Elementary Statistics: Picturing the World (7th Edition)
7th Edition
ISBN: 9780134683416
Author: Ron Larson, Betsy Farber
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 4.3, Problem 25E
Using a Distribution to Find Probabilities In Exercises 11–26, find the indicated probabilities using the geometric distribution, the Poisson distribution, or the binomial distribution. Then determine whether the
25. Precipitation In Akron, Ohio, the
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
1 No.
2
3
4
Binomial Prob.
X
n
P
Answer
5
6 4
7
8
9
10
12345678
8
3
4
2
2552
10
0.7
0.233
0.3
0.132
7
0.6
0.290
20
0.02
0.053
150
1000
0.15
0.035
8
7
10
0.7
0.383
11
9
3
5
0.3
0.132
12
10
4
7
0.6
0.290
13
Poisson Probability
14
X
lambda
Answer
18 4
19
20
21
22
23 9
15
16
17 3
1234567829
3
2
0.180
2
1.5
0.251
12
10
0.095
5
3
0.101
7
4
0.060
3
2
0.180
2
1.5
0.251
24 10
12
10
0.095
step by step on Microssoft on how to put this in excel and the answers please
Find binomial probability if:
x = 8, n = 10, p = 0.7
x= 3, n=5, p = 0.3
x = 4, n=7, p = 0.6
Quality Control: A factory produces light bulbs with a 2% defect rate. If a random sample of 20 bulbs is tested, what is the probability that exactly 2 bulbs are defective? (hint: p=2% or 0.02; x =2, n=20; use the same logic for the following problems)
Marketing Campaign: A marketing company sends out 1,000 promotional emails. The probability of any email being opened is 0.15. What is the probability that exactly 150 emails will be opened? (hint: total emails or n=1000, x =150)
Customer Satisfaction: A survey shows that 70% of customers are satisfied with a new product. Out of 10 randomly selected customers, what is the probability that at least 8 are satisfied? (hint: One of the keyword in this question is “at least 8”, it is not “exactly 8”, the correct formula for this should be = 1- (binom.dist(7, 10, 0.7,…
Kate, Luke, Mary and Nancy are sharing a cake. The cake had previously been divided into four slices (s1, s2, s3 and s4). What is an example of fair division of the cake
S1
S2
S3
S4
Kate
$4.00
$6.00
$6.00
$4.00
Luke
$5.30
$5.00
$5.25
$5.45
Mary
$4.25
$4.50
$3.50
$3.75
Nancy
$6.00
$4.00
$4.00
$6.00
Chapter 4 Solutions
Elementary Statistics: Picturing the World (7th Edition)
Ch. 4.1 - Determine whether each random variable x is...Ch. 4.1 - A company tracks the number of sales new employees...Ch. 4.1 - Verify that the distribution you constructed in...Ch. 4.1 - Determine whether each distribution is a...Ch. 4.1 - Find the mean of the probability distribution you...Ch. 4.1 - Find the variance and standard deviation of the...Ch. 4.1 - At a raffle, 2000 tickets are sold at 5 each for...Ch. 4.1 - What is a random variable? Give an example of a...Ch. 4.1 - What is a discrete probability distribution? What...Ch. 4.1 - Is the expected value of the probability...
Ch. 4.1 - What does the mean of a probability distribution...Ch. 4.1 - True or False? In Exercises 58, determine whether...Ch. 4.1 - True or False? In Exercises 58, determine whether...Ch. 4.1 - True or False? In Exercises 58, determine whether...Ch. 4.1 - True or False? In Exercises 58, determine whether...Ch. 4.1 - Graphical Analysis In Exercises 912, determine...Ch. 4.1 - Graphical Analysis In Exercises 912, determine...Ch. 4.1 - Graphical Analysis In Exercises 912, determine...Ch. 4.1 - Graphical Analysis In Exercises 912, determine...Ch. 4.1 - Discrete Variables and Continuous Variables In...Ch. 4.1 - Discrete Variables and Continuous Variables In...Ch. 4.1 - Discrete Variables and Continuous Variables In...Ch. 4.1 - Discrete Variables and Continuous Variables In...Ch. 4.1 - Discrete Variables and Continuous Variables In...Ch. 4.1 - Discrete Variables and Continuous Variables In...Ch. 4.1 - Constructing and Graphing Discrete Probability...Ch. 4.1 - Constructing and Graphing Discrete Probability...Ch. 4.1 - Finding Probabilities Use the probability...Ch. 4.1 - Finding Probabilities Use the probability...Ch. 4.1 - Unusual Events In Exercise 19, would it be unusual...Ch. 4.1 - Unusual Events In Exercise 20, would it be unusual...Ch. 4.1 - Determining a Missing Probability In Exercises 25...Ch. 4.1 - Determining a