You are on page 1of 5

1

1.
= [x* P(x)] = 1(.24) + 2(.18) + 3(.13) + 4(.10) + 5(.07) + 6(.04) + 7(.04) + 8(.20)
= 3.86
2 = V(X) = (x - )2 * P(x) = (13.86)2(.24) + (23.86)2(.18) + (33.86)2(.13) + (43.86)2(.10) + (53.86)2(.07)
+(63.86)2(.04) + (73.86)2(.04) + (83.86)2(.20) = 6.78
= SQRT(2) = SQRT(6.78) = 2.603
$2.50 x 3.86 = $9.65

$2.50 x 2.603= $6.509

Thus the average revenue generated is $9.65 and the average deviation is $6.51.
2.
= [x* P(x)] = 1(.05) + 2(.12) + 3(.20) + 4(.30) + 5(.15) + 6(.10) + 7 (.08) = 4.00
2 = V(X) = (x - )2 * P(x) = (14.0)2(.05) + (24.0) 2(.12) + (34.0) 2(.20) + (44.0) 2(.30)+ (54.0) 2(.15) +
4.0)2(.10) + (74.0) 2(.08) = 2.40
$0.25 x 4.00 = $1.00

V($0.25 x 2.4) =
($0.25)2 x 2.4 = $0.15

Thus, the average cost per fax is $1 and the variance is $0.15.
3.
= E(x) = [x* P(x)] = 0(.10) + 1(.25) + 2(.40) + 3(.20) + 4(.05) = 1.85
$20 x 1.85 x 20% = $7.4
the expected profit is $7.4.
4.
P(x) = C(n,x) * px(1 p)n-x
a)

P(0) = C(25,0) * (0.1)0 (1 0.1) 25-0


= 1 * 1 * (0.9)25
= 0.0718

Blue highlight shows that the probability is 0.0718 using the table.
BINOM.DIST (0,25,0.1,FALSE)
=0.0718
the probability that none are Independent is 7.18%
b)
k
0
1
2
3
4

P= 0.1
0.0718
0.2712
0.5371
0.7636
0.9020

(6

2
Yellow highlight shows that the probability is 0.9020 using the table.
BINOM.DIST (4,25,0.1,TRUE)
=0.9020
the probably of fewer than 5 people being independent is 90.2%

c)

P(0) = 0.0718
P(0)+P(1)+P(2) = 0.5371
P(1) = C(25,1) * (0.1)1 (1 0.1) 25-1
= 25 * 0.1 * (0.9)24
= 0.1994
P(2) = C(25,2) * (0.1)2 (1 0.1) 25-2
= 300 * 0.01 * (0.9)23
= 0.2658

1 0.5371 = 0.4629

The probability of more than two people is 46.29%.

Green highlight on the table shows the probability of 2 or less, thus 1 the value is the probability.
= BINOM.DIST (2,25,0.1,TRUE)
=0.537

1 0.5371 = 0.4629

5.
*table and manual calculation are not applicable here
a)
=BINOM.DIST(4,10,(244/495),TRUE)
calculates for 4 and/or less
= 0.39447
1 - 0.39447 = 0.60553

The probability of winning 5 or more is 60.553%.

b)
244/495 = 0.4929 0.4929 x 100 = 49.29 49 wins per 100 games
6.
a) table not applicable(P is not on the table)
P(0) = C(25,0) * (1/19)0 (18/19) 25-0
= 1 * 1 * (18/19)25
= 0.2588
P(1) = C(25,1) * (1/19)1 (18/19) 25-1
= 25 * 1/19 * (18/19)24
= 0.3594
=BINOM.DIST(1,25,(1/19),TRUE)
=0.6182
the probability is 38.17%

P(0) + P(1) = 0.6182


1 P(0) + P(1) = 0.3817

1 0. 6182 = 0.3817

b) table not applicable(P is not on the table)


P(0) = C(25,0) * (1/19)0 (18/19) 25-0
= 1 * 1 * (18/19)25
= 0.2588
the probability is 25.88%
=BINOM.DIST(0,25,(1/19),false)
=0.2588

3
c) table not applicable(P is not on the table), more than 3 calculations
=BINOM.DIST(14,25,(18/38),TRUE)

---- less than 15 times

1 - 0.8564 = 0.1436

=0.8564
the probability is 14.36%
d) table not applicable(P is not on the table), more than 3 calculations
=BINOM.DIST(10,25,(18/38),TRUE)
the probability is 29.67%

=0.2967

7. table not applicable(P is not on the table), more than 3 calculations


=BINOM.DIST(9,20,0.38,TRUE) ----- 9 or less times, thus requiring the complement
=0.8103

