MATH IN OUR WORLD (LL) W/18 WEEKS ALEKS
4th Edition
ISBN: 9781266240829
Author: sobecki
Publisher: MCG CUSTOM
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Textbook Question
Chapter 11.7, Problem 14E
The average waiting time for a drive-in window at a local bank is 9.2 minutes, with a standard deviation of 2.6 minutes. When a customer arrives at the bank, find the probability that the customer will have to wait the given time. Assume the random variable is
(a) Between 5 and 10 minutes
(b) Less than 6 minutes or more than 9 minutes
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Chapter 11 Solutions
MATH IN OUR WORLD (LL) W/18 WEEKS ALEKS
Ch. 11.1 - A marketing firm is hired to study the occupants...Ch. 11.1 - A health-food store recorded the type of vitamin...Ch. 11.1 - In one math class, the data below represent the...Ch. 11.1 - Prob. 4TTOCh. 11.1 - Prob. 5TTOCh. 11.1 - What are data?Ch. 11.1 - Define statistics.Ch. 11.1 - Explain the difference between a population and a...Ch. 11.1 - How is a random sample selected?Ch. 11.1 - How is a systematic sample selected?
Ch. 11.1 - How is a stratified sample selected?Ch. 11.1 - How is a cluster sample selected?Ch. 11.1 - Prob. 8ECh. 11.1 - Describe the difference between descriptive and...Ch. 11.1 - How do inductive and deductive reasoning play a...Ch. 11.1 - For Exercises 1116, classify each sample as...Ch. 11.1 - For Exercises 1116, classify each sample as...Ch. 11.1 - For Exercises 1116, classify each sample as...Ch. 11.1 - For Exercises 1116, classify each sample as...Ch. 11.1 - For Exercises 1116, classify each sample as...Ch. 11.1 - For Exercises 1116, classify each sample as...Ch. 11.1 - In Exercises 1722, decide if you think the method...Ch. 11.1 - In Exercises 172, decide if you think the method...Ch. 11.1 - In Exercises 1722, decide if you think the method...Ch. 11.1 - In Exercises 1722, decide if you think the method...Ch. 11.1 - In Exercises 1722, decide if you think the method...Ch. 11.1 - In Exercises 1722, decide if you think the method...Ch. 11.1 - At a college financial aid office students who...Ch. 11.1 - A questionnaire about how students primarily get...Ch. 11.1 - Twenty-five fans of reality TV were asked to rate...Ch. 11.1 - A small independent developer of apps for...Ch. 11.1 - The ages of the signers of the Declaration of...Ch. 11.1 - The percentage of traffic fatalities in which at...Ch. 11.1 - Prob. 29ECh. 11.1 - The acreage (in thousands of acres) of the 39 U.S....Ch. 11.1 - Prob. 31ECh. 11.1 - 32. During the 1998 baseball season, Mark McGwire...Ch. 11.1 - Prob. 33ECh. 11.1 - Twenty-nine executives reported the number of...Ch. 11.1 - The National Insurance Crime Bureau reported that...Ch. 11.1 - Prob. 36ECh. 11.1 - The data shown represent the percentage of...Ch. 11.1 - Prob. 38ECh. 11.1 - Prob. 39ECh. 11.1 - Prob. 40ECh. 11.1 - For Exercises 3944, decide whether descriptive or...Ch. 11.1 - For Exercises 3944, decide whether descriptive or...Ch. 11.1 - For Exercises 3944, decide whether descriptive or...Ch. 11.1 - For Exercises 3944, decide whether descriptive or...Ch. 11.1 - For Exercises 3944, decide whether descriptive or...Ch. 11.1 - Prob. 46ECh. 11.1 - In addition to the four basic sampling methods,...Ch. 11.1 - Prob. 52ECh. 11.1 - Prob. 53ECh. 11.1 - Prob. 54ECh. 11.2 - Prob. 1TTOCh. 