A deck of 52 playing cards consists of 4 suites: clubs, spades, hearts, and diamonds. Each suite consists of 13 cards. Draw one from a deck of cards. Let A=a card "2" is drawn, B=a “diamond" card is drawn. Which is the value of P(A|B), i.e., {probability that the card drawn is "2" given that we have 122)
Q: Suppose that there are two types of workers: high and low. Employers cannot distinguish between…
A: Two wage rates are given:- $200,000 and $100,000 for high and low type worker Reservation wages are…
Q: he local police department must write, on average, 5 tickets a day to keep department revenues at…
A: Given: The mean is 6.4 The pdf of the Poisson distribution is: PX=x=e-λλxx! Here, λ=Mean
Q: An item is produced in large numbers. The machine is known to produce 5% defectives. A quality…
A:
Q: For a group of 300 cars the numbers, classified by colour and country of manufacture, are shown in…
A: Probability is defined as the likelihood of the occurrence of an event.
Q: ABC Co. is considering a new consumer product. They believe there is a probability with a…
A: A payoff matrix shows the possible outcomes for a player by choosing various strategies available to…
Q: Employees of a local university have been classified according to gender and job type. Gender Job…
A: here we calculate the probability of female salaried staff by using the given data , so the…
Q: For a group of 300 cars the numbers, classified by color and country of manufacture, are shown in…
A: Probability: It is a tool used for studying randomness.
Q: Example is given: A petrol pump is supplied with petrol once a day. If its daily volume of sales (X)…
A:
Q: Suppose Eman has an 85% chance of passing each time he takes a quiz. What is the probability that he…
A: Probability of passing an exam = 85% Probability of failing the exam = 100 - 85 = 15%
Q: Suppose that the First United Bank of America has two loans. Each is due to be repaid one period…
A: Credit enhancement is a method for strengthening a company's credit risk profile, generally in order…
Q: 18. Arrows An Olympic archer is able to hit the bull's-eye 80% of the time. Assume each shot is…
A: The term “probability” is defined as the measure of the likelihood that a state of nature will…
Q: Plant I of XYZ manufacturing organisation employs 5 production and 3 maintenance engineers, another…
A:
Q: Suppose that a family has 4 children. Also, suppose that the probability of having a boy is Find the…
A: Here we calculate the probability having boy in a family so calculation of the following as follow-
Q: The probability that the next President will be a Democrat is 0.5, and the probability that the next…
A: Given that, The probability that the next President will be a Democrat is 0.5, and the probability…
Q: Question 2: Find the probability of getting a number less than 5 when a dice is rolled by using the…
A:
Q: Assume the likelihood that any flight on Delta Airlines arrives within 15 minutes of the scheduled…
A:
Q: Suppose A and B are two events with probabilities: P(A) = .30, P(B°) = .45, P(ANB) = .15. Find the…
A: The provided information are: PA=.30PBc=.45PA ∩B=.15
Q: Which of the following is not a continuous random variable:
A: Here we have to find which variable is not a continuous random variable.
Q: A class consists of 17 women and 65 men. If a student is randomly selected, what is the probability…
A: Total women=17Total men=65Total students=17+65=82
Q: Deborah Mitz buys Breathalyzer test sets for the Police Department. The quality of the test sets…
A: Given:
Q: A biometric security device using fingerprints erroneously refuses to admit 2 in 1,000 authorized…
A: The probability that the person was really authorized can be calculated as follows:
Q: Anticipated consumer demand in a restaurant for free-range steaks next month can be modeled by a…
A: Let X=demand X~N(μ,σ2)Given μ=1200 poundsσ=100 pounds
Q: The following table contains the probability distribution for X- the number of traffic accidents…
A: option c is correct answer From above table we can show that X - number of traffic accident…
Q: A psychologist determined that the number of sessions required to obtain the trust of a new patient…
A: The concepts used to solve this problem are the probability distribution function and…
Q: Eric has a job at an electronics store in a mall. Eric doesn't like to work hard, and it costs him…
A: We are going to calculate Net gains in both states to answer this question correctly
Q: The probabilities of X, Y and Z becoming managers are 4/9, 2/9 and 1/3 respectively. The…
A:
Q: ABC Store's data of the past 500 days shows that the online daily sales of a cooking pot of a…
A: According to the given question we will do it as follows so the formula for the given above question…
Q: A manufacturer of cotter pins knows that 5% of his product is defective. If he sells cotter pins in…
A:
Q: Applied Machines produces large test equipment for integrated circuits. The machines are made to…
A: Month Number produced Number reworked Proportion reworked 1 23 3 0.13043478 2 28 3 0.10714286…
Q: 3. P(z >0.52) 6. P(-2.73 <z <-0.73)
A: (3) Given: P(z>0.52)
Q: Two coins are tossed 500 times, and we get: i) Two heads: 105 times ii) One head: 275 times iii)…
A: When we toss a coin the outcome would be either head or tail.
