EBK STATISTICAL TECHNIQUES IN BUSINESS
17th Edition
ISBN: 9781259924163
Author: Lind
Publisher: MCGRAW HILL BOOK COMPANY
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Chapter 6, Problem 48CE
The Bank of Hawaii reports that 7% of its credit card holders will default at some time in their life. The Hilo branch just mailed out 12 new cards today.
- a. How many of these new cardholders would you expect to default? What is the standard deviation?
- b. What is the likelihood that none of the cardholders will default?
- c. What is the likelihood at least one will default?
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A technician services mailing machines at companies in the Phoenix area. Depending on the type of malfunction, the service call can take 1, 2, 3, or 4 hours. The different types of malfunctions occur at about the same frequency.
Develop a probability distribution for the duration of a service call.
Duration of Call
x
f(x)
1
2
3
4
Which of the following probability distribution graphs accurately represents the data set?
Consider the required conditions for a discrete probability function, shown below.Does this probability distribution satisfy equation (5.1)?Does this probability distribution satisfy equation (5.2)?
What is the probability a service call will take three hours?
A service call has just come in, but the type of malfunction is unknown. It is 3:00 P.M. and service technicians usually get off at 5:00 P.M. What is the probability the service technician will have to work overtime to fix the machine today?
A psychologist determined that the number of sessions required to obtain the trust of a new patient is either 1, 2, or 3. Let x be a random variable indicating the number of sessions required to gain the patient's trust. The following probability function has been proposed.
x
f(x)
for x = 1, 2, or 3
a. Consider the required conditions for a discrete probability function, shown below.
f(x) ≥0
Σf(x) = 1
(5.1)
(5.2)
Does this probability distribution satisfy equation (5.1)?
Select
Does this probability distribution satisfy equation (5.2)?
Select
b. What is the probability that it takes exactly 2 sessions to gain the patient's trust (to 3 decimals)?
c. What is the probability that it takes at least 2 sessions to gain the patient's trust (to 3 decimals)?
Chapter 6 Solutions
EBK STATISTICAL TECHNIQUES IN BUSINESS
Ch. 6 - The possible outcomes of an experiment involving...Ch. 6 - The Pizza Palace offers three sizes of cola. The...Ch. 6 - FILE Compute the mean and variance of the...Ch. 6 - FILE Compute the mean and variance of the...Ch. 6 - FILE Compute the mean and variance of the...Ch. 6 - Which of these variables are discrete and which...Ch. 6 - FILE The information below is the number of daily...Ch. 6 - FILE The director of admissions at Kinzua...Ch. 6 - Prob. 7ECh. 6 - FILE The Downtown Parking Authority of Tampa,...
Ch. 6 - Ninety-five percent of the employees at the J. M....Ch. 6 - In a binomial situation, n = 4 and = .25....Ch. 6 - In a binomial situation, n = 5 and = .40....Ch. 6 - Prob. 11ECh. 6 - Assume a binomial distribution where n = 5 and =...Ch. 6 - An American Society of Investors survey found 30%...Ch. 6 - Prob. 14ECh. 6 - Prob. 15ECh. 6 - FILE A telemarketer makes six phone calls per hour...Ch. 6 - FILE A recent survey by the American Accounting...Ch. 6 - Prob. 18ECh. 6 - Prob. 4SRCh. 6 - Prob. 19ECh. 6 - In a binomial distribution, n = 12 and = .60....Ch. 6 - FILE In a recent study, 90% of the homes in the...Ch. 6 - FILE A manufacturer of window frames knows from...Ch. 6 - Prob. 23ECh. 6 - Prob. 24ECh. 6 - Prob. 5SRCh. 6 - Prob. 25ECh. 6 - A population consists of 15 items, 10 of which are...Ch. 6 - Prob. 27ECh. 6 - Prob. 28ECh. 6 - Prob. 29ECh. 6 - Prob. 30ECh. 6 - Prob. 6SRCh. 6 - Prob. 31ECh. 6 - Prob. 32ECh. 6 - Prob. 33ECh. 6 - Automobiles arrive at the Elkhart exit of the...Ch. 6 - It is estimated that 0.5% of the callers to the...Ch. 6 - Prob. 36ECh. 6 - Prob. 37CECh. 6 - For each of the following indicate whether the...Ch. 6 - Prob. 39CECh. 6 - Prob. 40CECh. 6 - Prob. 41CECh. 6 - The payouts for the Powerball lottery and their...Ch. 6 - In a recent study, 35% of people surveyed...Ch. 6 - Prob. 44CECh. 6 - An auditor for Health Maintenance Services of...Ch. 6 - Prob. 46CECh. 6 - Prob. 47CECh. 6 - The Bank of Hawaii reports that 7% of its credit...Ch. 6 - Prob. 49CECh. 6 - Prob. 50CECh. 6 - Prob. 51CECh. 6 - Prob. 52CECh. 6 - Prob. 53CECh. 6 - Prob. 54CECh. 6 - Prob. 55CECh. 6 - Prob. 56CECh. 6 - Prob. 57CECh. 6 - Prob. 58CECh. 6 - Prob. 59CECh. 6 - Prob. 60CECh. 6 - Prob. 61CECh. 6 - Prob. 62CECh. 6 - Prob. 63CECh. 6 - Prob. 64CECh. 6 - The National Aeronautics and Space Administration...Ch. 6 - Prob. 66CECh. 6 - Prob. 67CECh. 6 - Prob. 68CECh. 6 - A recent CBS News survey reported that 67% of...Ch. 6 - Prob. 70DACh. 6 - Prob. 71DA
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- A technician services mailing machines at companies in the Phoenix area. Depending on the type of malfunction, the service call can take 1, 2, 3, or 4 hours. The different types of malfunctions occur at about the same frequency. Develop a probability distribution for the duration of a service call. Which of the following probability distribution graphs accurately represents the data set? Consider the required conditions for a discrete probability function, shown below.Does this probability distribution satisfy equation (5.1)?Does this probability distribution satisfy equation (5.2)? What is the probability a service call will take three hours? A service call has just come in, but the type of malfunction is unknown. It is 3:00 P.M. and service technicians usually get off at 5:00 P.M. What is the probability the service technician will have to work overtime to fix the machine today?arrow_forwardWest Virginia has one of the highest divorce rates in the nation, with an annual rate of approximately 5 divorces per 1000 people (Centers for Disease Control and Prevention website, January 12, 2012). The Marital Counseling Center, Inc. (MCC) thinks that the high divorce rate in the state may require them to hire additional staff. Working with a consultant, the management of MCC has developed the following probability distribution for x = the number of new clients for marriage counseling for the next year. Excel File: data05-19.xls 10 20 f(x) .05 .10 11 30 40 50 60 .10 .20 .35 .20 a. Is this probability distribution valid? Yes Explain. greater than or equal to 0 f(x) Σf(x) equal to 1 b. What is the probability MCC will obtain more than 30 new clients (to 2 decimals)? c. What is the probability MCC will obtain fewer than 20 new clients (to 2 decimals)? d. Compute the expected value and variance of x. Expected value Variance clients per year squared clients per yeararrow_forwardReconsider the patient satisfaction data in Table 1. Fit a multiple regression model using both patient age and severity as the regressors. (a) Test for significance of regression. (b) Test for the individual contribution of the two regressors. Are both regressor variables needed in the model? (c) Has adding severity to the model improved the quality of the model fit? Explain your answer.arrow_forward
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