Missing Probability In Exercises 25...Ch. 4.1 - Identifying Probability Distributions In Exercises...Ch. 4.1 - Identifying Probability Distributions In Exercises...Ch. 4.1 - Finding the Mean, Variance, and Standard Deviation...Ch. 4.1 - Baseball The number of games played in each World...Ch. 4.1 - Finding the Mean, Variance, and Standard Deviation...Ch. 4.1 - Finding the Mean, Variance, and Standard Deviation...Ch. 4.1 - Hurricanes The histogram shows the distribution of...Ch. 4.1 - Reviewer Ratings The histogram shows the reviewer...Ch. 4.1 - Writing The expected value of an accountants...Ch. 4.1 - Writing In a game of chance, what is the...Ch. 4.1 - Finding an Expected Value In Exercises 37and 38,...Ch. 4.1 - A high school basketball team is selling 10 raffle...Ch. 4.1 - Linear Transformation of a Random Variable In...Ch. 4.1 - Prob. 40ECh. 4.1 - What is the average sum of their scores? What is...Ch. 4.1 - What is the standard deviation of the difference...Ch. 4.2 - Determine whether the experiment is a binomial...Ch. 4.2 - A card is selected from a standard deck and...Ch. 4.2 - A survey found that 52% of U.S. adults associate...Ch. 4.2 - The survey in Example 5 found that 27% of U.S....Ch. 4.2 - About 5% of workers (ages 16 years and older) in...Ch. 4.2 - A recent study found that 28% of U.S. adults read...Ch. 4.2 - In San Francisco, California, about 44% of the...Ch. 4.2 - In a binomial experiment, what does it mean to say...Ch. 4.2 - In a binomial experiment with n trials, what does...Ch. 4.2 - Graphical Analysis In Exercises 35, the histogram...Ch. 4.2 - Graphical Analysis In Exercises 35, the histogram...Ch. 4.2 - Graphical Analysis In Exercises 35, the histogram...Ch. 4.2 - Graphical Analysis In Exercises 68, the histogram...Ch. 4.2 - Graphical Analysis In Exercises 68, the histogram...Ch. 4.2 - Graphical Analysis In Exercises 68, the histogram...Ch. 4.2 - Identify the unusual values of x in each histogram...Ch. 4.2 - Identify the unusual values of x in each histogram...Ch. 4.2 - Mean, Variance, and Standard Deviation In...Ch. 4.2 - Mean, Variance, and Standard Deviation In...Ch. 4.2 - Mean, Variance, and Standard Deviation In...Ch. 4.2 - Mean, Variance, and Standard Deviation In...Ch. 4.2 - Identifying and Understanding Binomial Experiments...Ch. 4.2 - Identifying and Understanding Binomial Experiments...Ch. 4.2 - Identifying and Understanding Binomial Experiments...Ch. 4.2 - Identifying and Understanding Binomial Experiments...Ch. 4.2 - Finding Binomial Probabilities In Exercises 1926,...Ch. 4.2 - Finding Binomial Probabilities In Exercises 1926,...Ch. 4.2 - Finding Binomial Probabilities In Exercises 1926,...Ch. 4.2 - Finding Binomial Probabilities In Exercises 1926,...Ch. 4.2 - Finding Binomial Probabilities In Exercises 1926,...Ch. 4.2 - Finding Binomial Probabilities In Exercises 1926,...Ch. 4.2 - Finding Binomial Probabilities In Exercises 1926,...Ch. 4.2 - Finding Binomial Probabilities In Exercises 1926,...Ch. 4.2 - Constructing and Graphing Binomial Distributions...Ch. 4.2 - Constructing and Graphing Binomial Distributions...Ch. 4.2 - Constructing and Graphing Binomial Distributions...Ch. 4.2 - Constructing and Graphing Binomial Distributions...Ch. 4.2 - Finding and Interpreting Mean, Variance, and...Ch. 4.2 - Finding and Interpreting Mean, Variance, and...Ch. 4.2 - Finding and Interpreting Mean, Variance, and...Ch. 4.2 - Finding and Interpreting Mean, Variance, and...Ch. 4.2 - Finding and Interpreting Mean, Variance, and...Ch. 4.2 - Finding and Interpreting Mean, Variance, and...Ch. 4.2 - Genetics According to a theory in genetics, when...Ch. 4.2 - Genetics Another proposed theory in genetics gives...Ch. 4.2 - Manufacturing An assembly line produces 10,000...Ch. 4.2 - Prob. 1ACh. 4.2 - Prob. 2ACh. 4.2 - For the election in Exercise 1, simulate selecting...Ch. 4.2 - 1. Construct a probability distribution for the...Ch. 4.2 - 2. Construct binomial probability distributions...Ch. 4.2 - 3. Compare your distributions from Exercise 1 and...Ch. 4.2 - 4. During the 2016 regular season, Kris Bryant of...Ch. 4.3 - The study in Example 1 found that the smartphones...Ch. 4.3 - What is the probability