Mean, Standard Deviation, ProbabilityPlease help answer thank you Recently, an estate agent received complaints about the condition of severalhouses that he sold. The estate agent conducted an analysis and found that 5%of all houses that he sold are not in good condition after 2 years. A sample of 20houses that he sold is selected at random. Let X be the number of houses in thissample which are not in good condition after 2 years.(i)Find the mean and standard deviation for this distribution.(ii)Calculate the probability that exactly 3 houses are not in good conditionafter 2 years.

Binomial distribution is used to estimate the probability or proportion of success for n repeated…

Answered: Recently, an estate agent received…

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

Related questions

Question

Mean, Standard Deviation, Probability

Please help answer thank you

Recently, an estate agent received complaints about the condition of several
houses that he sold. The estate agent conducted an analysis and found that 5%
of all houses that he sold are not in good condition after 2 years. A sample of 20
houses that he sold is selected at random. Let X be the number of houses in this
sample which are not in good condition after 2 years.
(i)
Find the mean and standard deviation for this distribution.
(ii)
Calculate the probability that exactly 3 houses are not in good condition
after 2 years.

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

Expert Solution

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here