User Account

All Pages

Why is the standard deviation so large

Assignment Help Basic Statistics
Reference no: EM131742634

Question: Casino. A casino knows that people play the slot machines in hopes of hitting the jackpot, but that most of them lose their dollar. Suppose a certain machine pays out an average of $0.92, with a standard deviation of $120.

a) Why is the standard deviation so large?

b) If you play 5 times, what are the mean and standard deviation of the casino s profit?

c) If gamblers play this machine 1000 times in a day, what are the mean and standard deviation of the casino s profit?

d) Do you think the casino is likely to be profitable? Explain.

Reference no: EM131742634

Questions Cloud

Some critics have denounced these efforts as exploitative : As marketers increasingly develop marketing programs tailored to certain target market segments, some critics have denounced these efforts as exploitative.
Determine the different types of performance measurements : Determine the different types of performance measurements that can be used to measure LensCrafters’ service-delivery system design.
What key leadership qualities made him unique : What key leadership qualities made him unique? What challenges did he face?
Customer satisfaction and positive outcome : Reimbursement in the future is projected to be based on customer satisfaction and positive outcome. Do you agree or disagree with this prediction?
Why is the standard deviation so large : Casino. A casino knows that people play the slot machines in hopes of hitting the jackpot, but that most of them lose their dollar.
Explain the role of cloud computing traceability and rfid : Evaluate the effectiveness of E-Procurement and E-Auction. Explain the role of cloud computing, traceability, RFID and other ERP solutions.
Portable air conditioners and portable heaters : The Attaran Corporation manufactures two electrical products: portable air conditioners and portable heaters.
Probability-small bowl contains more cereal than large one : Cereal. The amount of cereal that can be poured into a small bowl varies with a mean of 1.5 ounces and a standard deviation of 0.3 ounces.
How can you change this perception using survey and research : Patients often equate the quality of the service with the quality of health care. How can you change this perception using surveys and research?

Reviews

Write a Review

Basic Statistics Questions & Answers

  Statistics-probability assignment

MATH1550H: Assignment:  Question:  A word is selected at random from the following poem of Persian poet and mathematician Omar Khayyam (1048-1131), translated by English poet Edward Fitzgerald (1808-1883). Find the expected value of the length of th..

  What is the least number

MATH1550H: Assignment:  Question:     what is the least number of applicants that should be interviewed so as to have at least 50% chance of finding one such secretary?

  Determine the value of k

MATH1550H: Assignment:  Question:     Experience shows that X, the number of customers entering a post office during any period of time t, is a random variable the probability mass function of which is of the form

  What is the probability

MATH1550H: Assignment:Questions: (Genetics) What is the probability that at most two of the offspring are aa?

  Binomial distributions

MATH1550H: Assignment:  Questions:  Let’s assume the department of Mathematics of Trent University has 11 faculty members. For i = 0; 1; 2; 3; find pi, the probability that i of them were born on Canada Day using the binomial distributions.

  Caselet on mcdonald’s vs. burger king - waiting time

Caselet on McDonald’s vs. Burger King - Waiting time

  Generate descriptive statistics

Generate descriptive statistics. Create a stem-and-leaf plot of the data and box plot of the data.

  Sampling variability and standard error

Problems on Sampling Variability and Standard Error and Confidence Intervals

  Estimate the population mean

Estimate the population mean

  Conduct a marketing experiment

Conduct a marketing experiment in which students are to taste one of two different brands of soft drink

  Find out the probability

Find out the probability

  Linear programming models

LINEAR PROGRAMMING MODELS

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd