It is Lady Bridgerton's first ball of the season and she must select 4 dance partners for the upcomin dances. She cannot dance with the same partner twice. Of the 15 potential dance partners at th ball, there are 3 Dukes, 4 Earls, 7 Barons, and one Prince. Find the probability that: a) she does not dance with a Duke. b) she dances with exactly 2 Barons. c) she dances with at least one Earl. d) each dance partner has a different rank.
Q: Suppose that there are two types of workers: high and low. Employers cannot distinguish between…
A: Two wage rates are given:- $200,000 and $100,000 for high and low type worker Reservation wages are…
Q: Question 16 Suppose a firm hires a new worker, Jens H. Because the firm knows Jens H. can work hard…
A: The correct answer is given in the second step.
Q: For a group of 300 cars the numbers, classified by colour and country of manufacture, are shown in…
A: Probability is defined as the likelihood of the occurrence of an event.
Q: ABC Co. is considering a new consumer product. They believe there is a probability with a…
A: A payoff matrix shows the possible outcomes for a player by choosing various strategies available to…
Q: A restaurant manager classifies customers as regular, occasional, or new, and finds that of all…
A: Probability refers to the chance or the happening of an event which may or may not take place. It is…
Q: Employees of a local university have been classified according to gender and job type. Gender Job…
A: here we calculate the probability of female salaried staff by using the given data , so the…
Q: Diego's current wealth is $800, but there is a 0.2 probability that he will lose $100. Diego is risk…
A: Given; Current wealth= $800 Probability of losing $100= 0.2 Diego is a risk neutral person.
Q: In a Godiva shop, 40% of the cookies are plain truffles, 20% are black truffles, 10% are cherry…
A: Probability is a measure of the likelihood that a state of nature will occur. It can be objective or…
Q: When a pair of dice is tossed, the results may be any whole number from 2 through 12. In the game of…
A: Probability is a measure of the likelihood that a state of nature will occur. It can be objective or…
Q: What is the probability that a waiter will refuse to serve alcoholic beverages to only 2 minors if…
A: Given: n(total) = 9 n(minors) = 4 n(adult) = 9 - 4 = 5 n(chosen) = 5
Q: In the July 29, 2001, issue of The Journal News (Hamilton, Ohio), Lynn Elber of the Associated Press…
A: Probability is the extension of mathematics involving numerical definitions of how probable a…
Q: Suppose Eman has an 85% chance of passing each time he takes a quiz. What is the probability that he…
A: Probability of passing an exam = 85% Probability of failing the exam = 100 - 85 = 15%
Q: Cat, who owns the same type of house and faces the same probability distribution of losses as…
A:
Q: College allow the 8th level students two exams (attempts) for the exit exam and consider the best…
A: Let denote an event of failing at First test while denote an event of failing at Second test. We…
Q: Suppose that the First United Bank of America has two loans. Each is due to be repaid one period…
A: Credit enhancement is a method for strengthening a company's credit risk profile, generally in order…
Q: 18. Arrows An Olympic archer is able to hit the bull's-eye 80% of the time. Assume each shot is…
A: The term “probability” is defined as the measure of the likelihood that a state of nature will…
Q: Consider Bob's decision problem: Sunny Cloudy Rainy Beach 2 3 2 Park 3 3 2 Mall -1 1 x Suppose…
A: An expected utility maximiser may be a theoretical agent that examines its actions, calculates the…
Q: Suppose that a family has 4 children. Also, suppose that the probability of having a boy is Find the…
A: Here we calculate the probability having boy in a family so calculation of the following as follow-
Q: Hello help please There are six hundred Economics students in the post-graduate classes of a…
A: The correct answer is given in the second step .