Q: A production manager knows that 5% of components produced by a particular manufacturing process have…
A: Binomial distribution is used where there are only two outcomes and the trials are independent. The…
Q: If the joint probability is given by: x + y f(x, y) = 30 for a = 0, 1,2, 3; y = 0, 1,2, find P(X +…
A: Given: Joint probability is given by: x + y f(x, y) = 30 or (x+y)/30= f(x, y) for a = 0, 1,2, 3; y…
Q: On Monday's there are eight classes taught in the business building. The probability that any of…
A:
Q: A mutual fund company has 6 funds that invest in the U.S. market and 4 that invest in international…
A: It is given that : Company has 6 funds to be invested in US. Company has 4 funds to be invested in…
Q: A proprietor of a food-stall has invented a new item of food delicacy which he calls WHIM. He has…
A:
Q: An investment of $10,000 generates a return of $4,000 in a bull market or a return of -$1,500 in a…
A: We have given that Return probability 4000 0.4 -1500 0.6
Q: equipment proposal from two vendors A and B have been received from a local company. The quality of…
A: Answer given below,
Q: both male and undergraduates. What is the probability that a randomly selected student is either…
A: Given: PMale=57%=0.57PUndergraduates=64%=0.64PMale and Undergraduate=40%=0.40
Q: Given the following data with 25 % probability Bidder 1 bids 100 and Bidder 2 bids 80. What is the…
A: Answer - Need to find- The winning Bid Given in the question- Given the following data with 25 %…
Q: A committee of 4 persons is to be appointed from 3 officers of the production department, 4 officers…
A:
Q: Speedy Oil provides a single-channel automobile oil change and lubrication service. Customers…
A: Given Data λ = the mean number of car arrivals per hour. = 4. μ = the mean number of service hours =…
Q: For a group of 300 cars the numbers, classified by color and country of manufacture, are shown in…
A: Probability: It deals with the chance of an event occurring.
Q: Avicenna is a major insurer that offers five-year life insurance policies to 65 year-olds. If the…
A: Company will pay $203620 or ($213000-$9380) with 4% chance and company will take $9380 with 96%…
Q: Airline passengers arrive randomly and independently at the passenger-screening facility at a major…
A: Hey champ, Welcome to this platform. Here you will get the answer with better quality in minimum…
Q: A car dealer has established that 40% of his potential customers prefer single cab cars while 60%…
A:
Q: Early in August an undergraduate college discovers that it can accommodate a few extra students.…
A: The binomial distribution is used when there are only two outcomes and the probability of success is…
Q: Two types of light bulbs are manufactured by firm A and firm B. The life of bulb type A is normally…
A:
Q: Industry standards suggest that 12 percent of new vehicles require warranty service within the first…
A: This is a binomial distribution problem where n= 10 p= 0.12 q= 1-0.12= 0.88 x= 1
Q: You work at a mechanic shop. On average, 10 cars come into your shop each day. Assuming a poisson…
A: Poisson Distribution: Where e = Euler's constant = 2.71828 λ = mean number of occurrences in the…
Step by step
Solved in 3 steps
- When playing roulette at a casino, a gambler is trying to decide whether to bet $10 on the number 30 or to bet $10 that the outcome is any one of the three possibilities 00, 0, or 1. 3 The gambler knows that the expected value of the $10 bet for a single number is - 53¢. For the $10 bet that the outcome is 00, 0, or 1, there is a probability of 38 of making a net profit of $30 and a probability of losing $10. 35 38 a. Find the expected value for the $10 bet that the outcome is 00, 0, or 1. b. Which bet is better: a $10 bet on the number 30 or a $10 bet that the outcome is any one of the numbers 00, 0, or 1? Why? a. The expected value is $. (Round to the nearest cent as needed.) b. Since the expected value of the bet on the number 30 is C than the expected value for the bet that the outcome is 00, 0, or 1, the bet on is better.QUESTION 26 A deck of 52 playing cards consists of 4 suites: clubs, spades, hearts, and diamonds. Each suite consists of 13 cards. Draw one from a deck of cards. Let A=a card "2" is drawn, B=a "diamond" card is drawn. Which is the value of P(A and B), i.e., {probability that the card drawn is "diamond" and "2"} ? 