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Author Question: The probability function for the number of insurance policies John will sell to a customer is given ... (Read 45 times)

shivanipalawai@gmail.com

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on: Mar 25, 2023

Question 1

The probability distribution of the daily demand for a product is shown below.

 

Demand

Probability

0

0.05

1

0.10

2

0.15

3

0.35

4

0.20

5

0.10

6

0.05


 

a.What is the expected number of units demanded per day?
b.Determine the variance and the standard deviation.



Question 2

The probability function for the number of insurance policies John will sell to a customer is given by

f(X) = .5 - (X/6) for X = 0, 1, or 2

a.Is this a valid probability function? Explain your answer.
b.What is the probability that John will sell exactly 2 policies to a customer?
c.What is the probability that John will sell at least 2 policies to a customer?
d.What is the expected number of policies John will sell?
e.What is the variance of the number of policies John will sell?

Essentials of Statistics for Business and Economics ¦ Anderson, Sweeney, Williams, Camm, Cochran ¦ 7th Edition
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Marked as best answer by shivanipalawai@gmail.com on Mar 25, 2023

annaelena92

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Reply #1 on: Mar 25, 2023
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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shivanipalawai@gmail.com

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Reply 2 on: Mar 25, 2023
Great answer, keep it coming :)

T4T

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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