11.2 - Prob. 2TTOCh. 11.2 - Prob. 3TTOCh. 11.2 - Prob. 4TTOCh. 11.2 - Prob. 5TTOCh. 11.2 - Prob. 6TTOCh. 11.2 - Describe how to draw a bar graph and a pie chart...Ch. 11.2 - Explain why bar graphs and pie charts are...Ch. 11.2 - Prob. 3ECh. 11.2 - Prob. 4ECh. 11.2 - Prob. 5ECh. 11.2 - How are histograms and frequency polygons similar?...Ch. 11.2 - Prob. 7ECh. 11.2 - Describe the purpose of a time series graph.Ch. 11.2 - Prob. 9ECh. 11.2 - The data below show the number of students...Ch. 11.2 - 11. Draw a bar graph for the number of registered...Ch. 11.2 - Prob. 12ECh. 11.2 - The number of students at one campus who had a 4.0...Ch. 11.2 - In an insurance company study of the causes of...Ch. 11.2 - In a survey of 100 college students, the numbers...Ch. 11.2 - Prob. 16ECh. 11.2 - For 108 randomly selected college applicants, the...Ch. 11.2 - Prob. 18ECh. 11.2 - Prob. 19ECh. 11.2 - Prob. 20ECh. 11.2 - Prob. 21ECh. 11.2 - Prob. 22ECh. 11.2 - Prob. 23ECh. 11.2 - Prob. 24ECh. 11.2 - Prob. 25ECh. 11.2 - Prob. 26ECh. 11.2 - The number of employed registered nurses tin...Ch. 11.2 - Prob. 28ECh. 11.2 - Prob. 29ECh. 11.2 - Prob. 30ECh. 11.2 - Prob. 31ECh. 11.2 - Prob. 32ECh. 11.2 - Prob. 33ECh. 11.2 - Prob. 34ECh. 11.2 - Prob. 35ECh. 11.2 - Prob. 36ECh. 11.2 - Prob. 37ECh. 11.2 - Prob. 38ECh. 11.2 - Prob. 39ECh. 11.2 - Prob. 40ECh. 11.2 - Prob. 41ECh. 11.2 - 42. If you’re going to compare data sets by...Ch. 11.2 - Prob. 43ECh. 11.2 - Prob. 44ECh. 11.2 - Prob. 45ECh. 11.2 - Make up your own frequency polygon problem: using...Ch. 11.3 - Try This One 1
The total areas, in thousands of...Ch. 11.3 - Prob. 2TTOCh. 11.3 - Prob. 3TTOCh. 11.3 - Prob. 4TTOCh. 11.3 - Prob. 5TTOCh. 11.3 - Prob. 6TTOCh. 11.3 - Prob. 7TTOCh. 11.3 - Try This One 8
For the land area of the top 15...Ch. 11.3 - Prob. 1ECh. 11.3 - Prob. 2ECh. 11.3 - Prob. 3ECh. 11.3 - Prob. 4ECh. 11.3 - Prob. 5ECh. 11.3 - Which of the measures of average can be used to...Ch. 11.3 - In Questions 710, describe some strengths and...Ch. 11.3 - In Questions 710, describe some strengths and...Ch. 11.3 - In Questions 710, describe some strengths and...Ch. 11.3 - In Questions 710, describe some strengths and...Ch. 11.3 - Prob. 11ECh. 11.3 - For Exercises 1122, find the mean, median, mode,...Ch. 11.3 - For Exercises 1122, find the mean, median, mode,...Ch. 11.3 - For Exercises 11–22, find the mean, median, mode,...Ch. 11.3 - For Exercises 1122, find the mean, median, mode,...Ch. 11.3 - Prob. 16ECh. 11.3 - For Exercises 1122, find the mean, median, mode,...Ch. 11.3 - Prob. 18ECh. 11.3 - Prob. 19ECh. 11.3 - Prob. 20ECh. 11.3 - Prob. 21ECh. 11.3 - Prob. 22ECh. 11.3 - For