6. A discount car rental business rents out cars for K20 a day and has an arrangement with a leasing company to purchase used cars at K6 000 each. The cars receive only needed maintenance and as a result are worth only K2 000 at the end of the first year of operation after which they are all sold and new ones bought. Average number of cars rented per day 20 21 22 23 Probability .10 .20 .50 .20 It costs the car rental business K1.50 per car rental for minimal maintenance and cleaning. i. How many cars should he purchase every year to maximise profits? What is the expected value of perfect information? ii.

6. A discount car rental business rents out cars for K20 a day and has an arrangement with a leasing company to purchase used cars at K6 000 each. The cars receive only needed maintenance and as a result are worth only K2 000 at the end of the first year of operation after which they are all sold and new ones bought. Average number of cars rented per day 20 21 22 23 Probability .10 .20 .50 .20 It costs the car rental business K1.50 per car rental for minimal maintenance and cleaning. i. How many cars should he purchase every year to maximise profits? What is the expected value of perfect information? ii.

Name: 6. A discount car rental business rents out cars for K20 a day and ha
Uploaded: 2024-03-20T07:06:41.000Z
Channel: Bartleby
Description: 6. A discount car rental business rents out cars for K20 a day and has anarrangement with a leasing company to purchase used cars at K6 000 each. Thecars receive only needed maintenance and as a result are worth only K2 000 at theend of the first ye

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...

See similar textbooks

Similar questions

3a. The Home Shine factory produces light bulbs, 7% of which are found to be defective. Write down the probability that a light bulb produced by Home Shine is not defective. 3b. Francesco buys two light bulbs produced by Home Shine. Find the probability that both light bulbs are not defective. 3c. Find the probability that at least one of Francesco's light bulbs is defective. Plz solve all parts. Only handwritten answer with clear clear handwriting I'll upvote your answer 3d. The Bright Light factory also produces light bulbs. The probability that a light bulb produced by Bright Light is not defective is a. Deborah buys three light bulbs produced by Bright Light. Write down an expression, in terms of a, for the probability that at least one of Deborah's three light bulbs is defective.
To generate leads for new business, Gustin Investment Services offers free financial planning seminars at major hotels in Southwest Florida. Gustin conducts seminars for groups of 25 individuals. Each seminar costs Gustin $3,400, and the commission for each new account opened is $4,900. Gustin estimates that for each individual attending the seminar, there is a 0.01 probability that he/she will open a new account. Determine the equation for computing Gustin's profit per seminar, given static values of the relevant parameters. Profit =(New accounts opened x _______)-_________ Construct a simulation model to analyze the profitability of Gustin's seminars. Would you recommend that Gustin continue running the seminars? (Use at least 1,000 trials. Round your answer to two decimal places.) What is the minimum number of attendees (in a multiple of five, i.e., 25, 30, 35, …) that Gustin needs before a seminar's average profit is greater than zero? =______ attendees
ANSWER COMPLETELY FOR UPVOTE
solve with steps Three different machines A1, A2, A3 were used for the producing a large batch of similar manufactured items. Suppose that 10% of items are produced by machine A1, 20% by A2 and 40% by A3. Suppose further that 1%of the items produced by A1, 2% by A2 and 3% by A3 machine are defective. Suppose one item is selected from the entire batch and it is found to be defective. Calculate the probability that this item was produced bymachine A2
45. Minutes. I already bought bartlet I hope u can help me to answer this activity of mine.GO GO GO. 1 Probability and Statistics> Probability
1.1.3 If 60% of the population of the US need to have their vision corrected, we say that the probability that an individual chosen at random from the population needs vision correction is P(C)=.60. a. Estimate the probability that an individual chosen at random does not need vision correction. b. If 3 people are chosen at random from the population, what is the probability that all 3 need correction? c. If 3 people are chosen at random from the population, what is the probability that the second person does not need correction but the first and third do? d. If 3 people are chosen at random from the population, what is the probability that 1 out of 3 needs correction?
Q1. Some couples planning a new family would prefer at least one child of each sex. The probability that a couple’s first child is a boy is 0.512. In the absence of technological intervention, the probability that their second child is a boy is independent of the sex of their first child, and so remains 0.512. Imagine that you are helping a new couple with their planning. If the couple plans to have only two children: What is the probability that at least one girl is born?