Pr. 3Production. In a production process, let N mean "notrouble" and T"trouble." Let the transition probabilitiesfrom one day to the next be 0.8 for N ->>> N, hence 0.2for N ->>> T, and 0.5 for T → N, hence 0.5 for T→ T.If today there is no trouble, what is the probability ofN two days after today? Three days after today?

Let's define the state space as S = {N, T}, and let's denote the transition probabilities as…

Answered: Production. In a production process,…

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

a. Which of the following CANNOT be a probability distribution? Explain.i. p(x) = x / 6 for x = 1,2,3ii. p x = x for x = 1,2,3iii. p(x) = x / 5 for x = 1,0,1 b. An investor has $1000 available for a 1-year investment. The investor isconsidering the following three options:Option APossible return 30% 20% 0% -20%Probability 25% 40% 20% 15%Option BPossible return 50% 30% 0% -40%Probability 15% 50% 20% 15%Option CGuaranteed return 10%Probability 100%i. Based on the expected returns, which of these options should theinvestor choose?ii. Compute the standard deviations for Option A and Option B. Whichone of options A, B, and C has the least risk (i.e. the smallest standarddeviation), which one has the highest risk? What can you say aboutthe relationship between the expected returns and the risks of financialassets in the normal situation?
Q8
r+ w 6. (a) There are possible positions that the red balls could occupy in the ordering as they are drawn. Therefore, the probability that they will be in the first r positions is
You purchase a brand new car for $15,000 and insure it. The policy pays 78% of the car's value if there is an issue with the engine or 30% of the car's value if there is an issue with the speaker system. The probability of an issue with the engine is 0.009, and the probability there is an issue with the speaker system is 0.02. The premium for the policy is p. Let X be the insurance company's net gain from this policy. (a) Create a probability distribution for X, using p to represent the premium on the policy. Enter the possible values of X in ascending order from left to right. P(X) (b) Compute the minimum amount the insurance company will charge for this policy. Round your answer to the nearest cent
Theoretical probabilities are A. Relative frequency at which an event happens after infinitely many repetitions. B. relative frequencies which an event happens after a finite numbers of repetitions. C. long-run relative frequencies. D. Short-run relative frequencies. E. Both A and C F. Both B and D
Help.
Suppose that 20,000 married adults in a country were randomly surveyed as to the number of children they have. The results are compiled and are used as theoretical probabilities. Let X = the number of children married people have. P(x) ХP(x) 0.15 1 0.25 0.35 4 0.10 0.05 6 (or more) 0.05 (a) Find the probability that a married adult has three children. (Enter your answer to two decimal places.) (b) In words, what does the expected value in this example represent? O the average number of children married adults in the country have the average number of children adults in the country have O the number of children married adults in the country have O the number of children adults in the country have (c) Find the expected value. (Enter your answer to two decimal place.) children (d) Is it more likely that a married adult will have two to three children or four to six children? How do you know? O it is more likely to have two to three children, with p = 0.35 O it is more likely to have four…
Suppose a neighborhood grocery store buys 5 containers of skim milk at the wholesale price of $11 per container and sells it for $22 per container. After the expiration date, unsold milk is removed from the shelves and the grocer receives a credit from the distributor equal to three-fourths of the wholesale price. 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. (Round to two decimal places)
Let A and B be two events such that the probability of B is 0.5 and the probability of both is 0.2. Find the probability of A given that B occurs.
Number 2
A 13-19. What is the expectation of the number of failures proceeding the first success in an inite series of independent trials with constant probability p of success in each trial ?
Q1. Some couples planning a new family would prefer at least one child of each sex. The probability that a couple’s first child is a boy is 0.512. In the absence of technological intervention, the probability that their second child is a boy is independent of the sex of their first child, and so remains 0.512. Imagine that you are helping a new couple with their planning. If the couple plans to have only two children: What is the probability that at least one girl is born?

SEE MORE QUESTIONS

Recommended textbooks for you

A First Course in Probability (10th Edition)

Probability

ISBN:

9780134753119

Author:

Sheldon Ross

Publisher:

PEARSON

A First Course in Probability

Probability

ISBN:

9780321794772

Author:

Sheldon Ross

Publisher:

PEARSON

A First Course in Probability (10th Edition)

Probability

ISBN:

9780134753119

Author:

Sheldon Ross

Publisher:

PEARSON

A First Course in Probability

Probability

ISBN:

9780321794772

Author:

Sheldon Ross

Publisher:

PEARSON

SEE MORE TEXTBOOKS