Author Question: The probability function for the number of insurance policies John will sell to a customer is given ... (Read 29 times)

shivanipalawai@gmail.com · **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?

annaelena92 · **Reply #1 on:** Mar 25, 2023

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