Question 2 The following probability distribution table shows the number of cars the top Sales Agents at Car Plus sells in a day and their corresponding probability. Number of cars, x 0 1 2 B 4 Probability, P(X = x) 0.10 0.20 0.30 a 0.05 a) Calculate the value of a b) On a typical day, how many cars should the top sales agent expect to sell? c) What is the variance of the distribution? [2] [3]
Q: Suppose that the company is willing to consider dropping the distribution centerlimitations; that…
A:
Q: 1. How does TripAdvisor use the four basic inputs of an economic system? 2. Steve Kaufer, an…
A: 1. How does TripAdvisor use the four basic inputs of an economic system?TripAdvisor, a leading…
Q: Determine values for present worth (PW or NPV), future worth (FW), annual worth (AW), payback (PB),…
A: Find present value when I=4%NPV=−initial cost+cash flow/(1+I)…
Q: Please correct answer and don't use hand rating
A: Part 2: Explanation— Approach to solving the Question(s)Identify the curves: You need to have the MC…
Q: Don't use Ai and chatgpt. Answer in step by step with explanation.
A: Given:Initial payment (year 0): $20,000.Annual increase in payment: 5%.Interest rate (discount…
Q: A⭑ Informative speech ◇ Ideas and graphics that you can add to your speech The objective you want to…
A: I hope that this was able to satisfy your homework. If you have further questions/clarifications…
Q: Vlad lives in Siberia. It gets really cold there. He has $1,000 in monthly income. He pays $500 of…
A: The scenario presents a consumer, Vlad, residing in Siberia, who possesses a quasilinear…
Q: Which of the following is the most accurate statement about production possibilities? Question…
A: Detailed explanation: Understanding the PPFThe Production Possibilities Frontier (PPF) is a curve…
Q: Metalfab Pump and Filter Inc. estimates that the cost of steel bodies for pressure valves will…
A: How it Works:The first term computes the present value of the constant part of the payments.The…
Q: To Purchase a new truck , you borrow $42000. The bank offers an interest rate of 7.5 % compunded…
A: Solution:−1)What is the number of time periods (n) you should use in solving this…
Q: Since the demand curve is obtained from the consumer's equilibrium analysis, we can deduce that…
A: Comment on the Statement The statement that "along the demand curve of the good, the Marginal Rate…
Q: Answer in step by step with explanation. Don't use Ai and chatgpt.
A: When parties maximize their comparative advantage, trade permits them to consume at locations…
Q: Many people believe that the US system of tax deductions and tax credits are the government's way of…
A: The statement that the U.S. system of tax deductions and tax credits serves as a means for the…
Q: Engineering Econ HW4 Q2
A: The Minimum Acceptable Rate of Return (MARR), also known as the hurdle rate, is the lowest rate of…
Q: List the possible input combinations used to produce an isoquant that takes care of approximately…
A: The possible input combinations used to produce an isoquant that takes care of approximately five…
Q: Blossom, Inc., sells 200 bottles of perfume a month when the price is $25. A huge increase in…
A: Detailed explanation: Sure! Let's take a more detailed and thorough look at the concepts and…
Q: * Would you expect marginal utility to rise or fall with additional consumptionof a good? Why? *…
A: 1. Marginal Utility with Additional ConsumptionMarginal Utility: This is the additional satisfaction…
Q: How did countries that participate in the Belt and Road Initiative (BRI) learn lessons?
