Jankord Jewelers permits the return of their diamond wedding rings, provided the return occurs within two weeks. Typically, 20 percent are returned. If nine rings are sold today, what is the probability that fewer than four will be returned? A- 0.914 B- 0.962 C- 0.923 D- 0.935
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Jankord Jewelers permits the return of their diamond wedding rings, provided the return occurs within two weeks. Typically, 20 percent are returned. If nine rings are sold today, what is the probability that fewer than four will be returned?
A- 0.914
B- 0.962
C- 0.923
D- 0.935
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- The game of Chuck-a-Luck is played as follows: You pick a number between 1 and 6 and toss three dice. If your number does not appear, you lose 1. If your number appears x times, you win x. On the average, use simulation to find the average amount of money you will win or lose on each play of the game.At the beginning of each week, a machine is in one of four conditions: 1 = excellent; 2 = good; 3 = average; 4 = bad. The weekly revenue earned by a machine in state 1, 2, 3, or 4 is 100, 90, 50, or 10, respectively. After observing the condition of the machine at the beginning of the week, the company has the option, for a cost of 200, of instantaneously replacing the machine with an excellent machine. The quality of the machine deteriorates over time, as shown in the file P10 41.xlsx. Four maintenance policies are under consideration: Policy 1: Never replace a machine. Policy 2: Immediately replace a bad machine. Policy 3: Immediately replace a bad or average machine. Policy 4: Immediately replace a bad, average, or good machine. Simulate each of these policies for 50 weeks (using at least 250 iterations each) to determine the policy that maximizes expected weekly profit. Assume that the machine at the beginning of week 1 is excellent.In this version of dice blackjack, you toss a single die repeatedly and add up the sum of your dice tosses. Your goal is to come as close as possible to a total of 7 without going over. You may stop at any time. If your total is 8 or more, you lose. If your total is 7 or less, the house then tosses the die repeatedly. The house stops as soon as its total is 4 or more. If the house totals 8 or more, you win. Otherwise, the higher total wins. If there is a tie, the house wins. Consider the following strategies: Keep tossing until your total is 3 or more. Keep tossing until your total is 4 or more. Keep tossing until your total is 5 or more. Keep tossing until your total is 6 or more. Keep tossing until your total is 7 or more. For example, suppose you keep tossing until your total is 4 or more. Here are some examples of how the game might go: You toss a 2 and then a 3 and stop for total of 5. The house tosses a 3 and then a 2. You lose because a tie goes to the house. You toss a 3 and then a 6. You lose. You toss a 6 and stop. The house tosses a 3 and then a 2. You win. You toss a 3 and then a 4 for total of 7. The house tosses a 3 and then a 5. You win. Note that only 4 tosses need to be generated for the house, but more tosses might need to be generated for you, depending on your strategy. Develop a simulation and run it for at least 1000 iterations for each of the strategies listed previously. For each strategy, what are the two values so that you are 95% sure that your probability of winning is between these two values? Which of the five strategies appears to be best?
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- 9.19 In bottle production, bubbles that appear in the glass are considered defects. Any botle that has more than two bubbles is elassified as "nonconforming" and is sent to recycling Suppose that a particular production line produces bottles with bubbles at a rate of 1. bubbles per bottle. Bubbles occur independently of one another. a What is the probability that a randomly chosen bottle is nonconfornming? b Bottles are packed in cases of 12. An inspector chooses one bottle from each case and examines it for defects. If it is nonconforming, she inspects the entire case, re placing nonconforming bottles with good ones. This process is called rectification If the chosen bottle conforms (has two or fewer bubbles), then she passes the cuse. In total, 20 cases are produced. What is the probability that at least 18 of them pass! c What is the expected number of nonconforming bottles in the 20 cases after they have been inspected and rectified using the scheme described in part b?A product is composed of four parts. In order for the product to function properly in a given situation, each of the parts must function. Two of the parts have a .96 probability of functioning, and twohave a probability of .99. What is the overall probability that the product will function properly?Which of the following is a likely source of basis risk? All of these None of these Crude oil is being used to hedge the price risk of downstream (refined) petroleum product O The termination date of exposure is two weeks later than the contract expiration date. A power plant in the Northeast is managing its input (natural gas) risk using a contract priced at Henry Hub, Louisiana.
- TTD 6/USD 1. The TTD 6 is the quote currency. Select one: True FalseA rural cooperative purchased a trencher at a cost of P230,500.00. It is estimated that the trencher will have a salvage value of P25,000.00 after digging 300,000 meters of irrigation canals. Determine the book value of the trencher after two years, if it was used to dig 50,000 meters on the first year and 75,000 meters on the second year. (Ans. P144,875.00)The probability that a mobile phone is stolen in an electronic shop is 0.0008. If 8500 mobile phones are sold, what is the approximate Poisson probability that 5 or fewer will be stolen? A- 0.327 B- 0.833 C- 0.781 D- 0.256