Answer:
The number of tickets for sale at $26 should be 3300
The number of tickets for sale at $40 should be 1700
Step-by-step explanation:
Use 2 equations to represent the modifiers within the problem:
Now you want to find the point at which the variables are changed to make both equations correct, this can be done by graphing and finding the intersection of both lines.
Question:
According to Masterfoods, the company that manufactures M&M's, 12% of peanut M&M's are brown, 15% are yellow, 12% are red, 23% are blue, 23% are orange and 15% are green. You randomly select peanut M&M's from an extra-large bag looking for a red candy.
If every student in a large Statistics class selects peanut M&M’s at random until they get a red candy, on average how many M&M’s will the students need to select? (Round your answer to two decimal places.).
Answer:
If every student in the large Statistics class selects peanut M&M’s at random until they get a red candy the expected value of the number of M&M’s the students need to select is 8.33 M&M's.
Step-by-step explanation:
To solve the question, we note that the statistical data presents a geometric mean. That is the probability of success is of the form.
The amount of repeated Bernoulli trials required before n eventual success outcome or
The probability of having a given number of failures before the first success is recorded.
In geometric distribution, the probability of having an eventual successful outcome depends on the the completion of a certain number of attempts with each having the same probability of success.
If the probability of each of the preceding trials is p and the kth trial is the first successful trial, then the probability of having k is given by
Pr(X=k) =
The number of expected independent trials to arrive at the first success for a variable Xis 1/p where p is the expected success of each trial hence p is the probability for the red and the expected value of the number of trials is 1/p or where p = 12 % which is 0.12
1/p = 1/0.12 or 25/3 or 8.33.