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"MagTek" electronics has developed a smart phone that does things that no other phone yetreleased into the market-place will do. The marketing department is planning to demonstratethis new phone to a group of potential customers, but is worried about some initial technicalproblems which have resulted in 0.2% of all phones malfunctioning. The marketing executive is planning on randomly selecting 60 phones for use in the demonstration but is worried because it is very important that every single one functions OK during the demonstration. The executive believes that whether or not any one phone malfunctions is independent of whether or not any other phone malfunctions and is convinced that the probability that any one phone will malfunction is definitely 0.002. Assuming the marketing executive randomly selects 60 phones for use in the demonstration:
(a) What is the probability that no phones will malfunction? [If you use anyprobability distribution/s, you are required justify the requirements forparticular distributions are satisfied]
(b) What is the probability that at most one phone will malfunction?
(c) The executive has decided that unless the probability of there being nomalfunctions is greater than 90%, he will cancel the demonstration. Shouldhe cancel the demonstration or not? Explain your answer.
Make a decision about the given claim. Do not use any formal procedures and exact calculation. Use only the rare event rule. Claim: A coin favors head when tossed, and there
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Consider the following linear regression model: a) What does y and x 1 , x 2 , . . . . x k represent? b) What does β o , β 1 , β 2 , . . . . β k represent?
Methods of Forecasting Various techniques which are generally used in business forecasting are as under: 1. Forecasting through the opinion of heads of department
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In 120 tosses of a coin, 45 heads and 75 tails are observed. Is this a balanced coin? Use a=0.05. (Follow the basic steps of hypothesis testing)
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