Define a random variable X which is equal to the number of heads occurring on the two coin tosses. Create a probability distribution table showing the possible values of X and the probability of getting each of those values. Explain why your probability distribution is valid (remember there are two conditions). Don't remember? See Module 6.50 introductory notes.

Suppose the market for auto insurance is made of up two types of buyers: high-risk and low-risk. Buyers’ willingness to pay (WTP) for auto insurance plans, and sellers’ willingness to accept (WTA) when selling plans to each type of buyer, are outlined in a photo    Assume now that there is asymmetric information and that insurance companies do not knowhow risky an individual buyer is. In the face of this uncertainty, they determine that the probability that a “walk-in” is high-risk is 0.75.   What is the minimum price sellers are willing to accept when selling aninsurance plan? At this price, will low- and high-risk buyers both be willing to purchase this insurance plan? Explain. Be sure the mention adverse selection in your answer.   Returning to the conditions outlined in Q1, suppose that buyers of auto insurance (high- and low-risk) were offered a $1,000 subsidy to purchase coverage. This would raise their WTP by $1,000. Would the market for both insurance plans clear after the…

When a pair of dice is tossed, the results may be any whole number from 2 through 12. In the game of craps one can win by tossing either a 7 or an 11 on the first roll. What is the probability of doing this?

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A lottery has a grand prize of $1,000,000, 2 runner-up prizes of $100,000 each, 6 third-place prizes of $10,000 each, and 19 consolation prizes of $1,000 each. If a 4 million tickets are sold for $1 each, and the probability of any ticket winning is the same as that of any other winning, find the expected return on a $1 ticket. (Round your answer to 2 decimal places.

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10. Calculate a joint probability given data: -Sample of 9000 firms. 6000 have CEO with Bachelor's degree, 2300 have CEO with Master's Degree, 700 have CEO with Ph. D. Find probability that a randomly selected CEO has a Bachelor's Degree or a Ph. D.

that the and 2. A survey of health care found out that out of five sex workers say he/she has visited a doctor in a given month. If ten (10) sex workers are selected at random, find the probability exactly three 3 will have visited a doctor last month. 3. Ministry of Education marked research found that 40% of Liberians do not living a better life. If a

The owner of Tastee Cookies needs to decide whether to lease a small, medium, or large new retail outlet. She estimates that monthly profits will vary with demand for her cookies as follows:  SIZE OFOUTLET DEMAND LOW HIGH Small $ 1,000     1,000   Medium   500     2,500   Large   0     3,000      For what range of probability that demand will be high, will she decide to lease the medium facility?

According to a recent Wall Street Journal article, about 2% of new US car sales are electric vehicles (data from Edison Electric Institute reported by Jinjoo Lee, "Peak Oil? Not This Year. Or This Decade," January 9, 2021 pg. B12). Suppose a company has 111 employees who drive new cars (separately) to work each day. What is the probability that at least one of them will drive an electric car? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.