This document contains a summary of questions from Quiz 2 on Statistics for Economics and Business. [1] There are questions about the probability of late pizza deliveries and the expected mean and standard deviation of late deliveries and losses from giving free pizzas. [2] There is also a question about the percentage of people that actually have a genetic defect if they test positive, which is solved using a problem tree to be 18.14%. [3] Standard deviations and means are calculated for scenarios involving 100 orders and 10 orders with a 10% probability of lateness.
This document contains a summary of questions from Quiz 2 on Statistics for Economics and Business. [1] There are questions about the probability of late pizza deliveries and the expected mean and standard deviation of late deliveries and losses from giving free pizzas. [2] There is also a question about the percentage of people that actually have a genetic defect if they test positive, which is solved using a problem tree to be 18.14%. [3] Standard deviations and means are calculated for scenarios involving 100 orders and 10 orders with a 10% probability of lateness.
This document contains a summary of questions from Quiz 2 on Statistics for Economics and Business. [1] There are questions about the probability of late pizza deliveries and the expected mean and standard deviation of late deliveries and losses from giving free pizzas. [2] There is also a question about the percentage of people that actually have a genetic defect if they test positive, which is solved using a problem tree to be 18.14%. [3] Standard deviations and means are calculated for scenarios involving 100 orders and 10 orders with a 10% probability of lateness.
1. A pizza delivery restaurant has a new promotion which will give the customer a free medium pizza if the delivery is late. Based on experience, it indicates that the probability of the delivery being late is 10%. Price of a medium pizza is Rp 60.000. If there are 10 pizza delivery orders in the afternoon, what is the probability that: Let X be the number of late delivery P = 0,10 a. More than 3 deliveries are late? P(X > 3) = 1 – [P(X=1) + P(X=2) + P(X=3)]
P(X>3) = 1 – 0,637 = 0,363 or 36,3%
b. All deliveries are on time? P(X=0) = 0,349 or 34,9%
c. Only 2 deliveries are on time?
P(X=9) + P(X=10) = 0,001 or 0,1% d. Find the mean and standard deviation of late delivery if there are 100 orders? Mean = 100*0,1 = 10 Standard deviation = √10*0,9 = 3 e. Find the mean and standard deviation of the total loss due to free pizza associated to point (d) that cost the restaurant? Mean of Total loss = 60.000*10 = Rp 600.000 Sd of total loss = 60.000*3 -+ Rp 180.000 2. Based on research world wide, it is known that 3% of people have certain genetic defect. 86% of tests for the gene detect the defect (true positives). 12% of the tests are false positive. If a person gets a positive test results, what are the percentage they actually have the genetic defect? Please complete your answer by using problem tree.
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