Exam (elaborations)
Chapter 20 Questions with 100% correct answers | verified | latest update 2024
- Module
- TESTS PREP 2024
- Institution
- TESTS PREP 2024
Chapter 20 Questions with 100% correct answers | verified | latest update 2024
[Show more]
Content preview
Chapter 20The distribution of children per household in Diane's subdivision is shown. To compute
the expected number of children per household in this subdivision, one would find:
Expected Value = 0(0.05) + 1(0.25) + 2(0.45) + 3(0.2) + ______(0.05) - ANS-4
Using a deck of cards to simulate the birth of boys and girls, one could, for example,
have black cards representing a boy and red cards representing a _______. - ANS-girl
Suppose you decide to open a casino offering only one game. You win a dollar 55% of
the time, and your customer wins a dollar 45% of the time. The profit you would expect
to have if 1000 games are played is _________. - ANS-$100
The expected value is 0.55(1) - 0.45(1) = 0.1. So for 1000 games it is 1000(0.1) = $100.
If you don't know the outcome ___________, you can estimate the expected value by
simulation. - ANS-probabilities
Pedro is playing a card game where he randomly selects a card from a full deck. If the
card is red, he wins $5. If it is not, he pays $5. The expected value of this game is
________. - ANS-$0
You play a gambling game with a friend in which you win 10% of the time and lose 90%
of the time. When you lose, you lose $1. What profit should you earn when you win, in
order for the game to be fair? - ANS-$9
The expected value for a fair game is $0. To solve: 0=0.1($x) - 0.9($1). 0.1($x) = $0.90.
(0.1)($9) = $0.90, so x = $9.
The distribution of children per household in Diane's subdivision is shown. To compute
the expected number of children per household in this subdivision, one would find:
Expected Value = 0(0.05) + 1(0.25) + 2(0.45) + 3(0.2) + 4(________) - ANS-0.05
One can use simulation of random digits to find the average number of children a
couple needs to have until they have a girl or until they have 3 children. Suppose a pair
of digits simulates one child, with 00 to 48 standing for a girl and 49 to 99 standing for a
boy. Suppose the simulation is done 7 times with the following results: Using the table,
the expected number of children a couple will have is________. - ANS-2
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller AnswersCOM. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £6.46. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
62890 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now