1/52 4/52 13/52 16/521. A dealer decides to sell a rare book by means of an English auction with a reservation price of 54. There are two bidders. The dealer believes that there are only three possible values, 90, 54, and 45, that each bidder’s willingness to pay might take. Each bidder has a probability of 1/3 of having each of these willingnesses to pay, and the probabilities for each of the two bidders are independent of the other’s valuation. Assuming that the two bidders bid rationally and do not collude, the dealer’s expected revenue is approximately ______. 2. A seller knows that there are two bidders for the object he is selling. He believes that with probability 1/2, one has a buyer value of 5 and the other has a buyer value of 10 and with probability 1/2, one has a buyer value of 8 and the other has a buyer value of 15. He knows that bidders will want to buy the object so long as they can get it for their buyer value or less. He sells it in an English auction with a reserve price which he must…
- 5. Probability help me uhuhuhuh2. Christiaan can go hiking, or he can stay at home. Hiking would be fun if nothing bad happens, but there is a risk if he goes hiking that he will meet a bear (not fun) or get bitten by a snake (very not fun). Christiaan decides that if there is a 5% chance of meeting a bear and a 1% chance of getting bitten by a snake, he would prefer to go hiking rather than stay at home. However, if the chance of meeting a bear is 10% and the chance of a snake bite is 5%, he definitely would rather stay at home. then (a) Consider the utility function: U (stay home) = 25, U (hike no event) = 100, U (hike & snake) -1000, U (hike & bear) = -200. Does this utility function represent Christiaan's pref- erences? Explain. (b) Suppose that the utility function in (a) does represent Christiaan's preferences. Would Christiaan prefer to hike or stay home if the probability of meeting a bear is 6% and the probability of being bitten by a snake is 4%? Show your work.The promoter of a football game is concerned that it will rain. She has the option of spending $14,040 on insurance that will pay $39,000 if it rains. She estimates that the revenue from the game will be $65,040 if it does not rain and $30,040 if it does rain. What must the chance of rain be if buying the policy has the same expected return as not buying it? Write expressions showing the expected returns if the promoter does and does not purchase the insurance, using p to represent the probability of rain. Without insurance, E(return) = With insurance, E(return) = The chance of rain must be _%.
- Ans both Otherwise dont ans4. $1000 with of $325. (a) (b) Adam is risk averse. He is offered a choice between a gamble that pays a probability of 25% and $100 with a probability of 75%, or a sure payment What is the expected payment of the gamble? Will Adam prefer gamble over sure payment? Would he change his mind if the sure payment is $320 instead of $325? (c) If this individual has a utility function u(x) = lnx, would he prefer the payment of $320 or the gamble? (d) In the CRRA utility family u(x) = x¹-7. If this individual has a utility where y = 0.01, would he prefer the payment of $320 or the gamble?Economics The trust game is a two player game with three stages, often used in economics exper- iments to measure trust and trustworthiness. Player 1 starts off with 10 Dollars. She can send an amouh 0 SI S 10 to player 2. The experimenter triples the sent amount such that player 2 receives 3r. Player 2 can then send an amount 0Q3/ The probability that a consumer will rate a new antipollution device for cars What are the probabilities that it will rate the device (a) very poor, poor, fair, or good; (b) good, very good, or excellent? Rate Poor Fair Very good Excellent Very poor Good Probability 0.07 0.12 0.17 0.32 0.21 0.11A new company is offering its shares for sale in an initial public offering (IPO) through an auction. There is a 50% probability that the company will be very successful, in which case each share is worth $28. Otherwise, each share is worth $0. You are competing with professional investors such as hedge funds that know if the company will be successful or not. Part 1If you bid $14 per share, what is your expected return?A lottery has a grand prize of $1,000,000, 2 runner-up prizes of $100,000 each, 6 third-place prizes of $10,000 each, and 19 consolation prizes of $1,000 each. If a 4 million tickets are sold for $1 each, and the probability of any ticket winning is the same as that of any other winning, find the expected return on a $1 ticket. (Round your answer to 2 decimal places.SEE MORE QUESTIONS