa38-ec0472989f78.jpg

Answered: 17. A firm plans to bid Rs. 300 per kg.…

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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2. Accidentally a Scientist discovered "Sesame" during his research and he observed that 12.0 quintals per acre yield can be expected by sowing the seeds. To verify his expectation, he put request to 10 farmers who are nearby his research center and they agreed. Seeds were sowed and the yield came after few months. The yields (quintals/acre) were recorded as 14.3, 12.6, 13.7, 10.9, 13.7, 12.0, 11.4, 12.0, 12.6, 13.1. Do the results confirm the expectation with 95% confidence?
A local fan club plans to invest 19,429 to host a soccer game. The total revenue from the sale of tickets is expected to worth 70,182. But if it rains on the day of the game, they won't be able to sell any tickets, and the club will lose all the money invested. If the weather forecast for the day of the game is with 15 chance of rain, calculate to see if there is going to be an expected profit or an expected loss. Note: Please avoid rounding numbers in the middle of your calculations.
5. The probability that a regularly scheduled flight departs on time is P(D) = 0.81; the probability that it arrives on time is P(A) = 0.85; and probability that it departs and arrives on time is P(DNA) = 0.75. Find the probability that a plane i) Departed on time, given it has arrived on time. ii) Arrives on time , given that it departed on time iii) Departed on time, given has not arrived on time.
37. A light is shown for a continuous interval of ten minutes in an hour. An observer watches the light for a continuous interval of five minutes randomly chosen within that hour. Calculate the probability that he will see the light for same part of its showing.
Suppose you are told that among Atlantic salmons, the proportion of salmons suffering from a viral infection is 0.085. If you collect a sample 250 Atlantic salmons, what is the chance that the proportion of salmons in your sample suffering from a viral infection will be less than 0.9? Would you expect the probability of the event in (1) to be higher or lower if you had a sample of 500 salmons instead? Justify.
3. Suppose Chelsea has the following utility function over sure wealth: v (y) = In y (a) Consider the lottery that yields the outcome $2 with probability and the outcome $8 with probability . What is Chelsea's certainty equivalent for this lottery? 2 3* (b) For the lottery in (b), how much would Chelsea pay to have her risk taken away? (c) What is Chelsea's probability premium at $25 for a lottery that could swing her wealth $20 up or down? What about $15 up or down?
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48. A Statistics 181/1P1 term test had 50 multiple-choice questions, each with four possible answers, only one of which was correct. Suppose that one of the students who wrote the test answered each of the questions with an independent random guess. Determine an approximate probability that they answered at least 20 questions correctly if they could eliminate two wrong answers for each question and randomly chosen among the remaining answers? (a) 0.9406. (b) 0.5881. (c) 0.1077. (d) 0.0594. 49. The administrators for a hospital wished to estimate the average number of days required for treatment of patients between the ages of 22 and 33. A random sample of 800 hospital patients between these ages produced a mean and standard deviation equal to 6.1 and 2.2 days, respectively. A 98% CI is given by [5.9191; 6.2808]. Interpret this interval. (a) The true average number of days required for treatment of patients between the ages of 22 and 33 is in this interval with 98% confidence. (b) With…
A ice-Cream seller has to for more StDIce for the Banic 'Holiday weekend. He estima ted that If the wearther is Sunny, heihas 9o% Chance of Seling all his Stucles, IF the weather 15 Cloudy, he has 60% Chance and 1f.the wether is It he has only 20% According to the woatter rainy ferecast, the probabiuty of SunShine 30%, the pob. of CEoub 1s 45% andl the Prob. of rain Is 28%. what is the probobility -Ihect The sailman gell all his stocc.
Answer the following questions accordingly. Take your time. Thanks in advance!
An urn has 20 black and 20 white balls. We randomly remove balls, one at a time until the balls in the bag have the same colors to each other (or there is only 1 ball left in the bag). Please calculate the expectation of the number of balls left in the bag eventually. Find your numerical answer with error less than 1. (Calculator is allowed).

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