2 Garage saleYou're clearing out your garage for a garage sale, and you want to get rid of as much stuff aspossible quickly. You found a dresser and decided to sell it to the first person offering $220 ormore. Assume offers to buy the dresser are independent exponential random variables with amean of $150. The price is firm, and you keep taking offers until you receive one that is at least$220.a. What's the probability that any single offer is too low?b. What's the expected number of rejected offers until a sale? Leave your answer in terms of p,your response from part (a).c. Given you only accept offers above $220, how much money do you expect to get for yourdresser? Leave your answer in terms of p, your response from part (a). There should be norandom variables, integrals, or expectations in your final answer.

Let us assume a random variable X represents the amount of money offered by an individual for the…

Answered: 2 Garage sale You're clearing out your…

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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t K An investment counselor calls with a hot stock tip. He believes that if the economy remains strong, the investment will result in a profit of $40,000. If the economy grows at a moderate pace, the investment will result in a profit of $20,000. However, if the economy goes into recession, the investment will result in a loss of $40,000. You contact an economist who believes there is a 30% probability the economy will remain strong, a 60% probability the economy will grow at a moderate pace, and a 10% probability the economy will slip into recession. What is the expected profit from this investment? The expected profit is $. (Type an integer or a decimal.)
Grade Level Favorite Pet Bird cat dog 7th Grade 6 16 39 5 8th Grade 4 21 44 3 Fish The table contains data on two categorical variables recorded from a sample of 138 students. Each student was asked their grade level and their favorite animal to keep as a pet. What is the probability a randomly chosen student is in the 8th grade andprefers a cat as a pet? Round to the nearest whole percent. 28% 6% 2% 15%
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Q4 The winners of a provincial scholarship, as a condition of the scholarship, had to attend one of three provincial universities. Of those students on the scholarship, 40% attended Concordia, 40% attended McGill, and 20% attended Bishop’s. The probability that a scholarship student attending Concordia subsequently becoming rich is 0.4, attending McGill is 0.35, and attending Bishop’s is 0.2. If you meet one of these former scholarship students and learn they are rich, what is the probability that they attended Concordia?
Question The chart below shows the number of endangered and threatened species both here in United States and abroad. Endangered Threatened United States Foreign United States Foreign Mammals 68 251 10 20 Birds 77 175 6 Reptiles Amphibians Choose one species at random. Find the probability that it is: i. Endangered and in United States ii. A threatened Foreign Bird ii. A mammal or threatened foreign Species 14 64 22 16 11 8 10 7
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Suppose that about 23% of ice cream sales are vanilla and that about 11% of ice cream salesare chocolate. A customer who buys ice cream is not limited to one container or one flavor.What is the probability that someone who is buying ice cream will buy chocolate or vanilla?[Hint: Use the probability of success.] Group of answer choices 0.110 0.315 0.365 0.340 0.230
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36% of U.S. adults say they are more likely to make purchases during a sales tax holiday. You randomly select 10 adults. Find the probability that the number of adults who say they are more likely to make purchases during a sales tax holiday is (a) exactly two, (b) more than two, and (c) between two and five, inclusive.

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