Suppose that 30% of all students who have to buy a text for a particular course want a new copy (the successes!), whereas the other 70% want a used copy. Consider randomly selecting 15 purchasers. n USE SALT (a) What are the mean value and standard deviation of the number who want a new copy of the book? (Round your standard deviation to two decimal places.) mean students standard deviation students (b) What is the probability that the number who want new copies is more than two standard deviations away from the mean value? (Round your answer to three decimal places.) (c) The bookstore has 10 new copies and 10 used copies in stock. If 15 people come in one by one to purchase this text, what is the probability that all 15 will get the type of book they want from current stock? [Hint: Let X = the number who want a new copy. For what values of X will all 15 get what they want?] (Round your answer to three decimal places.)
Suppose that 30% of all students who have to buy a text for a particular course want a new copy (the successes!), whereas the other 70% want a used copy. Consider randomly selecting 15 purchasers. n USE SALT (a) What are the mean value and standard deviation of the number who want a new copy of the book? (Round your standard deviation to two decimal places.) mean students standard deviation students (b) What is the probability that the number who want new copies is more than two standard deviations away from the mean value? (Round your answer to three decimal places.) (c) The bookstore has 10 new copies and 10 used copies in stock. If 15 people come in one by one to purchase this text, what is the probability that all 15 will get the type of book they want from current stock? [Hint: Let X = the number who want a new copy. For what values of X will all 15 get what they want?] (Round your answer to three decimal places.)
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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![Suppose that 30% of all students who have to buy a text for a particular course want a new copy (the successes!), whereas
the other 70% want a used copy. Consider randomly selecting 15 purchasers.
In USE SALT
(a) What are the mean value and standard deviation of the number who want a new copy of the book? (Round your
standard deviation to two decimal places.)
mean
students
standard deviation
students
(b) What is the probability that the number who want new copies is more than two standard deviations away from the
mean value? (Round your answer to three decimal places.)
(c) The bookstore has 10 new copies and 10 used copies in stock. If 15 people come in one by one to purchase this text,
what is the probability that all 15 will get the type of book they want from current stock? [Hint: Let X = the number
who want a new copy. For what values of X will all 15 get what they want?] (Round your answer to three decimal
places.)
(d) Suppose that new copies cost $110 and used copies cost $80. Assume the bookstore currently has 50 new copies and
50 used copies. What is the expected value of total revenue from the sale of the next 15 copies purchased? [Hint: Let
h(X) = the revenue when X of the 15 purchasers want new copies. Express this as a linear function.]
$
Indicate what rule of expected value you are using.
О Еlаx + b) %3 а Е(X) +
E(ax + b) = a · E(X).
О Еlах + b) %3DE(X) + b.
E(ax + b) = a? . E(X)
%3D
You may need to use the appropriate table in the Appendix of Tables to answer this question.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff8536f70-6afb-49b2-94d8-7d5f9820999c%2Fedf0fa3f-f084-4b75-be37-44ed679b2377%2F9h6v0ng_processed.png&w=3840&q=75)
Transcribed Image Text:Suppose that 30% of all students who have to buy a text for a particular course want a new copy (the successes!), whereas
the other 70% want a used copy. Consider randomly selecting 15 purchasers.
In USE SALT
(a) What are the mean value and standard deviation of the number who want a new copy of the book? (Round your
standard deviation to two decimal places.)
mean
students
standard deviation
students
(b) What is the probability that the number who want new copies is more than two standard deviations away from the
mean value? (Round your answer to three decimal places.)
(c) The bookstore has 10 new copies and 10 used copies in stock. If 15 people come in one by one to purchase this text,
what is the probability that all 15 will get the type of book they want from current stock? [Hint: Let X = the number
who want a new copy. For what values of X will all 15 get what they want?] (Round your answer to three decimal
places.)
(d) Suppose that new copies cost $110 and used copies cost $80. Assume the bookstore currently has 50 new copies and
50 used copies. What is the expected value of total revenue from the sale of the next 15 copies purchased? [Hint: Let
h(X) = the revenue when X of the 15 purchasers want new copies. Express this as a linear function.]
$
Indicate what rule of expected value you are using.
О Еlаx + b) %3 а Е(X) +
E(ax + b) = a · E(X).
О Еlах + b) %3DE(X) + b.
E(ax + b) = a? . E(X)
%3D
You may need to use the appropriate table in the Appendix of Tables to answer this question.
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