Suppose a special type of small data processing firm is so specialized that some have difficulty making a profit in their first year of operation. The probability density function that characterizes the proportion Y that make a profit is given by ky² ( 1 – y)³ 0
Suppose a special type of small data processing firm is so specialized that some have difficulty making a profit in their first year of operation. The probability density function that characterizes the proportion Y that make a profit is given by ky² ( 1 – y)³ 0
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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Transcribed Image Text:Suppose a special type of small data processing firm is so specialized that some have difficulty making a profit in their first year of
operation. The probability density function that characterizes the proportion Y that make a profit is given by
ky² ( 1 - y)3
0<y<1
f(y)=
elsewhere
(a) What is the value of k that renders the above a valid density function?
(b) Find the probability that at least 75% of the firms make a profit in the first year.
(C) Find the expected proportion of profit and variance of X.
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