Classify each variable as a discrete or continuous random variable
The age of a female
The amount of sugar in an orange
The Friday night attendance at a football game
The number of children in a family
Discrete
Continuous
Question 2
2.
In a probability distribution, the Probability must satisfy which two requirements?
Question 3
3.
The table below shows the probability distribution for the number of tails (X) in five tosses of a fair coin.
What is the expected value of X?
Question 4
4.
Suppose that the distribution of a set of scores has a mean of 47 and a standard deviation of 14. If 4 is added to each score, what will be the mean and the standard deviation of the distribution of new scores?
Question 5
5.
Let the random variable X represent the profit made on a randomly selected day by a certain store. Assume that X is Normal with mean $360 and standard deviation $50. What is P(X > $400)?
Question 6
6.
Picard Partners is planning a major investment. The amount of profit X is uncertain but a probabilistic estimate gives the following distribution (in millions of dollars)
Find the mean (expected value) of X.
Question 7
7.
Picard Partners is planning a major investment. The amount of profit X is uncertain but a probabilistic estimate gives the following distribution (in millions of dollars)
Interpret the mean (expected value) of X that you found in the previous question.
Question 8
8.
Picard Partners is planning a major investment. The amount of profit X is uncertain but a probabilistic estimate gives the following distribution (in millions of dollars)
Find the standard deviation of X.
Question 9
9.
Picard owes its source of capital a fee of $200,000 plus 10% of the profits X. So the firm actually retains Y = 0.9X – 0.2 from the investment. Use a linear transformation of your results in (a) and (b) to find the mean and standard deviation for Y.
None
The values of random variable X must add up to 1.
The sum of the probabilities must equal 1.
The values of random variable X must be between 0 and 1.