A: References:Baker, J. (2022). The Belt and Road Initiative: Lessons Learned. Center for Strategic and…
Q: PRICE LEVEL 2 A. 10 P₁ 8 6 0 0 2 6 B SRAS 10 Q₁ 12 14 REAL GDP (Trillions of dollars) LRAS The…
A: This means, a specific excess real GDP is the natural level of output, implying that the economy…
Q: . Question 53 Exhibit 7-3 Marginal Physical Product of Variable Variable Input Fixed Input Output…
A: Step 1 To calculate the marginal cost (MC), we use the following formula:Step 2 Let's go step by…
Q: A decrease in the supply of a good causes: an increase in equilibrium quantity and a decrease in…
A: When analyzing how changes in supply affect the market equilibrium of a good, it's essential to…
Q: 2 3 Lunch Spending ($) = x; 28 10 1 15 5 8 606 7 10 618 Z-Scores
A: To determine if there are any outliers in the lunch spending data using the IQR (Interquartile…
Q: Please correct answer and don't use hand raiting
A: IntroductionLatalia has a labor force of 14 million, split evenly between the wool industry and rice…
Q: Please correct answer and don't use hand rating
A: Initial Exchange Rate and Price in USD (Years 1 and 2):Exchange rate = 0.15 USD per Chinese…
Q: #18 A Restaurant is open only for 25 days in a month. Expenses for the restaurant include raw…
A: To calculate the profit earned by the restaurant today, we need to consider various factors,…
Q: The options are For the first one (Increasing, decreasing, unchanged)The second one (an expansion, a…
A: 1. Risk PremiumIn the first graph (Corporate Aaa bonds), we see that the demand for these type of…
Q: Of the travelers arriving at a small airport, 40 % fly on major airlines, 40 % fly on privately…
A: Step 1: We can solve this problem using the law of total probability. Let's define the events:A1:…
Q: Use the table below to answer question below Demand and Supply Table Quantity Quantity Price…
A: This problem asks for the equilibrium price and quantity of candy when the amount supplied equals…
Q: In Grocerytown there are seven supermarkets. Past research has shown that out of 100 typical…
A: Step 1: Define the sample space for each event First, let's list the sample space or all of the…
Q: Determine whether or not the distribution is a discrete probability distribution and select the…
A:
Q: c) Suppose you only buy two goods, food (x) and clothing (y), and the government offers you 50…
A: First, we need to calculate the total value of the coupons. Each coupon is worth $5 (the price of…
Q: In Grocerytown there are seven supermarkets. Past research has shown that out of 100 typical…
A: Here we are given that:Event S: The customer shops at a Safeway StoreEvent D: The customer shops at…
Q: Income level: 100, 200, 300, 400, 500 Planned consumption: 50, 60, 70, 80, 90 Planned Investment:…
A: To calculate the planned expenditure, we need to add up the planned consumption, planned investment,…
Q: Attempts Average / 2 5. The aggregate supply curve in the simple Keynesian model Complete the…
A: The answers given provide an explanation of the basic ideas of the simple Keynesian model, with an…
Q: Assuming a competitive labour market, use supply and demand diagrams to explain the economic…
A: Part 2: ExplanationApproach to Solving the QuestionTo understand the economic incidence of a CPP…
Q: Answer in step by step with explanation. Don't use Ai and chatgpt
A: In international trade, tariffs are taxes imposed by governments on imported goods. These tariffs…
Q: Head & Shoulders shampoo insured a spokesman football player’s long hair for $1 million with…
A: To determine how much Head & Shoulders had to pay in a lump sum for the $1 million insurance…
Q: Zip Code, Age and Number of Dogs by Person in Petland Person Zip Code Number Age of Dogs Ann 402 20…
A: Since there are 10 values (an even number), the median will be the average of the 5th and 6th…
Q: Compare three alternatives on the basis of their capitalized costs at /= 10.00% per year and select…
A: Capitalized Cost = First Cost + (AOC / i) - (Salvage Value / (1+i)^n) where i is the interest rate…
Q: What is a common difficulty associated with all of these strategies for obtaining a competitive…
A: Approach to solving the question:Freeform Detailed explanation: A significant challenge faced by…
Q: Optimal Portfolio: Mean-Variance OptimizationIf you are a portfolio manager who predicted that the…
A: I presented a methodical strategy based on Mean-Variance Optimization concepts to answer the…
Q: Answer in step by step with explanation. Don't use Ai and chatgpt. Answer in all options
A: Always remember, at equilibrium, Y=AE
Q: 3 Application (20 points) Consider a possible policy application. Suppose we are interested in…
A: Detailed explanation: Detailed Explanation of Utility Maximization and Tax Policy AnalysisIn this…
Q: In Grocerytown there are seven supermarkets. Past research has shown that out of 100 typical…
A: To find P(S∪D)P(S \cup D)P(S∪D), we are looking for the probability that a randomly selected…
Q: 2 3 Lunch Spending ($) = x; 28 10 1 15 5 8 606 7 10 618 Z-Scores
A: To determine if there are any outliers in the lunch spending data using the IQR (Interquartile…
Q: Homework: Chapter 06 On the following graph, use the green point (triangle symbol) to plot the…
A: The midpoint method formula is used to determine the price elasticity of demand. This one is more…
Q: 5. Costs in the short run versus in the long run Cloud Nine is a shoe manufacturer in Memphis,…
A: Suppose Cloud Nine is currently producing 500 shoes per month in its only factory. It's short run…
Q: The diagram to the right shows a market in which a price floor has been imposed. Identify the…
A: CONSUMER SURPLUS AT EQUILIBRIUM:The consumer surplus is basically the difference between the amount…
Q: Three decision makers have assessed utilities for the problem whose payoff table appears below.…
A: To determine which decision each person will prefer, we'll use the Expected Utility Theory. This…
Q: Use the table below to answer question below Demand and Supply Table Quantity Quantity Price…
A: Excess supply is calculated only when the quantity supplied is greater than the quantity demanded.…
![Question 2
The following probability distribution table shows the number of cars the top Sales Agents at Car
Plus sells in a day and their corresponding probability.
