(3) At a construction project, the amount of material available for any day is variable and can bedescribed with the frequency diagram below. The amount of material used in a day's construction iseither 150 units or 250 units, with the probabilities 0.7 and 0.3(a) What is the probability of shortage of material in any day? Shortage occurs whenever the availablematerial is less than the amount needed for that day's construction.(b) If there is a shortage of material, what is the probability that there were fewer than 200 unitsavailable?0.6 %0.4%A = Amount Of MoterialAvailableA100150200250300Hint: the area of the histogram shows the probability, e.g., P(100

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Answered: (a) What is the probability of shortage…

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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Jim is a 60-year-old male in reasonably good health. He wants to take out a $50,000 term (that is, straight death benefit) life insurance policy until he is 65. The policy will expire on his 65th birthday. The probability of death in a given year is provided by the Vital Statistics Section of the Statistical Abstract of the United States (116th edition) X=age 60 61 62 63 64 P(death at this age) 0.01191 0.01292 0.01396 0.01503 0.011613 Jim is applying to Big Rock Insurance Company for his term insurance policy. What is the probability that Jim will die in his 60th year? Using this probability and the $50,000 death benefit, what is the expected cost to Big Rock Insurance? Repeat part (a) for years 61, 62, 63, and 64. What would be the total expected cost to Big Rock Insurance over the years 60 through 64? If Big Rock Insurance wants to make a profit of $700 above the expected total cost paid out for Jim’s death, how much should it charge for the policy?…
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(a) What is the probability of shortage of material in any day? Shortage occurs whenever the available material is less than the amount needed for that day's construction. (b) If there is a shortage of material, what is the probability that there were fewer than 200 units available?