If the probability distribution of the variable is X and the number of containers sold from this lot is x          f(x) 0         1/15 1         2/15 2        2/15 3        3/15 4        4/15 5         3/15 Calculate the expected utility.

Q: Suppose that an electronics store runs a promotion. At the cash register, each separate item is…

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Q: Rick Miller has just opened a new bakery in Frisco, Colorado, called Morning Fresh. In performing an…

A: Given, Marginal cost or loss for each dozen doughnuts sold=$4 The estimated marginal profit=$2.75…

Q: In a particular region, for families with a combined income of $48,000 or more, 17% have no…

A: Given that, in a particular region, for families with a combined income of $48,000 or more, 17% have…

Q: If you bet $1 on number 13 at roulette (or on any other number) then you win $35 if that number…

A: Poisson distribution are used to calculate the probability of an event occurring over a certain…

Q: 1 In the game of roulette, a player can place a $5 bet on the number 27 and have a probability of…

A: Given information- Probability of winning = 1/38 Probability of losing = 1 - 1/38 = 37/38 We have to…

Q: A doctor is seeking an anti-depressant for a newly diagnosed patient. Suppose that, of the available…

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Q: The expected value is $

A: Given : The player awarded for winning amount is $245 The probability that player winning the game…

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A: To apply Bayes' decision rule, we need to compare the expected assets after one year for two…

Q: As a fringe benefit, Dennis Taylor receives a $50,000 life insurance policy from his employer. The…

A: Given that  Dennis Taylor receives a $50,000 life insurance policy from his employer. And, the…

Q: In a certain California city, projections for the next year are that there is a 20% chance that they…

A: We have to find expected value.

Q: A doctor is seeking an anti-depressant for a newly diagnosed patient. Suppose that, of the available…

A: a. P[drug ineffective]= 1-P[drug effective]=1-0.36=0.64 Event that the patient will need to take 4…

Q: A man wishes to purchase a life insurance policy that will pay the beneficiary $25,000 in the event…

A: It is given that he will live another year is 0.92 and the amount of gain is 25,000.

Q: According to recent research, 34% of Americans have less than $450 in the bank for an emergency. Let…

A: Given n=91 P=0.34

Q: An insurance policy on an electrical device pays a benefit of $4800 if the device fails during the…

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Q: Miranda decided to buy a $50,000 term life insurance policy from Palmetto Insurance Company to cover…

A: To find the expected cost we will multiply the total amount by the corresponding probability. Age…

Q: In the game of​ roulette, a player can place a ​$6 bet on the number 30 and have a 138 probability…

A: Solution: Let  x is the gain to a player in a game of​ chance.  The possible values of x are -6 and…

Q: The Food Marketing Institute shows that 16% of households spend more than $100 per week on…

A: 1. The standard error for the proportion of households spending more than $100 per week on groceries…

Q: a) Determine the probability that the next charge will last less than 1.6 hours. b) Determine the…

A: It is given that the average time a fully charged​ 6-volt laptop battery will operate a computer is…

Q: An analyst estimates there is a probability of 18 percent that there will be a recession next year.…

A: Given,An analyst estimates there is a probability of 18 percent that there will be a recession next…

Q: The manufacturer of a fertilizer guarantees that, with the aid of the fertilizer, 65% of planted…

A: Given that manufacturer claim that 65% of the planted seeds will germinate  then probability of…

Q: Suppose a life insurance company sells a $120,000 one-year term life insurance policy to a…

A: Given P=0.999356 q=1-p     =1-0.999356     =0.000644

Q: Problem 10. Suppose the probability of a false positive result on a mammogram is 5% and that…

A: Let, P(F) =  probabity of failure         = probability of false positive result        = 0.05…

Q: n = 143 is the number of M&Ms in my bag and x =6 is my count for Green M&Ms. Suppose I reach into…

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Q: Events A and B are independent. Find the indicated ProbabilityP(A) = 0.02P(B) = 0.27P(A and B) =

A: Given data A and B are independent P(A) = 0.02 P(B) = 0.27 P(A and B) =P(A) x P(B) =  0.02 x 0.27…

Q: Two fair dice are rolled. Find the joint probability distribution of Y1 and Y2, where Y1 is the…

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Q: Suppose a person is looking for a one-year life insurance policy. They decide on a $232994 policy.…

A: Probability of dying =0.0006Probability of not dying = 1-0.0006 =0.9994Net profit to company if…