that more than four...Ch. 4.3 - Two thousand brown trout are introduced into a...Ch. 4.3 - In Exercises 14, find the indicated probability...Ch. 4.3 - Prob. 2ECh. 4.3 - In Exercises 14, find the indicated probability...Ch. 4.3 - Prob. 4ECh. 4.3 - In Exercises 58, find the indicated probability...Ch. 4.3 - Prob. 6ECh. 4.3 - In Exercises 58, find the indicated probability...Ch. 4.3 - In Exercises 58, find the indicated probability...Ch. 4.3 - Prob. 9ECh. 4.3 - In your own words, describe the difference between...Ch. 4.3 - Prob. 11ECh. 4.3 - Using a Distribution to Find Probabilities In...Ch. 4.3 - Using a Distribution to Find Probabilities In...Ch. 4.3 - Using a Distribution to Find Probabilities In...Ch. 4.3 - Using a Distribution to Find Probabilities In...Ch. 4.3 - Using a Distribution to Find Probabilities In...Ch. 4.3 - Using a Distribution to Find Probabilities In...Ch. 4.3 - Using a Distribution to Find Probabilities In...Ch. 4.3 - Using a Distribution to Find Probabilities In...Ch. 4.3 - Using a Distribution to Find Probabilities In...Ch. 4.3 - Using a Distribution to Find Probabilities In...Ch. 4.3 - Using a Distribution to Find Probabilities In...Ch. 4.3 - Using a Distribution to Find Probabilities In...Ch. 4.3 - Using a Distribution to Find Probabilities In...Ch. 4.3 - Using a Distribution to Find Probabilities In...Ch. 4.3 - Using a Distribution to Find Probabilities In...Ch. 4.3 - Comparing Binomial and Poisson Distributions An...Ch. 4.3 - Hypergeometric Distribution Binomial experiments...Ch. 4.3 - Geometric Distribution: Mean and Variance In...Ch. 4.3 - Geometric Distribution: Mean and Variance In...Ch. 4.3 - Prob. 31ECh. 4.3 - Geometric Distribution: Mean and Variance In...Ch. 4 - In Exercises 13, assume the fire department...Ch. 4 - In Exercises 13, assume the fire department...Ch. 4 - In Exercises 13, assume the fire department...Ch. 4 - In Exercises 1 and 2, determine whether the random...Ch. 4 - In Exercises 1 and 2, determine whether the random...Ch. 4 - In Exercises 3 and 4, (a) construct a probability...Ch. 4 - In Exercises 3 and 4, (a) construct a probability...Ch. 4 - In Exercises 5 and 6, determine whether the...Ch. 4 - In Exercises 5 and 6, determine whether the...Ch. 4 - In Exercises 7 and 8, (a) find the mean, variance,...Ch. 4 - In Exercises 7 and 8, (a) find the mean, variance,...Ch. 4 - In Exercises 9 and 10, find the expected net gain...Ch. 4 - In Exercises 9 and 10, find the expected net gain...Ch. 4 - In Exercises 11 and 12, determine whether the...Ch. 4 - In Exercises 11 and 12, determine whether the...Ch. 4 - In Exercises 1316, find the indicated binomial...Ch. 4 - In Exercises 1316, find the indicated binomial...Ch. 4 - In Exercises 1316, find the indicated binomial...Ch. 4 - In Exercises 1316, find the indicated binomial...Ch. 4 - In Exercises 17 and 18, (a) construct a binomial...Ch. 4 - In Exercises 17 and 18, (a) construct a binomial...Ch. 4 - In Exercises 19 and 20, find the mean, variance,...Ch. 4 - In Exercises 19 and 20, find the mean, variance,...Ch. 4 - In Exercises 2126, find the indicated...Ch. 4 - Prob. 4.3.22RECh. 4 - In Exercises 2126, find the indicated...Ch. 4 - Prob. 4.3.24RECh. 4 - Prob. 4.3.25RECh. 4 - In Exercises 2126, find the indicated...Ch. 4 - Determine whether the random variable x is...Ch. 4 - The table lists the number of wireless devices per...Ch. 4 - Prob. 3CQCh. 4 - The five-year success rate of kidney transplant...Ch. 4 - An online magazine finds that the mean number of...Ch. 4 - Basketball player Dwight Howard makes a free throw...Ch. 4 - Which event(s) in Exercise 6 can be considered...Ch. 4 - In Exercises 13find the indicated probabilities...Ch. 4 - In Exercises 13, find the indicated probabilities...Ch. 4 - In Exercises 13find the indicated probabilities...Ch. 4 - Determine whether the distribution is a...Ch. 4 - The table shows the ages of students in a freshman...Ch. 4 - Seventy-seven percent of U.S. college students pay...Ch. 4 - The Centers for Disease Control and Prevention...Ch. 4 - The Centers for Disease Control and Prevention...Ch. 4 - Suspicious Samples? A lab worker tells you that...Ch. 4 - In Exercises 17, consider a grocery store that can...Ch. 4 - In Exercises 17, consider a grocery store that can...Ch. 4 - Prob. 3TCh. 4 - Prob. 4TCh. 4 - Prob. 5TCh. 4 - In Exercises 17, consider a grocery store that can...Ch. 4 - In Exercises 17, consider a grocery store that can...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.Similar questions
