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(Use computer) Assume that X is a hypergeometric random variable with N = 46, S = 15, and n = 12.

Calculate the following p

a. P(X = 9)

b. P(X 2)

c. P(X 4)

S = 15, and n = 12. Calculate the following probabilities. (Round your answers to 4 decimal places.)

India is the second most populous country in the world, with a population of over 1 billion people. Although the government
offered various incentives for population control, some argue that the birth rate, especially in rural India, is still too high to
sustainable. A demographer assumes the following probability distribution of the household size in India.
Household Size

a.
Probability
b.
Probability
c.
Probability

Probability
1

0.03

0.13

0.17

0.25

0.14

0.15

0.1

0.03

What is the probability that there are less than 5 members in a typical household in Indi
(

What is the probability that there are 5 or more members in a typical household in India
(

What is the probability that the number of members in a typical household in India is gre
(

r 1 billion people. Although the government has


, especially in rural India, is still too high to be
ution of the household size in India.

an 5 members in a typical household in India? (Round your answer to 2 decimal places.)

ore members in a typical household in India? (Round your answer to 2 decimal places.)

embers in a typical household in India is greater than 2 and less than 5 members? (Round your answer to 2 decimal places.)

r answer to 2 decimal places.)

Professor Sanchez has been teaching Principles of Economics for over 25 years. He uses the following scale for grading.
Grade

Numerical Score Probability

4 0.120

3 0.290

2 0.420

1 0.115

0 0.055

Part (a) omitted


b.

Convert the above probability distribution to a cumulative probability distribution. (Round your answers to

Grade

P(X x)

c.
Probability
d.
Probability

What is the probability of earning at least a B in Professor Sanchezs course? (Round your answer to 3 de
(

What is the probability of passing Professor Sanchezs course? (Round your answer to 3 decimal places
(

He uses the following scale for grading.

bility distribution. (Round your answers to 3 decimal places.)

hezs course? (Round your answer to 3 decimal places.)

(Round your answer to 3 decimal places.)

A professor has learned that nine students in her class of 38 will cheat on the exam. She decides to focus her attention on twe
a.
Probability
b.
Probability

What is the probability that she finds at least one of the students cheating? (Round your intermediate calc
(

What is the probability that she finds at least one of the students cheating if she focuses on fourteen random
(

m. She decides to focus her attention on twelve randomly chosen students during the exam.

s cheating? (Round your intermediate calculations and final answers to 4 decimal places.)

s cheating if she focuses on fourteen randomly chosen students? (Round your intermediate calculations and final answers to 4 decim

alculations and final answers to 4 decimal places.)

(Use computer) A committee of 65 members consists of 50 men and 15 women. A subcommittee consisting of 13 randomly se
a.

What are the expected number of men and women in the subcommittee?
Expected
Number

Men

Women

b.
Probability

What is the probability that at least six of the members in the subcommittee will be women? (Round your a
(

subcommittee consisting of 13 randomly selected members will be formed.

ubcommittee will be women? (Round your answer to 4 decimal places.)

Assume that X is a binomial random variable with n = 27 and p = 0.85. Calculate the following probabilities. (Round your inter

a. P(X = 26)

b. P(X = 25)

c. P(X 25)

robabilities. (Round your intermediate and final answers to 4 decimal places.)

Market observers are quite uncertain whether the stock market has bottomed out from the economic meltdown that began in 2
interview on March 8, 2009, CNBC interviewed two prominent economists who offered differing views on whether the U.S. eco
getting stronger or weaker. An investor not wanting to miss out on possible investment opportunities considers investing $16,
stock market. He believes that the probability is 0.25 that the market will improve, 0.39 that it will stay the same, and 0.36 th
deteriorate. Further, if the economy improves, he expects his investment to grow to $25,000, but it can also go down to $13,
economy deteriorates. If the economy stays the same, his investment will stay at $16,000.
a.
Expected value
b.

What is the expected value of his investment?


$(

What should the investor do if he is risk neutral?


Investor should/should not invest the $16,000.

c.

Is the decision clear-cut if he is risk a


Yes
No

the economic meltdown that began in 2008. In an


differing views on whether the U.S. economy was
opportunities considers investing $16,000 in the
39 that it will stay the same, and 0.36 that it will
25,000, but it can also go down to $13,000 if the
tment will stay at $16,000.

(Use computer) Assume that X is a Poisson random variable with = 20. Calculate the following probabilities. (Round your in

a. P(X 9)

b. P(X = 11)

c. P(X > 15)

d. P(17 X 25)

babilities. (Round your intermediate calculations and final answers to 4 decimal places.)

Investment advisors recommend risk reduction through international diversification. International investing allows you to take a
particularly in emerging markets. Janice Wong is considering investment in either Europe or Asia. She has studied these mark
U.S. economy, which has a 24% chance for being good, a 42% chance for being fair, and a 34% chance for being poor. Proba
in the accompanying table.
State of the

Returns

U.S. Economy

in Europe

Good

23%

Fair

7%

Poor

4%

a.

Find the expected value and the standard deviation of returns in Europe and Asia.
Europe

Expected value

% )

Standard deviation

% )

b.

What will Janice pick as an investment if she is risk neutral?

ough international diversification. International investing allows you to take advantage of the potential for growth in foreign economies,
onsidering investment in either Europe or Asia. She has studied these markets and believes that both markets will be influenced by the
good, a 42% chance for being fair, and a 34% chance for being poor. Probability distributions of the returns for these markets are given
in the accompanying table.
Returns
in Asia
29%
13%
16%

e expected value and the standard deviation of returns in Europe and Asia. (Round your intermediate calculations to 4 decimal places a
Asia
(

% )

% )

ill Janice pick as an investment if she is risk neutral?


Investment in Asia
Investment in Europe

r growth in foreign economies,


arkets will be influenced by the
rns for these markets are given

calculations to 4 decimal places and final answers to 2 decimal places.)

A basketball player is fouled while attempting to make a basket and receives two free throws. The opposing
coach believes there is a 59% chance that the player will miss both shots, a 24% chance that he will make one of
the shots, and a 17% chance that he will make both shots.
a.

Construct the appropriate probability distribution. (Round your answers to 2 decimal places.)

P(X = x)

b.
Probability
c.
Probability

0(

1(

2(

What is the probability that he makes no more than one of the shots? (Round your answer to 2 decimal p
(

What is the probability that he makes at least one of the shots? (Round your answer to 2 decimal places
(

o free throws. The opposing


chance that he will make one of
ots.

answers to 2 decimal places.)

shots? (Round your answer to 2 decimal places.)

(Round your answer to 2 decimal places.)