Number of cars, x
0
1
2
B
4
Probability, P(X = x) 0.10
0.20
0.30
a
0.05
a) Calculate the value of a
b) On a typical day, how many cars should the top sales agent expect to sell?
c) What is the variance of the distribution?
[2]
[3]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fce98e88c-afad-4d24-9489-05e3f992006b%2F3cac2a13-5cde-4f39-b2a3-01021f4dd178%2Fudhjaf_processed.jpeg&w=3840&q=75)
Step by step
Solved in 2 steps
- 25.100 Tossing a die. You are tossing a balanced die that has probability 1/6 of coming up 1 on each toss. Tosses are independent. We are interested in how long we must wait to get the first 1. (a) The probability of a 1 on the first toss is 1/6. What is the probability that the first toss is not a 1 and the second toss is a 1? (b) What is the probability that the first two tosses are not 1s and the third toss is a 1? This is the probability that the first 1 occurs on the third toss. 4 (c) Now you see the pattern. What is the probability that the first 1 occurs on the fourth toss? On the fifth toss?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?
- 1. Suppose the prices of used cars in the market are normally distributed with a mean of $15,000 and a standard deviation of $7,5000. What is the probability of selecting a car from this market and its priced above $20,000.47. The amount spent by a customer on a Summer Cruise has a normal distribution with a mean of $95.60 and a standard deviation of $5. a) Calculate the probability that a randomly selected customer spends less than $95. b) The probability that customers spend more than x dollars is 0.2810. Find the value of r.
- 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.Explanation sir and tees amsPlayers would draw a card from a standard 52 card deck. Whatever card they drew determined what they won. If they draw a face card (Jack, King, Queen) then they win $5. If they draw an Ace, they win $15. For all other cards, they win nothing. A. Fill out the probability distribution table with the probabilities of each possible outcome for this game. Round decimals to four places. x $15 $5 $0 P(x) B. What is the expected value of the distribution above? (Round to the nearest cent, two decimal places.) C. If players were charged $2 per game, would they make and average profit on the games over time, or would they take an average loss over time? D. If players were charged $3 per game, would they make and average profit on the games over time, or would they take an average loss over time?
- A market research firm is interested in surveying certain attitudes in a small community. There are 125 households broken down according to income, ownership of a telephone or ownership of a T.V. Household with monthly Household with monthly 8.000 income of " 8,000 or less Telephone Subscriber income above No Telephone Telephone SubsNcriber No. Telephone Own 7V. set 27 20 18 10 No. T.V. set 18 10 12 10 (i) What is the probability of obtaining of a TV. owner in drawing at random ? (ii) If a household has monthly income over Rs. 8,000 and is a telephone subscriber, what is the probability that it has a T.V. ? (iii) What is the conditional probability of drawing a household that owns a T.V., given that the household is a telephone subscriber ? (iv) Are the events 'ownership of a T.V.' and 'telephone subscriber statistically independent ? Comment.Anticipated consumer demand in a restaurant for free-range steaks next month can be modeled by a normal random variable with mean 1,200 pounds and standard deviation 100 pounds. a. What is the probability that demand will be between 1,100 and 1,300 pounds? Calculate in 4 decimal place. b. The probability is 0.10 that demand will be more than how many pounds?Question Two a) The table below shows the probability distribution of the discrete random variable X. 2 3 4 5 7 P(X=x) 2p 2p 3p i. Find the value of p from the table above. Calculate the probability that at X is at least 5. Calculate the mean of the distribution. ii. 111.