Suppose Box I contains five red balls andtwo white ones while Box II contains onered and four white ones. A box is chosenat random by selecting a random numberfrom 0 through 9. If a 1 or 2 is selected,Box I is chosen; otherwise Box II is chosen.If I took Box 1 and chose 2 balls withoutreplacement, what is the proabability thatexactly one would be red?

Probability is the branch of mathematics that deals with the likelihood of events happening. It's a…

Answered: Suppose Box I contains five red balls…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Wizard, a popular brand of electric garage door opener, includes two 40-watt bulbs that go onwhen the garage door is opened. A bulb will generally last about one year in normal operation.Three neighbors, James, Smith, and Walker, each has a Wizard opener in their respectivegarages. Each time a bulb burns out, James replaces both bulbs. Smith, on the other hand, replaces only the bulb that has burned out, and Walker replaces both bulbs only after both haveburned out. Assume that light bulbs fail according to an exponential law.b. What percentage of the time will Walker have only one bulb burning?
Giapetto is thinking of buying a new cutting tool for $25 to make toy soldiers and a new clamping tool for $20 to make toy trains. If he does not buy a new tool, he can still make a toy using the older tool he already has. However, using an old cutting tool leads to 50% of the produced soldiers and using an old clamping tool leads to 40% of the produced trains to be defective. With a new tool, there is no defective production. Giapetto cannot sell any defective product. Weekly demands (must be met exactly without left-over inventory) and productions costs are as follows: 1. Soldiers 2. Trains Demand (units/week) Production cost (S/unit) 100 300 12 14 There are other details about the problem which will be added later. Giapetto started formulating a mathematical model considering only the above description and defined the following decision variables: yi: Production quantity for type i toy, i = 1, 2 corresponding to soldiers and trains, respectively. Considering the above problem…
Which of the following is NOT true about the newsvendor model (Circle ALL statements that are NOT TRUE) i. If the unit cost of the item increases then the optimal quantity decreases ii. The stockout penalty does not affect the quantity ordered iii. The total cost is the unit cost multiplied by the quantity ordered iv. If the salvage value increases the quantity ordered decreases v. If the standard deviation of the demand increases, then the quantity decreases
Consider a service system in which each entering customer must be served first by server 1, then by server 2, and finally by server 3. The amount of time it takes to be served by server i is an exponential random variable with rate μi, i = 1, 2, 3. Suppose that you enter the system when it contains a single customer who is being served by server 3. Find the probability that server 3 will still be busy when you move over to server 2. Find the probability that server 3 will still be busy when you move over to server 3. Find the expected amount of time you spend in the system. (whenever you encounter a busy server, you must wait for the service in progress to end before you can enter the service) Suppose that you enter the system when it contains a single customer who is being served by server 2. Find the expected amount of time that you spend in the system.
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For the remaining questions, consider the following problem description: An oil company is considering exploring new well sites S₁, S2, ..., S10 with respective costs C1, C2, C10. And in particular they want to find the least-cost selection of 5 out of the 10 possible sites. The binary decision variables x₁,x2,..., X10 denote the decision to explore the corresponding site.
The average number of operational losses in a year at a particular plant is 18, so the number of losses in a year is distributed Poisson, with mean 18.) Given the distribution parameter from the previous question: What is the average number of weeks between operational losses (assume 52 weeks per year)? What is the probability that two operational losses will occur within two weeks of each other (i.e., given an operational loss today, what’s the probability the next one will happen in less than two weeks)?
There are 2657 professors in a college out of which one ofthem has to be selected for promotion through a game.Everyone will sit in a circle with numbered chairs. Each ofthem will evict the professor to his left, starting from the firstchair, and this cycle will go on until one last professor is left.Now you are one of the professors, which chair would youpick to ensure you get promoted?
Which of the following are true for a coupon bond? Select one: Ⓒa The yield to maturity is greater than the coupon rate when the bond price is above the par value. The price of a coupon bond and the yield to maturity are positively related. O b. Oc. The yield to maturity is less than the coupon rate when the bond price is below the par value. O d. When the coupon bond is priced at its face value, the yield to maturity equals the coupon rate. Clear my choice cross out cross out cross out cross out
A mixture of pellets is to be made containing x regular pellets, y large pellets and z extra large pellets. Cost, weight and volume data for each type of pellet are shown in the table. Is it possible to make mixture of 55 pellets at a cost of $0.85 if the mixture is to have 120 weight units and 130 volume units? If so, how many each type of pellet should be in the mixture? Pellet Type 5. Number of Cost per Pellet in Cents Weight Units per Pellet Volume Pellets Units per Pellet Regular Large Extra large 2 1 4 y 1 4 3

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