12th Edition

ISBN: 9780321836960

Author: Mario F. Triola

Publisher: PEARSON

Concept explainers

A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear re…

Binomial Distribution

Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.

Videos

Textbook Question

Chapter 5.2, Problem 26BB

Expected Value for Deal or No Deal The television game show Deal or No Deal begins with individual suitcases containing the amounts of 1ϕ, $1, $5, $10, $25, $50, $75, $100, $200, $300, $400, $500, $750, $1000, $5000, $10,000, $25,000, $50,000, $75,000, $100,000, $200,000, $300,000, $400,000, $500,000, $750,000, and $1,000,000. If a player adopts the strategy of choosing the option of “no deal” until one suitcase remains, the payoff is one of the amounts listed, and they are all equally likely.

a. Find the expected value for this strategy.
b. Find the value of the standard deviation.
c. Use the range rule of thumb to identify the range of usual outcomes.
d. Based on the preceding results, is a result of $750,000 or $1,000,000 unusually high? Why or why not?

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Chapter 5.2, Problem 25BB

Chapter 5.3, Problem 1BSC

Students have asked these similar questions

explain the importance of the Hypothesis test in a business setting, and give an example of a situation where it is helpful in business decision making.

A college wants to estimate what students typically spend on textbooks. A report fromthe college bookstore observes that textbooks range in price from $22 to $186. Toobtain a 95% confidence level for a confidence interval estimate to plus or minus $10,how many students should the college survey? (We may estimate the populationstandard deviation as (range) ÷ 4.)

In a study of how students give directions, forty volunteers were given the task ofexplaining to another person how to reach a destination. Researchers measured thefollowing five aspects of the subjects’ direction-giving behavior:• whether a map was available or if directions were given from memory without a map,• the gender of the direction-giver,• the distances given as part of the directions,• the number of times directions such as “north” or “left” were used,• the frequency of errors in directions. Identify each of the variables in this study, and whether each is quantitative orqualitative. For each quantitative variable, state whether it is discrete or continuous. Was this an observational study or an experimental study? Explain your answer.

Chapter 5 Solutions

Elementary Statistics

Ch. 5.2 - Random Variable Table 5-7 lists probabilities for...Ch. 5.2 - Discrete or Continuous? Is the random variable...Ch. 5.2 - Probability Distribution Does Table 5-7 describe a...Ch. 5.2 - Unusual For 200 births, the probability of exactly...Ch. 5.2 - Identifying Discrete and Continuous Random...Ch. 5.2 - Prob. 6BSC Ch. 5.2 - Identifying Probability Distributions. In...Ch. 5.2 - Identifying Probability Distributions. In...Ch. 5.2 - Identifying Probability Distributions. In...Ch. 5.2 - Identifying Probability Distributions. In...

