3. The percent of people who will attend an event and not cancel their reservation has a probability density function given by f(x) = 3 ar³ (1-1). 0 ≤ I ≤ 1, 0, otherwise. Determine the value of the constant, a.
3. The percent of people who will attend an event and not cancel their reservation has a probability density function given by f(x) = 3 ar³ (1-1). 0 ≤ I ≤ 1, 0, otherwise. Determine the value of the constant, a.
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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Transcribed Image Text:3. The percent of people who will attend an event and not cancel their reservation has a
probability density function given by
(a)
f(x) = {or
Determine the value of the constant, a.
ar³ (1-1), 0≤ I ≤ 1,
otherwise.
(b)
The cost of a ticket is $100, and anybody who cancels their reservation will
receive a full refund. The total cost of hosting the event will be $10,000. What is the
minimum number of tickets that should be sold so that the expected profit is $12,000.
(c)
Suppose the number of tickets sold is the same as in your previous answer.
What would be the variance in the profit?
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