In a given survey, people only choose Petroco or the National service station for their monthly purchase of petrol.The probability of choosing one or the other on the succeeding month is as follows:PetrocoNationalPetroco.70.30T =National [.20.80What is the steady-state probability of customers choosing Petroco in the long-run?

Answered: In a given survey, people only choose…

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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In a certain year, the percent of persons (ages five and older) in each state who speak a language at home other than English was approximately exponentially distributed with a mean of 9.352. Suppose we randomly pick a state. Find the probability that the percent is between 6 and 17. (Round your answer to four decimal places.)
Serial correlation, also known as autocorrelation, describes the extent to which the result in one period of a time series is related to the result in the next period. A time series with high serial correlation is said to be very predictable from one period to the next. If the serial correlation is low (or near zero), the time series is considered to be much less predictable. For more information about serial correlation, see the book Ibbotson SBBI published by Morningstar.A company that produces and markets video games wants to estimate the predictability of per capita consumer spending on video games in a particular country. For the most recent 7 years, the amount of annual spending per person per year is shown here. Original Time Series Year 1 2 3 4 5 6 7 $ per capita 32.27 34.06 37.83 43.32 44.62 49.67 51.83 (a) To construct a serial correlation, we use data pairs (x, y) where x = original data and y = original data shifted ahead by one time period. Construct the data…
Suppose that the time to failure (in hours) of fans in a personal computer can be modeled by an exponential distribution with 1 = 0.0003. What proportion of the fans will last at most 10,000 hours? What proportion of the fans will last at least 7000 hours? a. 0.0498, 0.1225 O b.0.9502, 0.1225 O c. 0.0498, 0.8775 O d. NONE
In deciding how many customer service representatives to hire and in planning their schedules, it is important for a firm marketing electronic typewriters to study repair times for the machines. Such a study revealed that repair times have approximately an exponential distribution with a mean of 42 minutes. Find the probability that a repair time will last less than 17 minutes.
Assume that the lifetime of a certain component has an exponential distribution with mean 5 (and that time is measured in years). a. What is the standard deviation of lifetimes? b. What is the probability that a component lasts longer than 10 years? c. What is the probability that a component will function for at least 10 years, given that it has already function for 3 years?
The time that a student spends on finding a certain book in library have an exponential distribution of 8 minutes. Find the following : A. Rate parameter B. standard deviation C. probability that the time spent in searching is less than 5 minutes D. 50th percentile E. Time spent that belongs to the highest 5%
1. ABC inc. stock is currently selling for $30, one year from today the stock price can either increase by 20% or decrease by 15%. The probability of an increase in the stock price is equal to 0.3. The one-year risk-free rate is 5% What is the value of a European put that expires in one year with an exercise price of $24. 2. Graphically, show the value and the profit and loss of the following butterfly position: Long in a call with an exercise price of $30, short in 2 calls with an exercise price of $45, and long in a call with an exercise price of 60. All calls are written on the same stock and have the same maturity. 3. "Early exercise of an American option on a stock that does not pay any dividend is not optimal regardless of whether the option is a Call or a Put". True, False, or Uncertain. Explain.
Previously, De Anza's statistics students estimated that the amount of change daytime statistics students carry is exponentially distributed with a mean of $0.88. Suppose that we randomly pick 25 daytime statistics students. Find the probability that an individual had between $0.80 and $1.00. Graph the situation, and shade in the area to be determined.
Snapchat has more than 200 million daily users sending over 3 billion snaps a day. Suppose that: The time X between snaps you received is governed by: Exponential distribution, u = 8 minutes
Cody took his first physics exam and scored an 80. The population mean for this exam is 70, and the standard deviation is 5. What is the probability of selecting a person with a score greater than Cody’s?
4a.) Draw the graphs. Round your final answers up to 6 decimal places, if applicable. Give the correct units.
Serial correlation, also known as autocorrelation, describes the extent to which the result in one period of a time series is related to the result in the next period. A time series with high serial correlation is said to be very predictable from one period to the next. If the serial correlation is low (or near zero), the time series is considered to be much less predictable. For more information about serial correlation, see the book Ibbotson SBBI published by Morningstar. A research veterinarian at a major university has developed a new vaccine to protect horses from West Nile virus. An important question is: How predictable is the buildup of antibodies in the horse's blood after the vaccination is given? A large random sample of horses were given the vaccination. The average antibody buildup factor (as determined from blood samples) was measured each week after the vaccination for 8 weeks. Results are shown in the following time series. Original Time Series Week Buildup Factor 2 3 4…

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