Q: Question 2: Find the probability of getting a number less than 5 when a dice is rolled by using the…
A:
Q: b) For a group of 300 cars the numbers, classified by colour and country of manufacture, are shown…
A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Assume the likelihood that any flight on Delta Airlines arrives within 15 minutes of the scheduled…
A:
Q: Statistics released by the National Highway Traffic Safety Administration and the National Safety…
A: Let, The total number of drivers n = 400 We consider it success if a driver is drunk. The…
Q: 7. Clive has 2 pairs of yellow socks, 3 pairs of red socks, 4 pairs of black socks and 6 pairs of…
A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…
Q: ime remaining: 01 :51 :45 Economics A dealer decides to sell an antique automobile by means of an…
A: Since, the reservation price of the dealer is $900, therefore, he will only accept bids above the…
Q: Deborah Mitz buys Breathalyzer test sets for the Police Department. The quality of the test sets…
A: Given:
Q: You work at a mechanic shop. 40% of cars that come in have a flat tire. If there are 5 cars in the…
A: Two events in the sample space would result in the binomial distribution. The two events would…
Q: In the game of blackjack as played in casinos in Las Vegas, Atlantic City, and Niagara Falls, as…
A: Here, p = probability of winning hand p = 0.45 q = (1 - p) q = (1 - 0.45) q = 0.55
Q: In homes without working fire alarms, the chance of dying in a non-confined home fire is .0164 if…
A: Solution:-∗Economics is the study of human behaviour since it uses scientific methods it is…
Q: Asline Computers manufactures personal computers at two plants, one in Texas and the other in Hawal,…
A: Definition: Probability implies risk. it's a vicinity of science that arrangements with the event of…
Q: The probabilities of X, Y and Z becoming managers are 4/9, 2/9 and 1/3 respectively. The…
A:
Q: 6. Two copies of a contract were mailed to Los Angeles. One was sent Air Mail; the other First…
A: Given information:Probability of air mail letter arriving in 2 days is P (A) = 0.65 Probability…
Q: 1) company. If the company does well, the investor will make a 200% profit in her investment, but if…
A: Profitability: Profitability is the basic objective of all commercial endeavors. The firm will not…
Q: son is trying to sell cars. The number of cars that she will sell depends on her eno "e" and her…
A: Utility maximization is an essential plan by which individuals and companies look to accomplish the…
Q: For what range of probability that demand will be high, will she decide to lease the medium…
A: Given that, Size of Outlet Demand Low High Small $1,000 $1,000 Medium $500 $2,500 Large…
Q: A deck of 52 playing cards consists of 4 suites: clubs, spades, hearts, and diamonds. Each suite…
A: Given: A = a card "2" is drawn Total number of 2=4 Total 4 suites are there in 52 card decks. To…
Q: A production manager knows that 5% of components produced by a particular manufacturing process have…
A: Binomial distribution is used where there are only two outcomes and the trials are independent. The…
Q: On Monday's there are eight classes taught in the business building. The probability that any of…
A:
Q: A mutual fund company has 6 funds that invest in the U.S. market and 4 that invest in international…
A: It is given that : Company has 6 funds to be invested in US. Company has 4 funds to be invested in…
Q: A proprietor of a food-stall has invented a new item of food delicacy which he calls WHIM. He has…
A:
Q: Given the following data with 25 % probability Bidder 1 bids 100 and Bidder 2 bids 80. What is the…
A: Answer - Need to find- The winning Bid Given in the question- Given the following data with 25 %…
Q: For a group of 300 cars the numbers, classified by color and country of manufacture, are shown in…
A: Probability: It deals with the chance of an event occurring.
Q: Airline passengers arrive randomly and independently at the passenger-screening facility at a major…
A: Hey champ, Welcome to this platform. Here you will get the answer with better quality in minimum…
Q: A car dealer has established that 40% of his potential customers prefer single cab cars while 60%…
A:
Q: Early in August an undergraduate college discovers that it can accommodate a few extra students.…
A: The binomial distribution is used when there are only two outcomes and the probability of success is…
Q: . Most Bengal tigers (Panthera tigris) are orange with black stripes. Occasionally, however, they…
A:
Q: Industry standards suggest that 12 percent of new vehicles require warranty service within the first…
A: This is a binomial distribution problem where n= 10 p= 0.12 q= 1-0.12= 0.88 x= 1
Q: You work at a mechanic shop. 40% of cars that come in have a flat tire. If there are 50 cars in…
A: Given, Probability- 40% No of cars- 50 To find- probability of 30 cars to have flat tires
Step by step
Solved in 2 steps with 1 images
- Eric has a job at an electronics store in a mall. Eric doesn't like to work hard, and it costs him $100 to do so. Eric's employer cannot observe whether Eric works hard or not. If Eric works hard, there is a 75% probability that electronics goods profits will equal $400 a day and a 25% probability that electronics goods profits will equal $100 a day. If Eric shirks, there is a 75% probability that electronics goods profits will equal S100 a day and a 25% probability that electronics goods profits will equal $400 a day. Suppose Eric is paid $200 if electronics goods profits are $400 a day and $50 if electronics goods profits are S100 a day. Eric will because the net gain of from shirking is than the net gain of from working hard. O shirk; $87.50; more; $62.50 O shirk; $125; more; $118 O work hard; S50; less; $62.50 O work hard; $100; less; $250A lottery has a grand prize of $1,000,000, 2 runner-up prizes of $100,000 each, 6 third-place prizes of $10,000 each, and 19 consolation prizes of $1,000 each. If a 4 million tickets are sold for $1 each, and the probability of any ticket winning is the same as that of any other winning, find the expected return on a $1 ticket. (Round your answer to 2 decimal places.Deborah is at the casino and is considering playing Roulette. In Roulette, a ball drops into one of 36 slots on a spinning wheel. 17 of the slots are red, 17 are black, and 2 are green. Each slot is equally likely and occurs with probability 1/36. Deborah bets $1.00 on black. If the ball drops into a black slot she receives $2.00 and if it drops into a red or green slot, she receives nothing. a) The expected value of Deborah’s bet (after subtracting the $1.00 she bet) is $________________ b) Given that Deborah makes this bet, is she risk adverse, risk neutral, or risk loving?