- Faye cuts the sandwich in two fair shares to her. What is the first half s1arrow_forwardQuestion 2. An American option on a stock has payoff given by F = f(St) when it is exercised at time t. We know that the function f is convex. A person claims that because of convexity, it is optimal to exercise at expiration T. Do you agree with them?arrow_forwardQuestion 4. We consider a CRR model with So == 5 and up and down factors u = 1.03 and d = 0.96. We consider the interest rate r = 4% (over one period). Is this a suitable CRR model? (Explain your answer.)arrow_forward
- Question 3. We want to price a put option with strike price K and expiration T. Two financial advisors estimate the parameters with two different statistical methods: they obtain the same return rate μ, the same volatility σ, but the first advisor has interest r₁ and the second advisor has interest rate r2 (r1>r2). They both use a CRR model with the same number of periods to price the option. Which advisor will get the larger price? (Explain your answer.)arrow_forwardQuestion 5. We consider a put option with strike price K and expiration T. This option is priced using a 1-period CRR model. We consider r > 0, and σ > 0 very large. What is the approximate price of the option? In other words, what is the limit of the price of the option as σ∞. (Briefly justify your answer.)arrow_forwardQuestion 6. You collect daily data for the stock of a company Z over the past 4 months (i.e. 80 days) and calculate the log-returns (yk)/(-1. You want to build a CRR model for the evolution of the stock. The expected value and standard deviation of the log-returns are y = 0.06 and Sy 0.1. The money market interest rate is r = 0.04. Determine the risk-neutral probability of the model.arrow_forward
- Several markets (Japan, Switzerland) introduced negative interest rates on their money market. In this problem, we will consider an annual interest rate r < 0. We consider a stock modeled by an N-period CRR model where each period is 1 year (At = 1) and the up and down factors are u and d. (a) We consider an American put option with strike price K and expiration T. Prove that if <0, the optimal strategy is to wait until expiration T to exercise.arrow_forwardWe consider an N-period CRR model where each period is 1 year (At = 1), the up factor is u = 0.1, the down factor is d = e−0.3 and r = 0. We remind you that in the CRR model, the stock price at time tn is modeled (under P) by Sta = So exp (μtn + σ√AtZn), where (Zn) is a simple symmetric random walk. (a) Find the parameters μ and σ for the CRR model described above. (b) Find P Ste So 55/50 € > 1). StN (c) Find lim P 804-N (d) Determine q. (You can use e- 1 x.) Ste (e) Find Q So (f) Find lim Q 004-N StN Soarrow_forwardIn this problem, we consider a 3-period stock market model with evolution given in Fig. 1 below. Each period corresponds to one year. The interest rate is r = 0%. 16 22 28 12 16 12 8 4 2 time Figure 1: Stock evolution for Problem 1. (a) A colleague notices that in the model above, a movement up-down leads to the same value as a movement down-up. He concludes that the model is a CRR model. Is your colleague correct? (Explain your answer.) (b) We consider a European put with strike price K = 10 and expiration T = 3 years. Find the price of this option at time 0. Provide the replicating portfolio for the first period. (c) In addition to the call above, we also consider a European call with strike price K = 10 and expiration T = 3 years. Which one has the highest price? (It is not necessary to provide the price of the call.) (d) We now assume a yearly interest rate r = 25%. We consider a Bermudan put option with strike price K = 10. It works like a standard put, but you can exercise it…arrow_forward