Exercises 2330, find the mean of the data set....Ch. 11.3 - For Exercises 2330, find the mean of the data set....Ch. 11.3 - For Exercises 2330, find the mean of the data set....Ch. 11.3 - Prob. 26ECh. 11.3 - For Exercises 2330, find the mean of the data set....Ch. 11.3 - Prob. 28ECh. 11.3 - For Exercises 2330, find the mean of the data set....Ch. 11.3 - For Exercises 2330, find the mean of the data set....Ch. 11.3 - Prob. 31ECh. 11.3 - Prob. 32ECh. 11.3 - For Exercises 3338, describe which measure of...Ch. 11.3 - For Exercises 3338, describe which measure of...Ch. 11.3 - For Exercises 3338, describe which measure of...Ch. 11.3 - For Exercises 3338, describe which measure of...Ch. 11.3 - For Exercises 3338, describe which measure of...Ch. 11.3 - For Exercises 3338, describe which measure of...Ch. 11.3 - Prob. 39ECh. 11.3 - Exercises 39 and 40 refer back to Exercise 24. The...Ch. 11.3 - Prob. 41ECh. 11.3 - Prob. 42ECh. 11.3 - 43. In Exercise 26, we calculated the mean life...Ch. 11.3 - Prob. 44ECh. 11.3 - Prob. 45ECh. 11.3 - Prob. 46ECh. 11.3 - Prob. 47ECh. 11.3 - Prob. 48ECh. 11.3 - Prob. 49ECh. 11.4 - Prob. 1TTOCh. 11.4 - Prob. 2TTOCh. 11.4 - Prob. 3TTOCh. 11.4 - Prob. 4TTOCh. 11.4 - Name three measures of variation.Ch. 11.4 - What is the range?Ch. 11.4 - Why is the range not usually the best measure...Ch. 11.4 - Prob. 4ECh. 11.4 - Prob. 5ECh. 11.4 - Prob. 6ECh. 11.4 - For Exercises 710, discuss the relative sizes of...Ch. 11.4 - Prob. 8ECh. 11.4 - For Exercises 710, discuss the relative sizes of...Ch. 11.4 - Prob. 10ECh. 11.4 - For Exercises 1126, find the range, variance, and...Ch. 11.4 - For Exercises 1126, find the range, variance, and...Ch. 11.4 - For Exercises 1126, find the range, variance, and...Ch. 11.4 - For Exercises 1126, find the range, variance, and...Ch. 11.4 - For Exercises 1126, find the range, variance, and...Ch. 11.4 - For Exercises 1126, find the range, variance, and...Ch. 11.4 - For Exercises 1126, find the range, variance, and...Ch. 11.4 - For Exercises 1126, find the range, variance, and...Ch. 11.4 - Prob. 19ECh. 11.4 - For Exercises 1126, find the range, variance, and...Ch. 11.4 - Prob. 21ECh. 11.4 - For Exercises 1126, find the range, variance, and...Ch. 11.4 - Prob. 23ECh. 11.4 - Prob. 24ECh. 11.4 - Prob. 25ECh. 11.4 - Prob. 26ECh. 11.4 - The three data sets have the same mean and range,...Ch. 11.4 - Prob. 28ECh. 11.4 - Prob. 33ECh. 11.4 - Prob. 34ECh. 11.4 - Prob. 35ECh. 11.5 - The weights in pounds for the 12 members of a...Ch. 11.5 - Prob. 2TTOCh. 11.5 - Prob. 3TTOCh. 11.5 - Prob. 4TTOCh. 11.5 - Prob. 5TTOCh. 