Back to Introductory Business Statistics 2e

Introduction

Random variables taking countable values, probability distribution tables that must sum to one, and expected value as a long-run average payoff.

Introductory Business Statistics 2e, Introduction

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9 exercises

Exercise 1

Let P(x) = the probability that a new hire will stay with the company x years.

Complete the table using the data provided.

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Exercise 3

Let P(x) = the probability that a new hire will stay with the company x years.

P(x ≥ 5) = _______

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Exercise 5

Let P(x) = the probability that a new hire will stay with the company x years.

What does the column “P(x)” sum to?

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Exercise 7

What is the probability the baker will sell more than one batch? P(x > 1) = _______

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Exercise 9

On average, how many batches should the baker make?

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Exercise 11


Use the following information to answer the next four exercises: Emery has music practice three days a week. They practice for all of the three days 85% of the time, two days 8% of the time, one day 4% of the time, and no days 3% of the time. One week is selected at random.

Construct a probability distribution table for the data.

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Exercise 13


Use the following information to answer the next five exercises: Javier volunteers in community events each month. He does not do more than five events in a month. He attends exactly five events 35% of the time, four events 25% of the time, three events 20% of the time, two events 10% of the time, one event 5% of the time, and no events 5% of the time.

Define the random variable X.

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Exercise 15


Use the following information to answer the next five exercises: Javier volunteers in community events each month. He does not do more than five events in a month. He attends exactly five events 35% of the time, four events 25% of the time, three events 20% of the time, two events 10% of the time, one event 5% of the time, and no events 5% of the time.

Construct a PDF table.

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Exercise 17


Use the following information to answer the next five exercises: Javier volunteers in community events each month. He does not do more than five events in a month. He attends exactly five events 35% of the time, four events 25% of the time, three events 20% of the time, two events 10% of the time, one event 5% of the time, and no events 5% of the time.

Find the probability that Javier volunteers f…

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Adapted from Introductory Business Statistics 2e © 2023 Rice University. Licensed under CC BY 4.0. Source: Introductory Business Statistics 2e. Imported at revision 50ec917.