- In this problem, we consider a 2-period stock market model with evolution given in Fig. 1 below. Each period corresponds to one year (At = 1). The yearly interest rate is r = 1/3 = 33%. This model is a CRR model. 25 15 9 10 6 4 time Figure 1: Stock evolution for Problem 1. (a) Find the values of up and down factors u and d, and the risk-neutral probability q. (b) We consider a European put with strike price K the price of this option at time 0. == 16 and expiration T = 2 years. Find (c) Provide the number of shares of stock that the replicating portfolio contains at each pos- sible position. (d) You find this option available on the market for $2. What do you do? (Short answer.) (e) We consider an American put with strike price K = 16 and expiration T = 2 years. Find the price of this option at time 0 and describe the optimal exercising strategy. (f) We consider an American call with strike price K ○ = 16 and expiration T = 2 years. Find the price of this option at time 0 and describe…arrow_forward2.2, 13.2-13.3) question: 5 point(s) possible ubmit test The accompanying table contains the data for the amounts (in oz) in cans of a certain soda. The cans are labeled to indicate that the contents are 20 oz of soda. Use the sign test and 0.05 significance level to test the claim that cans of this soda are filled so that the median amount is 20 oz. If the median is not 20 oz, are consumers being cheated? Click the icon to view the data. What are the null and alternative hypotheses? OA. Ho: Medi More Info H₁: Medi OC. Ho: Medi H₁: Medi Volume (in ounces) 20.3 20.1 20.4 Find the test stat 20.1 20.5 20.1 20.1 19.9 20.1 Test statistic = 20.2 20.3 20.3 20.1 20.4 20.5 Find the P-value 19.7 20.2 20.4 20.1 20.2 20.2 P-value= (R 19.9 20.1 20.5 20.4 20.1 20.4 Determine the p 20.1 20.3 20.4 20.2 20.3 20.4 Since the P-valu 19.9 20.2 19.9 Print Done 20 oz 20 oz 20 oz 20 oz ce that the consumers are being cheated.arrow_forwardT Teenage obesity (O), and weekly fast-food meals (F), among some selected Mississippi teenagers are: Name Obesity (lbs) # of Fast-foods per week Josh 185 10 Karl 172 8 Terry 168 9 Kamie Andy 204 154 12 6 (a) Compute the variance of Obesity, s²o, and the variance of fast-food meals, s², of this data. [Must show full work]. (b) Compute the Correlation Coefficient between O and F. [Must show full work]. (c) Find the Coefficient of Determination between O and F. [Must show full work]. (d) Obtain the Regression equation of this data. [Must show full work]. (e) Interpret your answers in (b), (c), and (d). (Full explanations required). Edit View Insert Format Tools Tablearrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Glencoe Algebra 1, Student Edition, 9780079039897...AlgebraISBN:9780079039897Author:CarterPublisher:McGraw Hill
Holt Mcdougal Larson Pre-algebra: Student Edition...AlgebraISBN:9780547587776Author:HOLT MCDOUGALPublisher:HOLT MCDOUGAL
Algebra & Trigonometry with Analytic GeometryAlgebraISBN:9781133382119Author:SwokowskiPublisher:Cengage
Algebra and Trigonometry (MindTap Course List)AlgebraISBN:9781305071742Author:James Stewart, Lothar Redlin, Saleem WatsonPublisher:Cengage Learning
Glencoe Algebra 1, Student Edition, 9780079039897...
Algebra
ISBN:9780079039897
Author:Carter
Publisher:McGraw Hill
Holt Mcdougal Larson Pre-algebra: Student Edition...
Algebra
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:9781133382119
Author:Swokowski
Publisher:Cengage
Algebra and Trigonometry (MindTap Course List)
Algebra
ISBN:9781305071742
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:Cengage Learning
Statistics 4.1 Point Estimators; Author: Dr. Jack L. Jackson II;https://www.youtube.com/watch?v=2MrI0J8XCEE;License: Standard YouTube License, CC-BY
Statistics 101: Point Estimators; Author: Brandon Foltz;https://www.youtube.com/watch?v=4v41z3HwLaM;License: Standard YouTube License, CC-BY
Central limit theorem; Author: 365 Data Science;https://www.youtube.com/watch?v=b5xQmk9veZ4;License: Standard YouTube License, CC-BY
Point Estimate Definition & Example; Author: Prof. Essa;https://www.youtube.com/watch?v=OTVwtvQmSn0;License: Standard Youtube License
Point Estimation; Author: Vamsidhar Ambatipudi;https://www.youtube.com/watch?v=flqhlM2bZWc;License: Standard Youtube License