Laurie Corporation uses the FIFO method in its process costing system. Department A is the first stage of Laurie Corporation's p
1 answer:
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Answer:
a.) .95
b.) The expected number of baskets is 10.50.
c.) 1.7748
Step-by-step explanation:
a.) This is a binomial distribution as there are two possibilities: makes a free throw or doesn't. This means that you can use the binomial function on a calculator to figure out the answer. Use the binomial CDF function on a calculator and the number of trials=15, probability of success=.7, lower bound=0, upper bound=7. Once you have evaluated the answer, .0500, it will need to be subtracted from1, as you want everything not included in this section. The answer to part a is thus 1-.0500=.95.
b.) The expected value is calculated by taking the total number of shots and multiplying it by the probability of making the shot: 15×.7=10.5 shots.
c.) The standard deviation of a binomial distribution can be calculated by the formula . Plugging in the numbers you get
=1.7748.