65. A large operator of timeshare complexes requires any-one interested in making a purchase to first visit thesite of interest. Historical data indicates that 20% of allpotential purchasers select a day visit, 50% choose aone-night visit, and 30% opt for a two-night visit. Inaddition, 10% of day visitors ultimately make a pur-chase, 30% of one-night visitors buy a unit, and 20%of those visiting for two nights decide to buy. Supposea visitor is randomly selected and is found to havemade a purchase. How likely is it that this person madea day visit? A one-night visit? A two-night visit?Ancue

Given Information: 20% of all potential purchasers select a day visit. 50% choose a one-night visit.…

Answered: 65. A large operator of timeshare…

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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Many investors and financial analysts believe the Dow Jones Industrial Average (DJIA) gives a good barometer of the overall stock market. On January 31, 2006, 9 of the 30 stocks making up the DJIA increased in price (The Wall Street Journal, February 1, 2006). On the basis of this fact, a financial analyst claims we can assume that 30% of the stocks traded on the New York Stock Exchange (NYSE) went up the same day.A sample of 60 stocks traded on the NYSE that day showed that 24 went up.You are conducting a study to see if the proportion of stocks that went up is significantly more than 0.3. You use a significance level of α=0.001α=0.001.What is the test statistic for this sample? (Report answer accurate to three decimal places.)test statistic = What is the p-value for this sample? (Report answer accurate to four decimal places.)p-value =
A salon owner estimates the number of clients she is expecting during the festive season to be 20% during Monday to Wednesday, 20% on Thursday and 60% over the weekend. She therefore hires additional staff to assist during the weekend to meet the client demand. She however only observes 30% during Monday to Wednesday, 20% on Thursday and 50% over the weekend in the first week of December. The salon owner is uncertain whether she should reduce the planned staff for the December festive period due the observed trend or not. She conducts a statistical test at α = 0.05 to determine if the observed trend fits the expected trend. Which of the following statements is true? A. The conclusion of the test is that she should not keep the additional staff for the weekend. B. The df for this test is 3. C. The p-value is greater than α. D. The null hypothesis is that the observed trend is different to the expected trend. E. The test statistic is χ2 = 5.33.
Many investors and financial analysts believe the Dow Jones Industrial Average (DJIA) gives a good barometer of the overall stock market. On January 31, 2006, 9 of the 30 stocks making up the DJIA increased in price (The Wall Street Journal, February 1, 2006). On the basis of this fact, a financial analyst claims we can assume that 30% of the stocks traded on the New York Stock Exchange (NYSE) went up the same day.A sample of 80 stocks traded on the NYSE that day showed that 11 went up.You are conducting a study to see if the proportion of stocks that went up is is significantly less than 0.3. You use a significance level of α=0.02α=0.02.What is the test statistic for this sample? (Report answer accurate to three decimal places.)test statistic = What is the p-value for this sample? (Report answer accurate to four decimal places.)p-value = The p-value is... less than (or equal to) αα greater than αα This test statistic leads to a decision to... reject the null accept the null fail…
Many investors and financial analysts believe the Dow Jones Industrial Average (DJIA) gives a good barometer of the overall stock market. On January 31, 2006, 9 of the 30 stocks making up the DJIA increased in price (The Wall Street Journal, February 1, 2006). On the basis of this fact, a financial analyst claims we can assume that 30% of the stocks traded on the New York Stock Exchange (NYSE) went up the same day. A sample of 72 stocks traded on the NYSE that day showed that 12 went up. You are conducting a study to see if the proportion of stocks that went up is significantly less than 0.3. You use a significance level of a = 0.005. What is the test statistic for this sample? (Report answer accurate to three decimal places.) test statistic = What is the p-value for this sample? (Report answer accurate to four decimal places.) p-value = The p-value is... O less than (or equal to) a O greater than a This test statistic leads to a decision to... O reject the null O accept the null O…
Many investors and financial analysts believe the Dow Jones Industrial Average (DJIA) gives a good barometer of the overall stock market. On January 31, 2006, 9 of the 30 stocks making up the DJIA increased in price (The Wall Street Journal, February 1, 2006). On the basis of this fact, a financial analyst claims we can assume that 30% of the stocks traded on the New York Stock Exchange (NYSE) went up the same day. A sample of 74 stocks traded on the NYSE that day showed that 11 went up. You are conducting a study to see if the proportion of stocks that went up is significantly less than 0.3. You use a significance level of a = 0.05. What is the test statistic for this sample? (Report answer accurate to three decimal places.) test statistic = What is the p-value for this sample? (Report answer accurate to four decimal places.) p-value = The p-value is... less than (or equal to) a O greater than a This test statistic leads to a decision to... O reject the null O accept the null O fail…
