Probability: Expected Profit and Poisson Distribution
1) A contractor is considering a project which he estimates
will yield a $160,000 profit with a probability of 65% and a loss of $50,000
with a 35% probability due to poor weather and material issues. What is his
expected (value) profit?
2) CSI has a 20 share meaning that while it is being
broadcast, 20% of the TV sets are tuned to CSI. A focus group consisting of 14
randomly selected households(each with 1 TV set), find the following for such
groups of 14:
A) The mean number of TV sets tuned to CSI
B) The variance and standard deviation for TV sets tuned to
CSI
C) What is the probability of exactly 4 TV sets being tuned
to CSI
D) What is the probability of at least 5 sets being tuned to
CSI.
3) Currently an average of 11 residents of Mooseport die
each year from a population of 935. Use the Poisson Distribution formula to:
A) Find the mean number of deaths per day
B) Find the probability that on a given day there are no
deaths.
C) Find the probability that on a given day, there is
exactly 1 death.
D)Find the probability that on a given day, there is more
than 1 death.
ScholarMatic: Explanation & Answer
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