7. IndividualYou need to hire some new employees to staff your startup venture. You know that potential employees are distributed throughout the population asfollows, but you can't distinguish among them:Employee ValueProbability$30,0000.25$47,0000.25$64,0000.25$81,0000.25The expected value of hiring one employee isSuppose you set the salary of the position equal to the expected value of an employee. Assume that employees will not work for a salary below theiremployee value.The expected value of an employee who would apply for the position, at this salary, isGiven this adverse selection, your most reasonable salary offer (that ensures you do not lose money) is

Answered: 7. Indi You need to hire some new…

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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The following table lists the probability distributions of the winnings for one play of a game of chance. Winning $25 Probability 0 i 0.60 $1 0.25 $5 ? $10 0.05 0.01 What is the probability of winning no more than $5 in one play of this game?
Let X = {Email, In Person, Instant Message, Text Message}; P(Email) = 0.06 P(In Person) = 0.55 P(Instant Message) = 0.24 P(Text Message) = 0.15 Is this model a probability distribution? A. Yes. B. No. C. Maybe.
2. Statistical measures of stand-alone risk Remember, the expected value of a probability distribution is a statistical measure of the average (mean) value expected to occur during a possible circumstances. To compute an asset's expected return under a range of possible circumstances (or states of nature), multiply the anticipated return expected to result during each state of nature by its probability of occurrence. Consider the following case: Ethan owns a two-stock portfolio that invests in Happy Dog Soap Company (HDS) and Black Sheep Broadcasting (BSB). Three- quarters of Ethan's portfolio value consists of HDS's shares, and the balance consists of BSB's shares. Each stock's expected return for the next year will depend on forecasted market conditions. The expected returns from the stocks in different market conditions are detailed in the following table: Market Condition Probability of Occurrence Happy Dog Soap Black Sheep Broadcasting Strong 0.50 50% 70% Normal 0.25 30% 40% Weak…
A used-car dealer gets complaints about his cars as shown in the table. Number of complaints per day Probability 0 1 2 0.01 0.04 0.2 4 5 6 0.3 0.11 0.09 Find the expected number of complaints per day. The expected number of complaints per day is (Do not round your answer.) 3 0.25
Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $9. If you roll a 3, 4 or 5, you win $2. Otherwise, you pay $3.a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. Round to 4 decimal places where appropriate. Probability Distribution Table X P(X) b. Find the expected profit. $ (Round to the nearest cent)c. Interpret the expected value. You will win this much if you play a game. If you play many games, on average, you will likely win, or lose if negative, close to this amount. This is the most likely amount of money you will win. d. Based on the expected value, should you play this game? No, this is a gambling game and it is always a bad idea to gamble. Yes, because you can win $9.00 which is greater than the $3.00 that you can lose. No, since the expected value is negative, you would be very likely to come home with less money if you played many games. Yes,…
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Hi question and graph attached. Thankyou!
A used-car dealer gets complaints about his cars as shown in the table. Number of complaints per day 0 1 2 3 4 5 6 > Probability 0.02 0.07 0.12 0.2 0.39 0.13 0.07 Find the expected number of complaints per day. Aww. The expected number of complaints per day is (Type an integer or a decimal. Do not round your answer.)
Below is a partially complete probability model. Enter the probability for the final outcome. Outcome 3 3 3.5 6 Probability 0.35 0.2 0.15 Find the expected value of the probability model. Speak
ASAP Please help me ASAP within an hour A random student will be selected from the College of Engineering. The number of male (B) and female (G) students in each department are as follows: For Civil Engineering (C) it is 43 and 15 respectively; for Electronics and Electrical engineering (E), it is 32 and 19 respectively; and for Mechanical Engineering (M), it’s 23 and 8 respectively. A. What is the probability that the student is female given that she is not an ME student? B. What is the probability that the student is male ME student or an EE student? C. What is the probability that the student is either a female or a CE student?
A used-car dealer gets complaints about his cars as shown in the table. Number of complaints per day 0 1 2 Probability 3 4 5 6 0.02 0.06 0.17 0.25 0.3 0.11 0.09 Find the expected number of complaints per day. The expected number of complaints per day is (Do not round your answer.)

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