In Learning Activity 4.1, we said that a game is called fair when the expected value is 0. Howmuch should the following game cost if it is supposed to be fair? Be sure to show all the work,including a probability distribution table. Would this game be fun to play?The bag contains two red marbles, three black marbles, and six yellow marbles. A player drawstwo marbles from the bag without replacement. If they are the same color, the player wins $10. Ifthey are different colors, the player wins $20 per red marble, plus $10 per black marble, plus $5per yellow marble.

Given that a bag contains two red marbles, three black marbles, and six yellow marbles and a player…

Answered: In Learning Activity 4.1, we said that…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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To the Internal Revenue Service (IRS), the reasonableness of total itemized deductions depends on the taxpayer's adjusted gross income. Large deductions, which include charity and medical deductions, are more reasonable for taxpayers with larg given level of income, the chances of an IRS audit are increased. Data (in thousands of dollars) on adjusted gross income and the average or reasonable amount of itemized deductions follow. Adjusted Gross Income Itemized Deductions ($1,000s) 22 ($1,000) 9.6 27 9.6 32 10.1 48 11.1 65 13.5 85 120 15.7 25.5 (a) Develop a scatter diagram for these data with adjusted gross income as the independent variable. 30 25 20 15 10 5 30 25 20 15 10 5+ 30 25- 20- 15- 10- .. 5- 0 20 40 60 80 100 120 140 Adjusted Gross Income ($1,000s) 0 20 40 60 80 100 120 140 0 Adjusted Gross Income ($1,000s) 20 40 60 80 100 120 140 Adjusted Gross Income ($1,000s) 30 25 20 15 10 5- 0 20 40 60 80 100 Adjusted Gross Income ($1,000s) 120 140 G (b) Use the least squares method to…
Suppose there is a game where you throw a marble and, if it lands in a circle on the ground, it is counted as a success. Suppose that the probability of you throwing a marble and landing in a circle on the ground is 35%. What is the probability of playing 6 rounds and landing in a circle on the ground 3 times? a. 18% b. None of these c. 24% d. 65% e. 35%
Your car is making a funny noise. You believe that the problem is either with the wheel or the axle, and you believe the probability is 0.3 that the wheel needs to be replaced, and 0.7 that the axle needs to be replaced. You need to decide whether to replace the wheel or the axle first. The cost of each alternative is given in the following table (if you decided to replace the wrong part first, you have to replace both of them). The Wheel is broken p = 0.3 The Axle is broken p = 0.7 Replace Wheel First Replace Axle First 600 1500 1500 900 a) Find the EV of each decision alternative. Which part should you replace first? b) What is the EVPI?
Use this spinner game to answer questions 1 - 3. It costs $10 to play this game. The pointer is on blue. Probability Pay out Amount +1 $0 $8 $5 $15 $20 $18 Number of sectors: 6 Blue 20.00% -1 Pink 15.00% Number of spins: 1 Gray 30.00% Orange 10.00% Number of spins so far: 0 Green 12.00% Red 13.00% What would the owners expected profit or loss be from this game? Give your answer with a dollar sign and include a negative sign out front if needed. Do not round.
An experiment is rolling two fair dice. What is the probability that the sum is 6?
Ponderosa Paint and Glass carries three brands of paint. A customer wants to buy another gallon of paint to match paint she purchased at the store previously. She can’t recall the brand name and does not wish to return home to find the old can of paint. So, she selects two of the three brands of paint at random and buys them. What is the probability that she matched the paint brand? Her husband also goes to the paint store and fails to remember what brand to buy. So, he also purchases two of the three brands of paint at random. Determine the probability that both the woman and her husband fail to get the correct brand of paint. (Hint: Are the husband’s selections independent of the wife’s selections?)
What would the owners expected profit or loss be from this game? Give your answer with a dollar sign and include a negative sign out front if needed. Do not round.
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If 30% of the students take Economics, 40% take Psychology, and 10% take both Economics and Psychology. What percentage of students take Economics or Psychology? Briefly explain your answer. If a student is chosen at random, find the following conditional probabilities of a student taking Economics if we know they took Psychology. Briefly explain your answer. If a student is chosen at random, what is the probability of this student NOT taking Economics? Briefly explain your answer.

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