Example of discrete random variable:

1. What is a discrete random variable? Give three examples from the field of business.

2. Of 1000 items produced in a day at XYZ Manufacturers, 400 are produced on the first shift, 350 on the second and 250 on the third. Suppose that the proportions of defective items produced on the first, second and third shifts are 0 01, 0.02, and 0.04, respectively. An item is picked at random. What is the probability that it was produced on (a) the first shift (b) either the first or the second shift? (c) What is the probability that it is defective? (d) What is the probability that it is defective, given that it was produced on the third shift? (e)What is the probability that it is defective and also was produced on the first shift?

3. ABC company has 2000 accounts receivable. The mean and standard deviation are $300 and $50, respectively. Assume that the accounts are normally distributed.

(a) How many accounts exceed $400?

(b) What is the probability that an account selected at random will be between $200 and $350?

(c) Forty percent of the accounts exceed what dollar amount?  (Hint: Fifty percent of the accounts are for more than $300.)

(d)  Twenty percent of  the accounts are below what dollar amount?

(4)  A manufacturer claims that 6% of her product is defective. If the claim is true what is the probability that the number of defective products in a random sample of 20 will be (a) exactly 2  (b) 2 or more  (c) 0  (d) fewer than 5  (e) between 2 and 5 inclusive?

(5) A government agency is conduction a check on label specifications for a product. Suppose that in a particular crate are 6 out of 24 cans whose contents do not meet their label specifications. The agency chooses 6 cans from a crate. What is the probability that the agency will find no mislabeled cans?

(6)  A sample of 80 costumers at 'ABC' Department Store were interviewed regarding their buying habits. One question asked was, " How many times did you shop at this store during the preceding month?" The responses are shown in the table that follows. (a) Find the probability that randomly selected customer shopped (1) more than once (2) zero times (3) more than four times (4) fewer than three times (b) Find the mean and variance.

Xj (no. of times shopped)	0	1	2	3	4	5	6	7
no. of customers	15	27	14	12	6	4	1	1

Posted Date: 2/12/2013 6:11:30 AM | Location : United States

Ask an Expert

Related Discussions:- Example of discrete random variable, Assignment Help, Ask Question on Example of discrete random variable, Get Answer, Expert's Help, Example of discrete random variable Discussions

Write discussion on Example of discrete random variable
Your posts are moderated

Write your message here..

Related Questions

Binomial and continuous model, Exercise: (Binomial and Continuous Model.) C... Exercise: (Binomial and Continuous Model.) Consider a binomial model of a risky asset with the parameters r = 0:06, u = 0:059, d =  0:0562, S0 = 100, T = 1, 4t = 1=12. Note that u

Break-even analysis, a. How can break-even analysis be used in selecting a ... a. How can break-even analysis be used in selecting a new plant site? b. What are potential advantages and disadvantage of locating a production facility in foreign country i

Small sample test for mean, If the sample size is less than 30, then we nee... If the sample size is less than 30, then we need to make the assumption that X (the volume of liquid in any cup) is normally distributed. This forces    (the mean volume in the sam

LPP, b. A paper mill produces two grades of paper viz., X and Y. Because of... b. A paper mill produces two grades of paper viz., X and Y. Because of raw material restrictions, it cannot produce more than 400 tons of grade X paper and 300 tons of grade Y

The incidence of occupational disease , The incidence of occupational disea... The incidence of occupational disease in an industry is such that the workers have a 20% chance of suffering from it. What is the probability that out of six workers 4 or more will

Regression analysis and experimental design, For many decades, there has be... For many decades, there has been considerable attention paid to identifying various factors that help to reduce the number of fatalities on Australian roads. In 1964 Victoria and S

Calculation for continuous series or grouped data, Calculation for Continuo... Calculation for Continuous Series or Grouped Data = where, m = mid-point of class   =

Show the hypothesis test, The file Midterm Data.xls has a tab labeled "Inc... The file Midterm Data.xls has a tab labeled "Income Data 2009". This data is collected income data from a sample of 400 people in 2009. Use a hypothesis test to see whether the av

Demand, A monopolist firm''s demand curve is given by P:100-2q. (a) Find it... A monopolist firm''s demand curve is given by P:100-2q. (a) Find its marginal revenue function.

Pneumatic actuator design matrix, Pneumatic Actuator Design Matrix: The ra... Pneumatic Actuator Design Matrix: The range of actuator design parameters have been provisionally assessed and are presented in Table. You are required to determine the following