3. Problems and Applications Q3 This chapter discusses companies that are oligopolists in the market for the goods they sell. Ma
1 answer:
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We expect to lose $0.37 per lottery ticket
<u>Explanation:</u>
six winning numbers from = { 1, 2, 3, ....., 50}
So, the probability of winning:
The probability of losing would be:
P(loss) = 1 - P(win)
According to the question,
When we win, then we gain $10 million and lose the cost of the lottery ticket.
So,
$10,000,000 - 1 = $9,999,999
When we lose, then we lose the cost of the lottery ticket = $1
The expected value is the sum of the product of each possibility x with its probability P(x):
E(x) = ∑ xP(x)
Thus, we expect to lose $0.37 per lottery ticket
Answer:
0.0084
Explanation:
For this probability problem, we will have to make use of the normal probability distribution table.
to use the table, we will have to compute a certain value
z = (x- mean) /Standard deviation
z = = 2.39
Probability he has worked in the store for over 10 years can be obtained by taking the z value of 2.39 to the normal probability distribution table to read off the values.
<em>To do this, on the "z" column, we scan down the value 2.3. we then trace that row until we reach the value under the ".09" column. </em>
This gives us 0.99916
Thus we have P (Z < 2.39) = 0.9916
We subtract the value obtained from the table from 1 to get the probability required.
1 - 0.9916 = 0.0084
The Probability that the employee has worked at the store for over 10 years = 0.0084