Calculate mean and standard deviation of the probability

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Quantitative Business Methods - Probability and Probability Distributions Assignment

Part A. The Binomial distribution - Solved Exercises

Exercise 1.

(a) State the conditions required to apply the binomial distribution

(b) What is the probability of getting 3 heads in 5 flips of a balance coin?

Exercise 2.

The probability is 0.20 that a person shopping at a certain supermarket will take advantage of its special promotion of pocket books.

(a) Find the probabilities that among six persons shopping at this market there will be 0, 1, 2, 3, 4, 5, or 6 persons who will take advantage (success) of this promotion.

(b) Construct a table with values of x and probabilities f(x) computed in (a), and construct a histogram of this binomial distribution.

Part B. The Poisson distribution - Solved Exercises

Exercise 1.

(a) What is the difference between the binomial and the Poisson distribution?

(b) Give some examples of when we can apply the Poisson distribution

(d) Under what conditions can the Poisson distribution be used as an approximation to the binomial distribution? Why can this be useful?

Assignment link - https://www.dropbox.com/s/pewqshz7oylv26w/Assignment.rar?dl=0

Reference no: EM131261625

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len1261625

11/1/2016 1:26:22 AM

Please tell writer to check all documents I have attached and also to look at these extra tables which i attached in case needed. Very important homework which is big part of my grade. So I need perfect answers. Follow the following steps: Add your full name into the file name. Clearly write the solution (not only the answer) below each question and before closing the document update the Footer of the document.

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