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A financial advisor has recommended two possible mutual funds for investment: Fund A and Fund B. The return that will be achieved by each of these depends on whether the economy is good, fair, or poor. A payoff table has been constructed to illustrate this situation: Investment Good Economy Fair economy Poor Economy Fund A

A market research firm conducts telephone surveys with a 40% historic response rate. What is the probability that in a new sample of 400 telephone numbers, at least 150 individuals will cooperate and respond to the questions? In other words, what is the probability that the sample proportion will be at least 150/400=.375

Normal Probability

Thursday, 23 March 2017 by

1. The weekly salaries of teachers in one state are normally distributed with a mean of $490 and a standard deviation of $45. a. What is the probability that a randomly selected teacher earns more than $525 per week? b. What is the probability a randomly selected teacher earns less than $435 per week? 2.

Probability and Independence

Thursday, 23 March 2017 by

Age effects in medical care. The type of medical care a patient receives may vary with the age of the patient. A large study of women who had a breast lump investigated whether or not each woman received a mammogram and a biopsy when the lump was discovered. Here are some probabilities estimated by the

Quantitative Methods

Thursday, 23 March 2017 by

Management Science 1. There is a fixed cost of $50,000 to start a production process. Once the process has begun, the variable cost per unit is $25. The revenue per unit is projected to be $45. Find the break-even point. 2. Administrators at a university are planning to offer a summer seminar. It costs $3000

According to a recently conducted survey, 90% of all drivers in Trinidad and Tobago claim to consistently driver over the legal speed limit. Assume that this result is true for the current population of the Cayman Islands. Find the probability that, in a random sample of 20 drivers: 1. None of them drive over the

Transmitting messages with noise.

Thursday, 23 March 2017 by

When a message is sent electronically, it is usually sent as a stream of bits, each of which can be either a 0 or 1. If the digital channel is noisy, then each bit has some probability of being flipped. Assume that a message is sent through a noisy channel where the probability that any

Statistics of Airplanes Failing

Thursday, 23 March 2017 by

# 5.62: A certain airplane has two independent alternators to provide electrical power. The probabilty that a given alternator will fail on a 1-hour flight is .02. What is the probability that (a) both will fail? (b) Neither will fail? (c) One or the other will fail? Show all steps carefully. a) The likelihood that

Statistics – Probability

Thursday, 23 March 2017 by

The attached excel file contains data obtained from 274 couples regarding their education level, annual salary, the value of the cars that they own, the value of their homes, their total savings value (including stocks and bonds) and their social climber index (scale of 1-10, where 1 means very unconcerned about social status, 10 means

Statistics – Probability

Thursday, 23 March 2017 by

Given the following information about motor vehicles, motor vehicle accidents and cost of repair for last year: # of registered motor vehicles (millions) 215 # of vehicles involved in an accident (millions) 21.3 Cost of accident ($ billions) 192 A) What is the probability that a randomly selected vehicle is involved in an accident? B)

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