
Study with the several resources on Docsity
Earn points by helping other students or get them with a premium plan
Prepare for your exams
Study with the several resources on Docsity
Earn points to download
Earn points by helping other students or get them with a premium plan
This lecture is from Statistics. Key important points are: Binomial Probabilities, College Admissions, Customer Sales, Additional Students, Substantial Increase In Revenue, Operating Costs, Sales of Airline Seats, Compute Binominal Probabilities, Normal Probabilities, Lightbulb Life
Typology: Exercises
Uploaded on 01/29/2013
1 / 1
This page cannot be seen from the preview
Don't miss anything!

Early in August an undergraduate college discovers that is can accommodate a few extra students. Enrolling those additional students would provide a substantial increase in revenue without increasing the operating costs of the college; that is, no new classes would have to be added. From past experience the college knows that 40% of those students admitted will actually enroll. a. What is the probability that at most 6 students will enroll if the college offers admission to 10 more students? b. What is the probability that more than 12 will actually enroll if admission is offered to 20 students? c. If 70% of those students admitted actually enroll, what is the probability that at least 12 out of 15 students will actually enroll?
Have you ever agreed to give up your airplane ticket in return for a free ticket? Have you ever searched for the cheapest flight so that you could visit a special friend? The following example provides some of the analysis that leads to results such as overbooked flights and reduced fares on certain flights. Suppose that you are in charge of marketing airline seats for a major carrier. Four days before the flight date you have 16 seats remaining on the plane. You know from past experience data that 80% of the people that purchase tickets in this time period will actually show up for the flight. a. If you sell 20 extra tickets, what is the probability that you will overbook the flight or have at least one empty seat? b. If you sell 18 extra tickets, what is the probability that you will overbook the flight or have at least one empty seat?
A company produces lightbulbs whose life follows a normal distribution, with mean 1,200 hours and standard deviation 250 hours. If we choose a lightbulb at random, what is the probability that its lifetime will be between 900 and 1,300 hours?
A saleswoman makes initial telephone contact with potential customers in an effort to assess whether a follow-up visit to their homes is likely to be worthwhile. Her experience suggests that 40% of the initial contacts lead to follow –up visits. If she contacts 100 people by telephone, what is the probability that between 45 and 50 home visit will result?