Ch. 5.2 - Identifying Probability Distributions. In...Ch. 5.2 - Identifying Probability Distributions. In...Ch. 5.2 - Happiness In a survey sponsored by Coca-Cola,...Ch. 5.2 - Identifying Probability Distributions. In...Ch. 5.2 - Genetics. In Exercises 15-18, refer to the...Ch. 5.2 - Genetics. In Exercises 15-18, refer to the...Ch. 5.2 - Genetics. In Exercises 15-18, refer to the...Ch. 5.2 - Genetics. In Exercises 15-18, refer to the...Ch. 5.2 - Car Failures. In Exercises 19-22, refer to the...Ch. 5.2 - Car Failures. In Exercises 19-22, refer to the...Ch. 5.2 - Car Failures. In Exercises 19-22, refer to the...Ch. 5.2 - Prob. 22BSC Ch. 5.2 - Expected Value for the Texas Pick 3 Game In the...Ch. 5.2 - Expected Value in Maines Pick 4 Game In Maines...Ch. 5.2 - Prob. 25BB Ch. 5.2 - Expected Value for Deal or No Deal The television...Ch. 5.3 - Calculating Probabilities Based on a Saint Index...Ch. 5.3 - Consistent Notation If we use the binomial...Ch. 5.3 - Prob. 3BSC Ch. 5.3 - Notation of 0+ Using the same survey from Exercise...Ch. 5.3 - Identifying Binomial Distributions. In Exercises...Ch. 5.3 - Identifying Binomial Distributions. In Exercises...Ch. 5.3 - Veggie Survey In an Idaho Potato Commission survey...Ch. 5.3 - Veggie Survey In an Idaho Potato Commission survey...Ch. 5.3 - Surveying Senators The current Senate consists of...Ch. 5.3 - Identifying Binomial Distributions. In Exercises...Ch. 5.3 - Prob. 11BSC Ch. 5.3 - Prob. 12BSC Ch. 5.3 - Binomial Probability Formula. In Exercises 13 and...Ch. 5.3 - Prob. 14BSC Ch. 5.3 - Using the Binomial Probability Table. In Exercises...Ch. 5.3 - Prob. 16BSC Ch. 5.3 - Using the Binomial Probability Table. In Exercises...Ch. 5.3 - Prob. 18BSC Ch. 5.3 - Prob. 19BSC Ch. 5.3 - Using the Binomial Probability Table. In Exercises...Ch. 5.3 - Prob. 21BSC Ch. 5.3 - Prob. 22BSC Ch. 5.3 - Prob. 23BSC Ch. 5.3 - Prob. 24BSC Ch. 5.3 - Using Computer Results. In Exercises 2528, refer...Ch. 5.3 - Prob. 26BSC Ch. 5.3 - Prob. 27BSC Ch. 5.3 - Using Computer Results. In Exercises 2528, refer...Ch. 5.3 - See You Later Based on a Harris Interactive poll,...Ch. 5.3 - Live TV Based on a Comcast survey, there is a 0.8...Ch. 5.3 - Too Young to Tat Based on a Harris poll, among...Ch. 5.3 - Tainted Currency Based on the American Chemical...Ch. 5.3 - Prob. 33BSC Ch. 5.3 - Prob. 34BSC Ch. 5.3 - On-Time Flights The U.S. Department of...Ch. 5.3 - Prob. 36BSC Ch. 5.3 - Nielsen Rating CBS televised a recent Super Bowl...Ch. 5.3 - Overbooking Flights When someone buys a ticket for...Ch. 5.3 - XSORT Method of Gender Selection When testing a...Ch. 5.3 - Prob. 40BSC Ch. 5.3 - Prob. 41BSC Ch. 5.3 - Prob. 42BSC Ch. 5.3 - Acceptance Sampling. Exercises 35 and 36 involve...Ch. 5.3 - Prob. 44BSC Ch. 5.3 - Prob. 46BB Ch. 5.3 - Prob. 47BB Ch. 5.4 - Prob. 1BSC Ch. 5.4 - Prob. 2BSC Ch. 5.4 - Prob. 3BSC Ch. 5.4 - Prob. 4BSC Ch. 5.4 - Finding , , and Unusual Values. In Exercises 58,...Ch. 5.4 - Prob. 6BSC Ch. 5.4 - Prob. 7BSC Ch. 5.4 - Prob. 8BSC Ch. 5.4 - Prob. 9BSC Ch. 5.4 - Prob. 10BSC Ch. 5.4 - Are 20% of MM Candies Orange? Mars, Inc. claims...Ch. 5.4 - Are 14% of MM Candies Yellow? Mars, Inc. claims...Ch. 5.4 - Cell Phones and Brain Cancer In a study of 420,095...Ch. 5.4 - Prob. 14BSC Ch. 5.4 - Prob. 15BSC Ch. 5.4 - Prob. 16BSC Ch. 5.4 - Prob. 17BSC Ch. 5.4 - Prob. 18BSC Ch. 5.4 - Born on the 4th of July For the following...Ch. 5.4 - Prob. 20BSC Ch. 5.4 - Prob. 21BB Ch. 5.4 - Prob. 23BB Ch. 5.5 - Prob. 1BSC Ch. 5.5 - Prob. 2BSC Ch. 5.5 - Poission Approximation to Binomial Assume that we...Ch. 5.5 - Prob. 4BSC Ch. 5.5 - Aircraft Accidents. In Exercises 58, assume that...Ch. 5.5 - Aircraft Accidents. In Exercises 58, assume that...Ch. 5.5 - Aircraft Accidents. In Exercises 58, assume that...Ch. 5.5 - Aircraft Accidents. In Exercises 58, assume that...Ch. 5.5 - In Exercises 916, use the Poisson distribution to...Ch. 5.5 - Prob. 10BSC Ch. 5.5 - Prob. 11BSC Ch. 5.5 - Deaths from Horse Kicks A classical example of the...Ch. 5.5 - World War II Bombs In Exercise 1 Notation we noted...Ch. 5.5 - Prob. 14BSC Ch. 5.5 - Chocolate Chip Cookies In the production of...Ch. 5.5 - Chocolate Chip Cookies Consider an individual...Ch. 5.5 - Poisson Approximation to Binomial Distribution An...Ch. 5 - Is a probability distribution defined if the only...Ch. 5 - There are 100 questions from an SAT test, and they...Ch. 5 - Using the same SAT questions described in Exercise...Ch. 5 - Prob. 4CQQ Ch. 5 - If boys and girls are equally likely, groups of400...Ch. 5 - In Exercises 610, use the following: Five American...Ch. 5 - x p(x) 0 0+ 1 0.006 2 0.051 3 0.205 4 0.409 5...Ch. 5 - In Exercises 610, use the following: Five American...Ch. 5 - In Exercises 610, use the following: Five American...Ch. 5 - In Exercises 610, use the following: Five American...Ch. 5 - In Exercises 14, assume that 40% of the population...Ch. 5 - Prob. 2RE Ch. 5 - Prob. 3RE Ch. 5 - Brown Eyes When randomly selecting 600 people, the...Ch. 5 - In Exercises 5 and 6, refer to the table in die...Ch. 5 - In Exercises 5 and 6, refer to the table in die...Ch. 5 - Prob. 7RE Ch. 5 - Prob. 8RE Ch. 5 - Expected Value for a Magazine Sweepstakes Readers...Ch. 5 - Prob. 10RE Ch. 5 - Please be aware that some of the following...Ch. 5 - Ohio Pick 4 In Ohios Pick 4 game, you pay 1 to...Ch. 5 - Tennis Challenge In the last U.S. Open tennis...Ch. 5 - Prob. 4CRE Ch. 5 - Random Digits The digits 0, 1, 2,3,4, 5,6,7, 8,...Ch. 5 - Prob. 6CRE Ch. 5 - FROM DATA TO DECISION Critical Thinking: Did...

Knowledge Booster

$Statistics$

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.

Solution Summary: The author explains that the expected value for the television game show Deal or No Deal is 131,477.54 and the random variable x represents the individual suitcases containing the amounts.

Concept explainers

Videos

Want to see the full answer?

Chapter 5 Solutions