Loose Leaf for Statistical Techniques in Business and Economics
17th Edition
ISBN: 9781260152647
Author: Douglas A. Lind
Publisher: McGraw-Hill Education
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Chapter 7, Problem 59CE
a.
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Binomial Prob.
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Answer
5
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0.7
0.233
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0.290
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0.053
150
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0.15
0.035
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10
0.7
0.383
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Poisson Probability
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lambda
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18 4
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0.180
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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 7 Solutions
Loose Leaf for Statistical Techniques in Business and Economics
Ch. 7 - Microwave ovens only last so long. The life-time...Ch. 7 - Prob. 1ECh. 7 - Prob. 2ECh. 7 - Prob. 3ECh. 7 - Prob. 4ECh. 7 - Prob. 5ECh. 7 - Prob. 6ECh. 7 - Prob. 2SRCh. 7 - The distribution of the annual incomes of a group...Ch. 7 - Explain what is meant by this statement: There is...
Ch. 7 - List the major characteristics of a normal...Ch. 7 - The mean of a normal probability distribution is...Ch. 7 - The mean of a normal probability distribution is...Ch. 7 - The Kamp family has twins, Rob and Rachel. Both...Ch. 7 - Prob. 12ECh. 7 - The temperature of coffee sold at the Coffee Bean...Ch. 7 - A normal population has a mean of 20.0 and a...Ch. 7 - A normal population has a mean of 12.2 and a...Ch. 7 - A recent study of the hourly wages of maintenance...Ch. 7 - The mean of a normal probability distribution is...Ch. 7 - Prob. 5SRCh. 7 - Prob. 17ECh. 7 - A normal population has a mean of 80.0 and a...Ch. 7 - Prob. 19ECh. 7 - Prob. 20ECh. 7 - WNAE, an all-news AM station, finds that the...Ch. 7 - Prob. 22ECh. 7 - Prob. 6SRCh. 7 - A normal distribution has a mean of 50 and a...Ch. 7 - Prob. 24ECh. 7 - Prob. 25ECh. 7 - Prob. 26ECh. 7 - Prob. 27ECh. 7 - Prob. 28ECh. 7 - Prob. 29ECh. 7 - Prob. 30ECh. 7 - Prob. 7SRCh. 7 - Prob. 31ECh. 7 - Prob. 32ECh. 7 - Prob. 33ECh. 7 - Prob. 34ECh. 7 - Prob. 35ECh. 7 - Prob. 36ECh. 7 - Prob. 8SRCh. 7 - Prob. 37ECh. 7 - The lifetime of LCD TV sets follows an exponential...Ch. 7 - Prob. 39ECh. 7 - Prob. 40ECh. 7 - Prob. 41CECh. 7 - Prob. 42CECh. 7 - Prob. 43CECh. 7 - Prob. 44CECh. 7 - Prob. 45CECh. 7 - Prob. 46CECh. 7 - Prob. 47CECh. 7 - Prob. 48CECh. 7 - Shaver Manufacturing Inc. offers dental insurance...Ch. 7 - The annual commissions earned by sales...Ch. 7 - Prob. 51CECh. 7 - Prob. 52CECh. 7 - Management at Gordon Electronics is considering...Ch. 7 - Fast Service Truck Lines uses the Ford Super Duty...Ch. 7 - Prob. 55CECh. 7 - Prob. 56CECh. 7 - Prob. 57CECh. 7 - Prob. 58CECh. 7 - Prob. 59CECh. 7 - Prob. 60CECh. 7 - Prob. 61CECh. 7 - Prob. 62CECh. 7 - The weights of canned hams processed at Henline...Ch. 7 - Prob. 64CECh. 7 - Prob. 65CECh. 7 - The price of shares of Bank of Florida at the end...Ch. 7 - Prob. 67CECh. 7 - Prob. 68CECh. 7 - Prob. 69CECh. 7 - Prob. 70CECh. 7 - Prob. 71CECh. 7 - Prob. 72CECh. 7 - Prob. 73CECh. 7 - Prob. 1PCh. 7 - Prob. 2PCh. 7 - Prob. 3PCh. 7 - Prob. 4PCh. 7 - Prob. 5PCh. 7 - Prob. 6PCh. 7 - Prob. 1.1PTCh. 7 - Prob. 1.2PTCh. 7 - Prob. 1.3PTCh. 7 - Prob. 1.4PTCh. 7 - Prob. 1.5PTCh. 7 - Prob. 1.6PTCh. 7 - Which of the following is NOT a requirement of the...Ch. 7 - Prob. 1.8PTCh. 7 - How many standard normal distributions are there?...Ch. 7 - Prob. 1.10PTCh. 7 - Prob. 1.11PTCh. 7 - Prob. 1.12PTCh. 7 - Prob. 1.13PTCh. 7 - Prob. 1.14PTCh. 7 - Prob. 1.15PTCh. 7 - Prob. 2.1PTCh. 7 - Prob. 2.2PTCh. 7 - Prob. 2.3PTCh. 7 - Prob. 2.4PTCh. 7 - Prob. 2.5PTCh. 7 - Prob. 2.6PTCh. 7 - Prob. 2.7PT
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- 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
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