In Problem 22, find d so that the probability of a randomly selected laser pointer battery lasting d years or less is .5. 22. The shelf life (in years) of a laser pointer battery is a continuous random variable with probability density function f ( x ) = { 1 / ( x + 1 ) 2 i f x ≥ 0 0 otherwise (A) Find the probability that a randomly selected laser pointer battery has a shelf life of 3 years or less. (B) Find the probability that a randomly selected laser pointer battery has a shelf life of from 3 to 9 years. (C) Graph y = f ( x ) for [0, 10] and show the shaded region for part (A).
In Problem 22, find d so that the probability of a randomly selected laser pointer battery lasting d years or less is .5. 22. The shelf life (in years) of a laser pointer battery is a continuous random variable with probability density function f ( x ) = { 1 / ( x + 1 ) 2 i f x ≥ 0 0 otherwise (A) Find the probability that a randomly selected laser pointer battery has a shelf life of 3 years or less. (B) Find the probability that a randomly selected laser pointer battery has a shelf life of from 3 to 9 years. (C) Graph y = f ( x ) for [0, 10] and show the shaded region for part (A).
Solution Summary: The author calculates that the probability of randomly selected laser pointer battery lasting d years or less is 0.5.
A television network earns an average of $14 million each season from a hit program and loses an average of $8 million each season on a program that turns out to be a flop. Of all programs picked up by this network in recent years, 25% turn out to be hits and 75% turn out to be flops. At a cost of C dollars, a market research firm will analyze a pilot episode of a prospective program and issue a report predicting whether the given program will end up being a hit. If the program is actually going to be a hit, there is a 75% chance that the market researchers will predict the program to be a hit. If the program is actually going to be a flop, there is only a 30% chance that the market researchers will predict the program to be a hit.
What is the maximum value of C that the network should be willing to pay the market research firm? Enter your answer in dollars, not in million dollars.
$ __________
Calculate EVPI for this decision problem. Enter your answer in dollars, not in million…
Chapter 6 Solutions
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