

Study with the several resources on Docsity
Earn points by helping other students or get them with a premium plan
Prepare for your exams
Study with the several resources on Docsity
Earn points to download
Earn points by helping other students or get them with a premium plan
Community
Ask the community for help and clear up your study doubts
Discover the best universities in your country according to Docsity users
Free resources
Download our free guides on studying techniques, anxiety management strategies, and thesis advice from Docsity tutors
A range of probability distribution problems and their applications in business and economics. It includes topics such as normal distribution, exponential distribution, binomial distribution, and their use in analyzing customer deposits, light bulb lifetimes, lottery winnings, bus arrival times, quiz completion times, and trade balances. A comprehensive set of exercises that demonstrate the practical application of probability concepts in various real-world scenarios. By studying this document, students can gain a deeper understanding of how to apply probability theory to solve problems in business, economics, and related fields.
Typology: Summaries
1 / 3
This page cannot be seen from the preview
Don't miss anything!
The score of English tests for students at a high school is normally distributed with a mean of 462 and a standard deviation of 23. a. What percentage of all students is between 435 and 485 scores? b. What percentage of all students has scores higher than 500? c. What percentage of all students has scores lower than 380? d. What percentage of all students has scores lower than 510? S6. In a Vissan farm, when the ducks are 12 weeks old, they are processed. Their weights are distributed normally, with a mean of 3.8 kilogram(kg) and a standard deviation of 0.6 kg. According to their weight, the farm has divided these ducks into three categories: little (less than 3.5 kg), medium (between 3.5 kg and 4.9 kg), and large (more than 4.9 kg) a. What percentage of these ducks will fall into each category? b. Determine the distribution of weight's 60th percentile. Find c, in other words, such that P(X <a) = 0.60. c. Suppose that 6 ducks are selected at random. What is the probability that 4 of them will be little? d. Ducks are measured accurately and any which are little or large are rejected. Out of a batch of 4,000 ducks, how many would be rejected? S6. A commercial bank's branch observes that the customer deposit growth over one day is normally distributed, with a mean of 1.5 billion VND and a standard deviation of 9.7 billion VND. A negative increase, often known as a loss, shows that the withdrawal exceeded the deposit. a. Determine X at which there is a 5% chance that the balance sheet will lose more than x billion in a given day. b. For the X you found in part (a), what is the probability that the balance sheet will increase in value by more than X VND in one day? S6. The lifetime of a light is ๐ hours, where ๐ can be modelled by an exponential distribution with parameter ๐ = 0.0125. a. Find the mean and variance of the lifetime of a light. b. Find the probability that the lifetime of a light is less than 100 hours; c. Find the probability that the lifetime of a light is between 50 hours and 150 hours. d. What is the minimum hour if the probability of a light is less than 20%? e. Determine the median lifetime of a light. Combining with the results in (a), comment on the shape of distribution. f. Find the IQR (Interquartile Range) of the lifetime of the light. S6.
In the lottery, you must pay 10,000 VND to select a specific number between 1 and 40. Only one number is chosen to win at the end of the period. Let's assume you use 10 million VND for the lottery and choose random numbers. a. Calculate the probability that you win fewer than 7 times. b. Calculate the probability that you win more than 10 times. c. Calculate the probability that you win more than 80 times. S6. Suppose a UEH bus always arrives at Nguyen Van Linh campus between 7 :00 am and 7 :1 5 am. a. Find the probability that the bus will arrive between 7 :0 2 am and 7 :0 4 am. b. Find the probability that the bus will arrive before 7 :0 9 am. S6. The following figure shows the probability density curve for the random variable "number of minutes" that students in a randomly selected class have to complete a quiz: Find the probability that the students complete a quiz a. over 15 minutes; b. between 20 and 35 minutes; c. less than 30 minutes; d. more than 36 minutes; S6. A binomial probability distribution has p = .20 and n = 100. a. What are the mean and standard deviation? b. Is this situation one in which binomial probabilities can be approximated by the normal probability distribution? Explain. c. What is the probability of exactly 24 successes? d. What is the probability of 18 to 22 successes? e. What is the probability of 15 or fewer successes? S6. 9 A certain university prefers undergraduate classes to have 4 0 students in size. The school has a policy of allowing the applications of 40 0 students, knowing from previous experience that, on average, only 1 0% of those approved for admission will actually attend. Find the probability that this university enrolls more than 40 undergraduates. S6. The nation of Waipo has recently created an economic development plan that includes expanded exports and imports. It has completed a series of extensive studies of the world economy and Waipoโs economic capability, following Waipoโs extensive 10-year educational enhancement