Introduction
Random variables taking countable values, probability distribution tables that must sum to one, and expected value as a long-run average payoff.
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.
Exercise 3
Let P(x) = the probability that a new hire will stay with the company x years.
P(x ≥ 5) = _______
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?
Exercise 7
What is the probability the baker will sell more than one batch? P(x > 1) = _______
Exercise 9
On average, how many batches should the baker make?
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.
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.
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.
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…
Adapted from Introductory Business Statistics 2e © 2023 Rice University. Licensed under CC BY 4.0. Source: Introductory Business Statistics 2e. Imported at revision 50ec917.