Assume you are a tele-marketer. Acme U will pay you $15 if a prospective student you solicited on the phone applies to Acme U. It costs you $2.40 for each call. a) What is the minimum threshold (i.e., minimum estimated probability that a student will apply to Acme U) for a prospective student to be selected for tele-marketing? Show your calculation. b) What will be your profit if a solicited student applies to Acme U? Show your calculation. c) What will be your loss if a solicited student does not apply to Acme U? d) What will your expected profit if you solicit a prospective student, who has a 75 probability of applying to Acme U?

Assume you are a tele-marketer. Acme U will pay you $15 if a prospective student you solicited on the phone applies to Acme U. It costs you $2.40 for each call. a) What is the minimum threshold (i.e., minimum estimated probability that a student will apply to Acme U) for a prospective student to be selected for tele-marketing? Show your calculation. b) What will be your profit if a solicited student applies to Acme U? Show your calculation. c) What will be your loss if a solicited student does not apply to Acme U? d) What will your expected profit if you solicit a prospective student, who has a 75 probability of applying to Acme U?

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

Classify each statement as an ability, empirical probability, or subjective probability. example of classical prob- Tho probobility tbot a nerson will vatch the 6 o'clock
(5 please answer the questions in a ABCD form THANK YOU FOR YOUR HELP!! (Please igonore number on screen)
5. S V16dy = %3D 6. S 2 Vēdc = %3D 7. S 3 27dx =
Develop a hypothesis statement. Predict how often a two-die total of six will occur if each person in a 100-person class rolls the dice 10 times (100 students * 10 = 1000 rolls (tosses)). Express your answer verbally (i.e. “I predict that …) as a percentage, and as a whole number.
4. The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $5 each and will sell 700 tickets. There is one $2,000 grand prize, three $400 second prizes, and twelve $40 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.
kindly solve complete
6. Suppose you roll a six-sided die once. The pay out is as follows. A 1, 3, or 5 pays $2.00. A 2 or 4 pays $3.00. A 6 pays nothing. What is the expected pay out?
It is the beginning of September and you have been offered the following deal to go heli-skiing. If you pick the first week in January and pay for your vacation now, you can get a week of heli-skiing for $2,900. However, if you cannot ski because the helicopters cannot fly due to bad weather, there is no snow, or you get sick, you do not get a refund. There is a 30% probability that you will not be able to ski. If you wait until the last minute and go only if you know that the conditions are perfect and you are well, the vacation will cost you $4,600. You estimate that the pleasure you get from heli-skiing is worth $6,700 per week to you (if you had to pay more than that, you would choose not to go). If your cost of capital is 11% per year, should you book ahead or wait? You should because the NPV of this choice is $ book ahead wait (Round to two decimal places.)
Professor Ramos will participate in the lottery that will be played by 500 participants he buys a ticket for 5 dollars.the lucky randomly selected winner will get 100 dollars as a prize what would Ramos expected winnings or losses be. Show your calculations and interpret your results
ogle.com/d/1NGOHXPHTvH8PLnxmRZFacGXUv00o4rY1EStn8YtOx41/viewer?f%=3 ch Media services/El.. EWhat's Going On in... G Bases housing U.S.. Digital Passport by.. hment 2 - 1.3 + 1.4 419 ackground Clear frame 1.3 2) How many 4 letter permutations can be formed from the letters in word rhombus? 3) A board of directors composed of eight people must select board officers. In how man president, vice president, and treasurer be selected from this 8-person board?
Given P(A) = 0.2, P(B) = 0.6 and P(A and B) = 0.08. Explain how you know events A and B cannot be mutually exclusive.