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According to Kamat

Restaurant the cost of making Masala Dosa has the following cost function

C=100+0.0085X2

where X is the number of Dosas sold on any given day. If on an average Kamat Restaurant

sells 530 Masala Dosas with the standard deviation of 69

2) What is the expected profit of Kamat Restaurant?

2. An investor has Rs.10,000 to invest and two investment opportunities , each requiring a

minimum of Rs.5000/-. The profit per Rs.1000 from the first investment and the second

investment are represented by the random variables X and Y respectively having the

probability functions respectively.

-----------------------------------------------------

X PX(x) Y PY(y)

-----------------------------------------------------

-5 0.4 0 0.6

20 0.6 25 0.4

----------------------------------------------------

The random variables X and Y are independent. The investor has the following three

possible strategies to choose one from them.

i. Rs.10,000 in the first investment

ii. Rs.10,000 in the second investment

iii. Rs.5,000 in each investment

Determine the best investment decision for the investor.

3. Historically, Ram Automobile Company has produced defective doors with a certain relative

frequency. It has been found that the probability of a four-door model's having four

defective doors is .0016. Assuming independence and a constant probability associated with

a single defective door, what is the probability that a certain four-door car produced by this

company would have

1. exactly one defective door.

2. at least one door defective. (10)

4. A multiple choice test has 10 questions. for each question there are four alternative

answers from which to choose. Three points are awarded for each correct answer and

points are not deducted for incorrect answers. The instructor awards a bonus point if

the students spells his or her name correctly ( usually happens in QT exams!). A student

who has not studied for this test decides to choose at random an answer for each

question. (That is why I avoid multiple choice tests in QT exams, as these concepts will

backfire like this!).

i. Find the expected value and the standard deviation of number of correct

answers for the student on these questions.

ii. The student spells his or her name correctly. Find the expected value and

standard deviation of the total score of the student in this test.

5. An analyst predicts that 3.5% of all small companies will file for bankruptcy in the coming

year. For a random sample of 100 companies, estimate the probability that at least two will

file for bankruptcy in the next year assuming that the analyst’s prediction is correct.

6. A seed distributor finds that on the average 8% of his seeds will not germinate. He puts

them up in packages of 100 and guarantees 90% germination. Find the probability of

that a given package will violate the guarantee.

7. The table given below shows the probabilities of investors categorised according to the

annual rate of return expected and the level of risk acceptable.

Let X be the random variable denoting the expected annual rate of return (ARR) and Y

be the random variable denoting the acceptable level of risk(LOR).

1 if the ARR is between 10%-15%

2 if the ARR >15%

1 if the LOR is Medium

2 if the LOR is low

3 if the LOR is is none

Y \ X 0 1 2 Total

0 1/6 1/12 1/24

1 1/4 1/40 ¼

2 1/20 1/8 0

3 1/120 0 0

Total

Find

i. P( X=1 , Y=2)

ii. P(X+Y <= 2)

iii. P(X > Y)

iv. COV(X,Y)

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