1 0.8103 = 0.1897
the probability is 18.97%

8.
a) table not applicable(P is not on the table), more than 3 calculations
=BINOM.DIST(50,100,0.45,TRUE) ----- 50 or less times, thus requiring the complement
=0.8654
1 0.8654 = 0.1346

the probability is 13.46%

b) table not applicable(P is not on the table), more than 3 calculations


=BINOM.DIST(43,100,0.45,TRUE)
=0.3827

the probability is 38.27%

c) table not applicable(P is not on the table), more than 3 calculations


=BINOM.DIST(45,100,0.45,FALSE)
= 0.0799

the probability is 7.99%

9.
f(x) = 1 / (b a) ; where a x b
P(x1 < X < x2) = (x2 x1) * 1 / (b a)
a) P(150 < X < 175) = (175 150) * 1 / (175 110)
= 25 * [1/ 65]
= 0.3846

the probability is 38.46%

b) P(120 < X < 160) = (160 120) * 1 / (175 110)


= 40 * (1/65)
= 0.61538
the probability is 61.538%

10. (answers between tables and Excel vary because of the lack of decimal places in table)
Z = (X ) /
a) Z = (12000 11500) / (800)
= 0.625 0.63

P(Z > 0.63) = 1 - P(Z < 0.63)


= 1 (0.7357)*tables only go to 2 decimal places for Z-scores
= 0.2643

=1 - NORMDIST(12000,11500,800,TRUE)
= 1 (0.7340)
= 0.2660
the probability is 26.6%
b) Z = (10000 11500) / (800)
= -1.875 - 1.88
P(Z < -1.88) *tables only go to 2 decimal places for Z-scores
= 0.0301
= NORMDIST(10000,11500,800,TRUE)
= 0.0303
No index entries found.

the probability is 3.03%

11. (answers between tables and Excel vary because of the lack of decimal places in table)
a) Z = (70000 61823) / (17301)
= 0.47

P(Z > 0.47) = 1 - P(Z < 0.47)


= 1 (0.6808)
= 0.3192
= 1 - NORMDIST(70000, 61823, 17301,TRUE)
= 1 0.6818
= 0.3182
the probability is 31.82%
b) Z = (65000 61823) / (17301)
= 0.18
P([Z < 0.18] < x < [Z< 0.76])
= P(Z< 0.76) P(Z < 0.18)
= (0.7764) - (0.5714)
= 0.2050

Z = (75000 61823) / (17301)


= 0.76

= NORMDIST(75000, 61823, 17301,TRUE) - NORMDIST(65000, 61823, 17301,TRUE)


= 0.7768 - 0.5728
= 0.2040
the probability is 20.4%
c) Z = (45000 61823) / (17301)
= -0.97

P(Z < -0.97)


= 0.1660

= NORMDIST(45000, 61823, 17301,TRUE)


= 0.1654
d) Z = (100000 61823) / (17301)
= 2.20

the probability is 16.54%

P(Z > 2.20) = 1 - P(Z < 2.20)


= 1 (0.9861)
= 0.0139
= 1 - NORMDIST(100000, 61823, 17301,TRUE)
= 1 - 0.9863

5
= 0.0137

the probability is 1.37%

e)
= NORMDIST(75000, 61823, 17301,FALSE)
= 0.000017

the probability is 0%

*the probability is 0 because there isnt a probability for an exact, individual value in continuous data
12. (answers between tables and Excel vary because of the lack of decimal places in table)
P(Z < z .01) = 1 0.01 = 0.99

z .01 = 2.33

- z .01 = - 2.33

- z .01 = (X .01 - ) /
-2.33(8) + (75) = X .01
X .01 = 56.36

the warranty should be roughly 56 months.

=NORMINV(0.01,75,8)
=56.389
13. (answers between tables and Excel vary because of the lack of decimal places in table)
P(Z < z .06) = 1 0.06 = 0.94
z .06 = (X .06 - ) /
1.555(30) + (150) = X .06
X .06 = 246.65
round up).

z .06 = 1.555

He should have roughly 247 printers in stock before he reorders (need to

= NORMINV (0.94, 200, 30)


= 246.643
14. (answers between tables and Excel vary because of the lack of decimal places in table)
P(Z < z .30) = 1 0.30 = 0.70

z .30 = 0.525

z .30 = (X .30 - ) /
0.525(90) + (850) = X .30
X .30 = 897.25
It should have roughly 898 loaves in stock (need to round up).
= NORMINV (0.94, 200, 30)
= 897.1960