11.5 - If your score in your math class puts you in the...Ch. 11.5 - Does a score in the 90th percentile mean that you...Ch. 11.5 - Explain what quartiles are.Ch. 11.5 - Prob. 4ECh. 11.5 - What does the portion inside the box in a box plot...Ch. 11.5 - What is meant by the term outlier? How can you...Ch. 11.5 - The scores for 20 students on a 50-point math test...Ch. 11.5 - The heights (in inches) of the 12 students in a...Ch. 11.5 - In a class of 500 students, Carvetas rank was 125....Ch. 11.5 - In a class of 400 students, Johns rank was 80....Ch. 11.5 - In a charity marathon to raise money for AIDS...Ch. 11.5 - Prob. 12ECh. 11.5 - On an exam, Angela scored in the 20th percentile....Ch. 11.5 - Out of 600 applicants to a graduate program at an...Ch. 11.5 - Eldrick finished at the 77th percentile of a mens...Ch. 11.5 - Tinas application for a nursing position is ranked...Ch. 11.5 - Leas percentile rank on an exam in a class of 600...Ch. 11.5 - In an English class of 30 students, Audrelias...Ch. 11.5 - The Bowling Green State University mens basketball...Ch. 11.5 - Prob. 20ECh. 11.5 - In an evening statistics class, the ages of 20...Ch. 11.5 - Twenty subjects in a psychology class experiment...Ch. 11.5 - For Exercises 2328, find the values for Q1, Q2,...Ch. 11.5 - For Exercises 2328, find the values for Q1, Q2,...Ch. 11.5 - For Exercises 2328, find the values for Q1, Q2,...Ch. 11.5 - Prob. 26ECh. 11.5 - For Exercises 2328, find the values for Q1, Q2,...Ch. 11.5 - Prob. 28ECh. 11.5 - Prob. 29ECh. 11.5 - Prob. 30ECh. 11.5 - In Problems 2932, draw a box plot for the data,...Ch. 11.5 - Prob. 32ECh. 11.5 - Is it possible to score 90% on a test and have a...Ch. 11.5 - Prob. 34ECh. 11.5 - Prob. 35ECh. 11.5 - Prob. 36ECh. 11.5 - Prob. 37ECh. 11.5 - Prob. 38ECh. 11.5 - Prob. 39ECh. 11.5 - 40. What is unusual about the score at the 80th...Ch. 11.5 - 41. How many scores are lower than the score you...Ch. 11.5 - Prob. 43ECh. 11.6 - Prob. 1TTOCh. 11.6 - A standard test of intelligence is scaled so that...Ch. 11.6 - Prob. 3TTOCh. 11.6 - Prob. 4TTOCh. 11.6 - Find the area under the standard normal...Ch. 11.6 - Find the area under the standard normal...Ch. 11.6 - Prob. 7TTOCh. 11.6 - What is the distinguishing characteristic of a...Ch. 11.6 - Prob. 2ECh. 11.6 - What does the area under a portion of a normal...Ch. 11.6 - Explain what the empirical rule says.Ch. 11.6 - What percentage of the area under a normal curve...Ch. 11.6 - Why does it make sense that the total area under a...Ch. 11.6 - Prob. 7ECh. 11.6 - Prob. 8ECh. 11.6 - Prob. 9ECh. 11.6 - Prob. 10ECh. 11.6 - Prob. 11ECh. 11.6 - Prob. 12ECh. 11.6 - For Exercises 1116, the data set described is...Ch. 11.6 - Prob. 14ECh. 11.6 - For Exercises 1116, the data set described is...Ch. 11.6 - Prob. 16ECh. 11.6 - For Exercises 1116, the data set described is...Ch. 11.6 - Prob. 18ECh. 11.6 - Prob. 19ECh. 11.6 - For Exercises 19–24, find the z score for the...Ch. 11.6 - Prob. 21ECh. 11.6 - Prob. 22ECh. 11.6 - Prob. 23ECh. 11.6 - Prob. 24ECh. 11.6 - For Exercises 1738, find the area under the...Ch. 11.6 - Prob. 26ECh. 11.6 - For Exercises 1738, find the area under the...Ch. 11.6 - Prob. 28ECh. 11.6 - For Exercises 1738, find the area under the...Ch. 11.6 - Prob. 30ECh. 11.6 - For Exercises 1738, find the area under the...Ch. 11.6 - Prob. 32ECh. 11.6 - For Exercises 1738, find the area under the...Ch. 11.6 - Prob. 34ECh. 11.6 - For Exercises 1738, find the area under the...Ch. 11.6 - Prob. 36ECh. 11.6 - For Exercises 1738, find the area under the...Ch. 11.6 - Prob. 38ECh. 11.6 - For Exercises 1738, find the area under the...Ch. 11.6 - Prob. 40ECh. 11.6 - For Exercises 1738, find the area under the...Ch. 11.6 - Prob. 42ECh. 11.6 - For Exercises 1738, find the area under the...Ch. 11.6 - For Exercises 1738, find the area under the...Ch. 11.6 - For Exercises 1738, find the area under the...Ch. 11.6 - Prob. 46ECh. 11.6 - As we know from Chapter 11, the probability of an...Ch. 11.6 - As we know from Chapter 11, the probability of an...Ch. 11.6 - As we know from Chapter 11, the probability of an...Ch. 11.6 - As we know from Chapter 11, the probability of an...Ch. 11.6 - Prob. 51ECh. 11.6 - Prob. 52ECh. 11.6 - Prob. 53ECh. 11.6 - Prob. 54ECh. 11.6 - Prob. 55ECh. 11.6 - Prob. 56ECh. 11.6 - Find two z values, one positive and one negative...Ch. 11.7 - Based on data compiled by the World Health...Ch. 11.7 - Prob. 2TTOCh. 11.7 - The mean for a reading test given nationwide is...Ch. 11.7 - The ages of 33 randomly selected inmates at a...Ch. 11.7 - Explain why the normal distribution can be used to...Ch. 11.7 - Given a data set, how could you decide if the...Ch. 11.7 - Describe the connection between area under a...Ch. 11.7 - Prob. 4ECh. 11.7 - Prob. 5ECh. 11.7 - Prob. 6ECh. 11.7 - Prob. 7ECh. 11.7 - Average sales for an online textbook distributor...Ch. 11.7 - A survey found that people keep their televisions...Ch. 11.7 - The average age of CEOs is 56 years. Assume the...Ch. 11.7 - Prob. 11ECh. 11.7 - Prob. 12ECh. 11.7 - The average amount of snow per season in Trafford...Ch. 11.7 - The average waiting time for a drive-in window at...Ch. 11.7 - The average time it takes college freshmen to...Ch. 11.7 - A brisk walk at 4 miles per hour burns an average...Ch. 11.7 - During September, the average temperature of...Ch. 11.7 - If the systolic blood pressure for a certain group...Ch. 11.7 - An IQ test has a mean of 100 and a standard...Ch. 11.7 - Prob. 20ECh. 11.7 - Prob. 21ECh. 11.7 - The average price of Stephen King paperbacks sold...Ch. 11.7 - Refer to Exercise 5. If your buddy Earl gets a job...Ch. 11.7 - Refer to Exercise 9. If you buy a TV for your dorm...Ch. 11.7 - Prob. 25ECh. 11.7 - Prob. 26ECh. 11.7 - In Problems 2730, (a) construct a histogram for...Ch. 11.7 - In Problems 2730, (a) construct a histogram for...Ch. 11.7 - In Problems 2730, (a) construct a histogram for...Ch. 11.7 - In Problems 2730, (a) construct a histogram for...Ch. 11.7 - Discuss whether or not you think each of the given...Ch. 11.7 - The number of incoming students at two campuses of...Ch. 11.7 - If a distribution of raw scores were plotted and...Ch. 11.7 - A researcher who is in charge of an educational...Ch. 11.7 - Prob. 37ECh. 11.7 - Prob. 38ECh. 11.7 - Prob. 39ECh. 11.7 - Prob. 40ECh. 11.8 - Try This One 1
