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Question: A photographer works part-time in a shopping center, two hours per day, four days per week. On the average, six customers arrive each hour, and the arrivals appear to occur independently of one another. Twenty minutes after she arrives one day, the photographer wonders what the chances are that exactly one customer will arrive during the next 15 minutes. Find this probability
(i) if two customers just arrived within the first 20 minutes and
(ii) if no customers have come into the shop yet on this particular day.
How much money will Tom and Tricia have in 45 years if they do nothing for the next 10 years, then put $2400 per year away for the remaining 35 years?
Conduct a linearized analysis for this system and discuss the stability of the two equilibrium points. What has to be true about the parameters so that there is a locally stable equilibrium point.
The objective in the game of Monopoly is to get all the property and then raise the rents. Can this power be explained with market supply and demand curves?
Case Detail: A spindle with specifications 20 ± 0.05 mm was machined in a lathe. The standard deviation of the spindle machined was found to be 0.25 mm.
For the following special cases of the infinite random walk, determine if it is aperiodic, irreducible, and there is a solution to the eigenvector problem.
Can we claim that a new, less expensive process yields the same breakage rate if we find that in a sample of 80 rods produced by the new process, 27 rods broke when subjected to that load? (Use a = 5%.)
Construct a frequency distribution. Construct a relative frequency distribution. Construct a frequency histogram of the data.
A company is planning its advertising strategy for next year for its three major products. Since the three products are quite different, each advertising effort will focus on a single product.
Show that an iteration of the revised simplex method takes longer than an iteration of the standard simplex method whenever the bases B.
This problem requires the use of Excel and the add-in, called Solver. The course is Excel-based and Solver is the optimization application used for all problems.
Suppose N = 10 and r =3. Compute the hypergeometric probabilities for the following values of n and x.
Your company has purchased a large new truck tractor for over-the-road use (asset class 00.26). It has a cost basis of $180,000.
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