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Probability question
The owner of a fish market determined that the mean weight for a catfish is 3.2 pounds assuming that the weight of a catfish follows a normal distribution and its standard deviation is unknown. He also knew that that probability of a randomly selected catfish that would weigh more than 3.8 pounds is 20% and the probability that a randomly selected catfish that would weigh less than 2.8 pounds is 30%. What is the probability that a randomly selected catfish...
Probability Question
One out of four investors have ETFs in their portfolios. Consider a sample of twenty investors. [Hint: why is it that the random variable X∼Bi(n, p)?]a. Compute the probability that exactly 2 investors have ETFs in their portfolios. .
Stat Question on probability
Joe has applied to two different universities.The acceptancerate for university A is 25% the acceptance rate for university Bis 40% What is the probability thatJoe will be accepted by atleast one of these two universities?
Statistics and Probability Question
Statistics and Probability Question
Probability & Statistics Question
Statistics / Probability Question
(All answers were generated using 1,000 trials and native Excel functionality.)The management of Brinkley Corporation is interested in using simulation to estimate the profit per unit for a new product. The selling price for the product will be $45 per unit. Probability distributions for the purchase cost, the labor cost, and the transportation cost are estimated as follows: ProcurementCost ($)ProbabilityLaborCost ($)ProbabilityTransportationCost ($)Probability100.25200.1030.75110.45220.2550.25120.30240.35250.30 (a)Construct a simulation model to estimate the average profit per unit. What is a 95% confidence interval around this average?Round...
Statistics / Probability Question
(All answers were generated using 1,000 trials and native Excel functionality.)In preparing for the upcoming holiday season, Fresh Toy Company (FTC) designed a new doll called The Dougie that teaches children how to dance. The fixed cost to produce the doll is $100,000. The variable cost, which includes material, labor, and shipping costs, is $34 per doll. During the holiday selling season, FTC will sell the dolls for $42 each. If FTC overproduces the dolls, the excess dolls will be...
Statistics / Probability Question
(All answers were generated using 1,000 trials and native Excel functionality.)In preparing for the upcoming holiday season, Fresh Toy Company (FTC) designed a new doll called The Dougie that teaches children how to dance. The fixed cost to produce the doll is $100,000. The variable cost, which includes material, labor, and shipping costs, is $34 per doll. During the holiday selling season, FTC will sell the dolls for $42 each. If FTC overproduces the dolls, the excess dolls will be...
Short Probability Question
A manufacturer makes two products. The manufacturing plant has a capacity to produce a total of 100 units per week, in any combination of these two products i.e. It can make X units of product A and 100-X units of product B (whereas, value of X can be from 0 to 100). It costs $20 per unit to make product A, and it sells for $30. Whatever amount of Product A is made, it is sold immediately. Product B costs...
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