Do you think there should be a...Ch. 11.8 - Prob. 2TTOCh. 11.8 - Prob. 3TTOCh. 11.8 - Prob. 4TTOCh. 11.8 - Prob. 5TTOCh. 11.8 - Prob. 6TTOCh. 11.8 - Describe what a scatter plot is and how one is...Ch. 11.8 - Explain what is meant when two variables are...Ch. 11.8 - Explain what is meant when two variables are...Ch. 11.8 - Prob. 4ECh. 11.8 - Prob. 5ECh. 11.8 - Prob. 6ECh. 11.8 - Describe the key difference between correlation...Ch. 11.8 - Prob. 8ECh. 11.8 - Prob. 9ECh. 11.8 - Prob. 10ECh. 11.8 - For the data sets in Exercises 1118, (a)Draw a...Ch. 11.8 - Prob. 12ECh. 11.8 - For the data sets in Exercises 1118, (a)Draw a...Ch. 11.8 - Prob. 14ECh. 11.8 - For the data sets in Exercises 1118, (a)Draw a...Ch. 11.8 - Prob. 16ECh. 11.8 - Prob. 17ECh. 11.8 - Prob. 18ECh. 11.8 - For the data sets in Exercises 1926, (a) Draw a...Ch. 11.8 - Prob. 20ECh. 11.8 - For the data sets in Exercises 1926, (a)Draw a...Ch. 11.8 - For the data sets in Exercises 1926, (a)Draw a...Ch. 11.8 - For the data sets in Exercises 1926, (a)Draw a...Ch. 11.8 - Prob. 24ECh. 11.8 - Prob. 25ECh. 11.8 - For the data sets in Exercises 1926, (a)Draw a...Ch. 11.8 - Prob. 27ECh. 11.8 - Prob. 28ECh. 11.8 - Prob. 29ECh. 11.8 - Design your own correlation problem. Think of two...Ch. 11.8 - Prob. 31ECh. 11.8 - Prob. 32ECh. 11.8 - Prob. 33ECh. 11.8 - Prob. 34ECh. 11.8 - Prob. 35ECh. 11.8 - Prob. 36ECh. 11.8 - Prob. 37ECh. 11.8 - Prob. 38ECh. 11.8 - Prob. 39ECh. 11.8 - Prob. 40ECh. 11 - A sporting goods store kept a record of sales of...Ch. 11 - The data set shown below represents the time in...Ch. 11 - During June, a local theater company recorded the...Ch. 11 - Construct a bar graph for the number of homicides...Ch. 11 - Draw a pie chart for the data in Exercies 4....Ch. 11 - Draw a histogram and frequency polygon for the...Ch. 11 - Prob. 7RECh. 11 - The data below are the number of U.S. citizens (in...Ch. 11 - Twelve batteries were tested to see how many hours...Ch. 11 - In your own words, explain the difference between...Ch. 11 - The data below are the number of beds at the eight...Ch. 11 - Which data set do you think would have a greater...Ch. 11 - For the census data in Problem 8, (a)Find the...Ch. 11 - Find the quartiles for the data in Problem 8, then...Ch. 11 - Find the area under the standard normal...Ch. 11 - A doctor has treated 45 male patients this week....Ch. 11 - For a data set with 90 values that is normally...Ch. 11 - Prob. 18RECh. 11 - Prob. 19RECh. 11 - Prob. 20RECh. 11 - Prob. 21RECh. 11 - The average weight of an airline passengers...Ch. 11 - The average cost of Cheetah brand running shoes is...Ch. 11 - Prob. 24RECh. 11 - A study is done to see whether there is a...Ch. 11 - Prob. 26RECh. 11 - Prob. 1CTCh. 11 - Prob. 2CTCh. 11 - Prob. 3CTCh. 11 - Prob. 4CTCh. 11 - Prob. 5CTCh. 11 - Prob. 6CTCh. 11 - These temperatures were recorded in Pasadena for a...Ch. 11 - Prob. 8CTCh. 11 - Prob. 9CTCh. 11 - Prob. 10CTCh. 11 - A major brand of potato chips sells its product in...Ch. 11 - A study is conducted to determine the relationship...
