The Business School at State University currently has three parking lots, each containing 155 spaces. Two hundred facultymembers have been assigned to each lot. On a peak day, an average of 70% of all lot 1 parking sticker holders show up, anaverage of 72% of all lot 2 parking sticker holders show up, and an average of 74% of all lot 3 parking sticker holders show up.a. Given the current situation, estimate the probability that on a peak day, at least one faculty member with a sticker will beunable to find a spot. Assume that the number who show up at each lot is independent of the number who show up at the othertwo lots. Compare two situations: (1) each person can park only in the lot assigned to him or her, and (2) each person can park inany of the lots (pooling). (Hint: Use the RISKBINOMIAL function.) If needed, round your answer to a whole percentage and if youranswer is zero, enter "0".No pooling:Pooling:51.4%83.8%b. Now suppose the numbers of people who show up at the three lots are highly correlated (correlation 0.9). How are the resultsdifferent from those in part a? If needed, round your answer to a whole percentage.No pooling:Pooling:51.4%83.8%

To determine the likelihood that at least one faculty member with a parking sticker will be unable…

Answered: The Business School at State University…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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