Many investors and financial analysts believe the Dow Jones Industrial Average (DJIA) gives a good barometer of the overall stock market. On January 31, 2006, 9 of the 30 stocks making up the DJIA increased in price (The Wall Street Journal, February 1, 2006). On the basis of this fact, a financial analyst claims we can assume that 30% of the stocks traded on the New York Stock Exchange (NYSE) went up the same day. A sample of 51 stocks traded on the NYSE that day showed that 22 went up. You are conducting a study to see if the proportion of stocks that went up is significantly more than 0.3. You use a significance level of a =0.05. = What is the test statistic for this sample? (Report answer accurate to three decimal places.) test statistic = What is the p-value for this sample? (Report answer accurate to four decimal places.) p-value = The p-value is... O less than (or equal to) a O greater than a This test statistic leads to a decision to... O reject the null O accept the null O…
Anita's, a fast-food chain specializing in hot dogs and garlic fries, keeps track of the proportion of its customers who decide to eat in the restaurant (as opposed to ordering the food "to go"), so it can make decisions regarding the possible construction of in-store play areas, the attendance of its mascot Sammy at the franchise locations, and so on. Anita's reports that 45% of its customers order their food to go. If this proportion is correct, what is the probability that, in a random sample of 5 customers at Anita's, exactly 3 order their food to go?
B. A manufacturing company is analyzing its accident record. The accidents fall into two categories: ➤Minor-dealt with by first aider: Average cost k50 ➤ Major-hospital required. Average cost k1,000 The company has 1,000 employees, of which 180 are office staff and the rest work in the factory. The analysis shows that 10% of employees have an accident each year and 20% of accidents are major. It is assumed that an employee has more than one accident in a year. (i) Determine the expected total cost of accidents in a year. On further analysis it is discovered that a member of office staff | half the probability of having an accident relative those in the factory. (ii) Show that the probability that a given a member of office staff has an accident in a year is 0.0549. (iii) Determine the probability that a randomly chosen employee who has had an accident is office staff.
B. A manufacturing company is analyzing its accident record. The accidents fall into two categories: ➤Minor-dealt with by first aider: Average cost k50 Major-hospital required. Average cost k1,000 The company has 1,000 employees, of which 180 are office staff and the rest work in the factory. The analysis shows that 10% of employees have an accident each year and 20% of accidents are major. It is assumed that an employee has more than one accident in a year. (i) Determine the expected total cost of accidents in a year. On further analysis it is discovered that a member of office staff has half the probability of having an accident relative those in the factory. (ii) Show that the probability that a given a member of office staff has an accident in a year is 0.0549. (iii) Determine the probability that a randomly chosen employee who has had an accident is office staff.
B. A manufacturing company is analyzing its accident record. The accidents fall into two categories: ➤Minor-dealt with by first aider: Average cost k50 ➤ Major-hospital required. Average cost k1,000 The company has 1,000 employees, of which 180 are office staff and the rest work in the factory. The analysis shows that 10% of employees have an accident each year and 20% of accidents are major. It is assumed that an employee has more than one accident in a year. (i) Determine the expected total cost of accidents in a year. On further analysis it is discovered that a member of office staff | half the probability of having an accident relative those in the factory. (ii) Show that the probability that a given a member of office staff has an accident in a year is 0.0549. (iii) Determine the probability that a randomly chosen employee who has had an accident is office staff.
A gerontologist investigating various aspects of aging process wanted to see whether staying “ lean and mean, “ that is, being under normal body inbred line to one of three diets: (1) unlimited access to food, (2) 90% of the amount of food that a rat of size would normally eat, or (3) 80% of amount of food that a rat of the size would normally eat. She maintained the rats on three diets throughout their lives and recorded their lifespans (in years). Five rates in each group. Is there evidence that diet affected life span in this study? Let α= 0.01 Complete the ANOVA table . Source of variation df SS MS Fc Treatment 2 1.575 Error 12 Total 14 5.60 A) Hypothesis Test H0: H1: B) Test Statistic C) Decision Rule d) Conclusion *(please with equations and explanation) and thamnk you
Three businesswomen are trying to convene in Cincinnati for a business meeting. The first women (Woman 1) is arriving on a flight from Atlanta, the second (Woman 2) is arriving on a flight from Dallas, and the third (Woman 3) is arriving on a flight from Chicago. Historical data suggests that the Atlanta flight is “on time” 90% of the time, the Dallas flight is “on time” 95% of the time, and the Chicago flight is “on time” 80% of the time. Furthermore, historical data suggests that the three flights are independent with respect to on time behavior. Define the sample space for this random experiment. Compute the probability for each of the outcomes in the sample space. Let W denote the number of business women that arrive on time. Construct the probability mass function of W Construct the cumulative distribution function of W Find the expected value of W Compute the standard deviation of W

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