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- In preparing for the upcoming holiday season, Fresh Toy Company (FTC) designed a new doll called The Dougie that teaches children how to dance. The fixed cost to produce the doll is $100,000. The variable cost, which includes material, labor, and shipping costs, is $31 per doll. During the holiday selling season, FTC will sell the dolls for $39 each. If FTC overproduces the dolls, the excess dolls will be sold in January through a distributor who has agreed to pay FTC $10 per doll. Demand for new toys during the holiday selling season is extremely uncertain. Forecasts are for expected sales of 60,000 dolls with a standard deviation of 15,000. The normal probability distribution is assumed to be a good description of the demand. FTC has tentatively decided to produce 60,000 units (the same as average demand), but it wants to conduct an analysis regarding this production quantity before finalizing the decision. (a) Determine the equation for computing FTC's profit for given values of the…arrow_forwardTo generate leads for new business, Gustin Investment Services offers free financial planning seminars at major hotels in Southwest Florida. Gustin conducts seminars for groups of 25 individuals. Each seminar costs Gustin $3,700, and the average first-year commission for each new account opened is $5,200. Gustin estimates that for each individual attending the seminar, there is a 0.01 probability that individual will open a new account. (a) Determine the equation for computing Gustin's profit per seminar, given values of the relevant parameters. Profit = (3,700 x 5,200) - New Accounts Opened Profit = 5,200 - (New Accounts Opened x 3,700) Profit = (New Accounts Opened x 3,700) - 5,200 Profit = New Accounts Opened - (5,200 × 3,700) Profit = (New Accounts Opened x 5,200) - 3,700 (b) What type of random variable is the number of new accounts opened? Hint: Review Appendix 12.1 for descriptions of various types of probability distributions. continuous integer uniform normal discrete uniform…arrow_forwardStrassel Investors buys real estate, develops it, and resells it for a profit. A new property is available, and Bud Strassel, the president and owner of Strassel Investors, believes if he purchases and develops this property, it can then be sold for $158,000. The current property owner has asked for bids and stated that the property will be sold for the highest bid in excess of $100,000. Two competitors will be submitting bids for the property. Strassel does not know what the competitors will bid, but he assumes for planning purposes that the amount bid by each competitor will be uniformly distributed between $100,000 and $148,000. (a) What is the estimate of the probability Strassel will be able to obtain the property using a bid of $128,000? (Use at least 5,000 trials. Round your answer three decimal places.) (b) How much does Strassel need to bid to be assured of obtaining the property? $128,000 $138,000 $148,000 (c) Use the simulation model to compute the profit for each trial of…arrow_forward
- Grear Tire Company has produced a new tire with an estimated mean lifetime mileage of 34,500 miles. Management also believes that the standard deviation is 4,500 miles and that tire mileage is normally distributed. To promote the new tire, Grear has offered to refund a portion of the purchase price if the tire fails to reach 30,000 miles before the tire needs to be replaced. Specifically, for tires with a lifetime below 30,000 miles, Grear will refund a customer $1 per 100 miles short of 30,000. Construct a simulation model to answer the following questions. (Use at least 1,000 trials.) (a) For each tire sold, what is the average cost of the promotion (in $)? (Round your answer to two decimal places.) (b) What is the probability that Grear will refund more than $25 for a tire? (Round your answer to three decimal places.)arrow_forwardMajor League Baseball's World Series is a maximum of seven games, with the winner being the first team to win four games. Assume that the Atlanta Braves and the Minnesota Twins are playing in the World Series and that the first two games are to be played in Atlanta, the next three games at the Twins' ballpark, and the last two games, if necessary, back in Atlanta. Taking into account the projected starting pitchers for each game and the home field advantage, suppose the probabilities of Atlanta winning each game are as follows. Game 1 2 3 4 5 6 7 Probability of Win 0.61 0.54 0.47 0.46 0.47 0.56 0.49 Construct a simulation model in which whether Atlanta wins or loses each game is a random variable. Use the model to answer the following questions. (Use at least 1,000 trials.) (a) What is the average number of games played regardless of winner? (Round your answer to one decimal place.) games (b) What is the probability that the Atlanta Braves win the World Series? (Round your answer to…arrow_forward1 Brinkley 2 A B с D E F G H I J 3 Parameters 4 Selling Price 5 Procurement Cost 6 Labor Cost 7 Transportation Cost 8 9 Procurement Cost 10 Lower End of Interval Upper End of Interval Cost Probability 11 $10.00 12 $11.00 0.25 0.45 13 $12.00 0.3 14 15 Labor Cost 16 Lower End of Interval Upper End of Interval Cost Probability 17 $20.00 0.1 18 $22.00 0.25 19 $24.00 0.35 20 $25.00 0.3 21 22 Transportation Cost 23 Lower End of Interval Upper End of Interval Cost Probability 24 25 $3.00 $5.00 0.75 0.25 26 27 Model 28 Profit Per Unit 29 30 Simulation Trial Procurement Cost Labor Cost Transportation Cost Profit Per Unit Summary Statistics 31 1 Mean Profit Per Unit #DIV/0! 32 2 P(Profit <$5) #DIV/0! 83 3 34 4 35 5 36 6 37 7 38 8 39 9 40 10arrow_forward
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