Could someone help me with these? 15) A contractor is considering a sale that pr

Question

Could someone help me with these?

15) A contractor is considering a sale that promises a profit of $31,000 with a probability of 0.7 or a loss (due to bad weather, strikes, and such) of $3000 with a probability of 0.3. What is the expected 15) A) $20,800 B $23,800 D) $21,700 work ? 16) (5pts) lf X is a hypergeometric random variable, compute p(X) for N-8, K = 3, and n-5. 16) A) 0.714 B) 0.18 D) Other: wor List the sample space and tell whether the events are equally likely 17) Toss a fair coin five times; record the number of heads. A) 10, 1, 2,3,4, 51, equally likely D {1, 2, 3, 4, 5), not equally likely C) 10, 1, 2, 3, 4, 5), not equally likely D) 11, 2,3, 4,5), equally likely E) (H, TI, equally likely

Explanation / Answer

A.15) profit=31000

Probability=0.7

Loss= -3000

Probability =0.3

Expected profit=0.7*31000+(-3000)*0.3

Expected profit =21700-900

Expected profit =20600

Answer is A

A.16) Given,

N=8

n=5

K=3

To find P(X=3)

Hypergeometric formula is given as

P(x; N, n, k) = [ kCx ] [ N-kCn-x ] / [ NCn ]

P(X=3)= [ 3C3 ] [ 5C2 ] / [ 8C5]

P(X=3)=1*10/56

P(X=3)=0.1785 or 0.179

Answer is C

A.17) A fair coin is tossed 5 times, the chance of heads would be 0 times to 5 times

Hence the sample space is (0,1,2,3,4,5)

To calcualte whether events are equally likely or not

P(H=0)=5C0=1

P(H=1)=5C1=5

P(H=2)=5C2=10

P(H=3)=5C3=10

P(H=4)=5C4=5

P(H=5)=5C5=1

It can be observed all events does not have equal likelihood to occur

Hence, Answer is C

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