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You bet! You roll a die. If it comes up a 6, you win $100. If not, you get to roll again. If you get a 6 the second time, you win $50. If not, you lose.
a) Create a probability model for the amount you win at this game.
b) Find the expected amount you'll win.
c) How much would you be willing to pay to play this game?
1. Consider an in?nite server queuing system in which customers arrive in accordance with a Poisson process with rate λ, and where the service distribution is exponential with rate μ. Let X(t) denote the number of customers in the system at time t..
Discuss the other major weakness of the Articles of Confederation and show how our present-day Constitution overcame them. Be sure to address how the Constitution addressed the economy, political instability, conflict's between small and large st..
Show that if in the Law of Large Numbers we omit the assumption that all the X have the same mean and replace the m in the conclusion by [E(X1)+...+E(Xn)]/n, the law remains valid.
How does one find expected profit from a probability demand distribution?
Is there evidence to suggest a difference in the mean waiting times at the four body shops?
All the row totals and column totals are given to you, and the numbers you fill in must add to these given totals. How many degrees of freedom do you have?
Heights for college women are normally distributed with mean = 65 inches and standard deviation = 2.7 inches. Find the proportion of college women whose heights fall into the given ranges:
in a region 80 of the population have brown eyes. if 12 people are randomly selected find the probability that at least
Find a 95% confidence interval for the mean µ of the population from which the men were selected.
If the mean lifetime of this type of component is 100 hours and its standard deviation is 19 hours, how many of these component must be in stock so that the probability of the system is in continual operations for the next 2,000 hours is at least ..
There are four entrances to the Government Center Building in downtown Philadelphia. The building maintenance supervisor would like to know if the entrances are equally utilized.
What percentage of items will weigh between 6.4 and 8.9 ounces?
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