- You work at a mechanic shop. 40% of cars that come in have a flat tire. If there are 50 cars in the shop, what is the probability that more than 30 have a flat tire? Round to three decimal points.At races, your horse, White Rum, has a probability of 1/20 of coming 1st, 1/10 of coming 2nd and a probability of 1⁄4 in coming 3rd. First place pays $5,000 to the winner, second place $4,000 and third place $1,350.Hence, is it worth entering the race if it costs $1050? Your company plans to invest in a particular project. There is a 40% chance you will lose $3,000, a 45% chance you will break even, and a 15% chance you will make $5,500. Based solely on this information, what should you do? On 1st Jan 2006, a business had inventory of $19,000. During the month, sales totalled $32,500 and purchases $24,000. On 31st Jan 2006 a fire destroyed some of the inventory. The undamaged goods in inventory were valued at $11,000. The business operates with a standard gross profit margin of 30%. Based on this information, what is the cost of the inventory destroyed in the fire?Deborah is at the casino and is considering playing Roulette. In Roulette, a ball drops into one of 36 slots on a spinning wheel. 17 of the slots are red, 17 are black, and 2 are green. Each slot is equally likely and occurs with probability 1/36. Deborah bets $1.00 on black. If the ball drops into a black slot she receives $2.00 and if it drops into a red or green slot, she receives nothing. The expected value of Deborah's bet (after subtracting the $1.00 she bet) is $ Given that Deborah makes this bet, she must be
- Joseph Biggs owns his own ice cream truck and lives 30 miles from a Florida beach resort. The sale of his products is highly dependent on his location and on the weather. At the resort, his profit will be $120 per day in fair weather, $10 per day in bad weather. At home, his profit will be $80 in fair weather and $50 in bad weather. Assume that on any particular day, the weather service suggests a 30% chance of foul weather. a) The correct decision tree for Joseph is shown in Figure 3 b) To maximize the return, for selling ice cream, Joseph's decision should be to use the Expected monetary value for Joseph = (enter your answer as a whole number). FIGURE 3 87 resort home 87 71 Fair(0.70) Foul(0.30) Fair(0.70) Foul(0.30) 120 10 80 50Arielle is a risk-averse traveler who is planning a trip to Canada. She is planning on carrying $400 in her backpack. Walking the streets of Canada, however, can be dangerous and there is some chance that she will have her backpack stolen. If she is only carrying cash and her backpack is stolen, she will have no money ($0). The probability that her backpack is stolen is 1/5. Finally assume that her preferences over money can be represented by the utility function U(x)=(x)^0.5 Suppose that she has the option to buy traveler’s checks. If her backpack is stolen and she is carrying traveler’s checks then she can have those checks replaced at no cost. National Express charges a fee of $p per $1 traveler’s check. In other words, the price of a $1 traveler’s check is $(1+p). If the purchase of traveler’s checks is a fair bet, then we know that the purchase of traveler checks will not change her expected income. Show that if the purchase is a fair bet, then the price (1+p) = $1.25.The injured football player Bad news everyone! There is 1 second left in the game, and Tom Brady has injured himself. The matrices below depict the relative probabilities of winning givenan offensive and a defensive play call. (The row player is the New England Patriots and the column player is the opponent.) How much has the all star's home team probability of winning decreased due to the injury? Pass uny Patriots D Pass .4, .6 D Run .9,.1 .8,.2 .5,.5 Pass Run Opponent D Pass D Run .06, .94 .32, .68 .8,.2 .5,.5
- David Barnes and his fiancée Valerie Shah are visiting Hawaii. At the Hawaiian Cultural Center in Honolulu, they are told that 2 out of a group of 8 people will be randomly picked for a free lesson of a Tahitian dance a. What is the probability that both David and Valerie get picked for the Tahitian dance lesson? (round 4 decimal places) b. What is the probability that Valerie gets picked before David for the Tahitian dance lesson? (round 4 decimal places)(Fill in the 4 blanks.) A monthly pass for the Stockholm subway costs $100, and fare dodgers who are caught face a fine of about $160. Stockholm transport has increased the number of ticket checks conducted, and the probability of being caught while riding the subway without paying is now 1%. Liam rides the subway 50 times a month, so that each month the probability that he is caught equals 50 x 1% = !3! 50% and he expects to pay 50 (0.01 x $160) = $80 in fines each month he rides the subway without buying the monthly pass. If Liam does not purchase a monthly pass, his expected monthly savings are $ (accepted format is dollars and cents xXx.xx). Liam's utility of saving $S equals VS , so that if he does not purchase a monthly pass, his expected utility equals (round to 2 decimals: xxx.xx). Liam's certainty equivalent is savings equal to $52.42, and thus Liam's (do not capitalize your answer and make sure to spell correctly) is $7.58. Liam can purchase full insurance from Planka.nu,…Bill owes Bob $36. Just before Bill pays him the money, he gives Bob the opportunity to play a dice game to potentially win more money. The rules of this game are as follows: If Bob rolls doubles (probability 1/6), Bill will Bob double ($72). If he misses doubles on pay the first try, he can try again or settle for half the money ($18). If he makes doubles on the second try Bill will again pay-up double ($72), but if Bob misses doubles on the second try Bill will only pay him one-third ($12). Should Bob decide to play the dice game with Bill, or insist that he pay the $36 now? Use a decision tree to support your answer.