Accounting
Anthropology
Archaeology
Art History
Banking
Biology & Life Science
Business
Business Communication
Business Development
Business Ethics
Business Law
Chemistry
Communication
Computer Science
Counseling
Criminal Law
Curriculum & Instruction
Design
Earth Science
Economic
Education
Engineering
Finance
History & Theory
Humanities
Human Resource
International Business
Investments & Securities
Journalism
Law
Management
Marketing
Medicine
Medicine & Health Science
Nursing
Philosophy
Physic
Psychology
Real Estate
Science
Social Science
Sociology
Special Education
Speech
Visual Arts
Question
June's Specialty Shop sells designer original dresses. On 10% of her dresses, June makes a profit of $10, on 20% of her dresses she makes a profit of $20, on 30% of her dresses she makes a profit of $30, and on 40% of her dresses she makes a profit of $40. On a given day, the probability of June having no customers is .05, of one customer is .10, of two customers is .20, of three customers is .35, of four customers is .20, and of five customers is .10.a. What is the expected profit June earns on the sale of a dress?
b. June's daily operating cost is $40 per day. Find the expected net profit June earns per day. (Hint: To find the expected daily gross profit, multiply the expected profit per dress by the expected number of customers per day.)
c. June is considering moving to a larger store. She estimates that doing so will double the expected number of customers. If the larger store will increase her operating costs to $100 per day, should she make the move?
Answer
This answer is hidden. It contains 38 characters.
Related questions
Q:
The weight of bags of cement filled by Granite Rock Company's packaging process is normally distributed with a mean of 50 pounds and a standard deviation of 1.5 pounds when the process is in control. What should the control limits be for a sample mean, , chart if 9 bags are sampled at a time?
Q:
An acceptance sampling plan uses a sample of 18 with an acceptance criterion of zero. Determine the probability of accepting shipments that contain 5, 10, 15, 20, 25, 30, 35, 40, and 45% defective units.
Q:
The following data represent the filling weights based on samples of 350-gram containers. Ten samples of size 5 were taken. Use Excel to develop an Rchart.SampleObserv. 1Observ. 2Observ. 3Observ. 4Observ. 51333.6226339.3906361.9761339.1192346.45782365.5820347.4967349.5748352.6524363.70963363.8708367.4003335.0422328.8487355.85094338.4916338.6541346.3491366.9538343.17675355.2305345.7635356.5218347.2718334.54346345.6990326.0756328.9903362.4881352.87187334.7083359.4960333.1609352.2697360.82568341.2400356.8819369.7263336.0729361.55629356.7090343.1499373.2071352.1363353.294910351.4613338.4823366.3254346.1882343.1589
Q:
Excel's __________ function can be used to compute the mode.
a. MAX
b. AVERAGE
c. MEDIAN
d. MODE
Q:
After the data has been arranged from smallest value to largest value, the value in the middle is called the
a. range
b. median
c. mean
d. None of the other answers are correct.
Q:
Which of the following descriptive statistics is not measured in the same units as the data?
a. 35thpercentile
b. standard deviation
c. variance
d. interquartile range
Q:
The coefficient of variation indicates how large the standard deviation is relative to the
a. mean
b. median
c. range
d. variance
Q:
In computing descriptive statistics for grouped data, the ____ are used to approximate the data values in each class.
a. class lower limits
b. class upper limits
c. class midpoints
d. class ranges
Q:
An important measure of location for qualitative data is the
a. mean
b. median
c. mode
d. margin
Q:
Missy Walters owns a mail-order business specializing in baby clothes. She is considering offering her customers a discount on shipping charges based on the dollar-amount of the mail order. Before Missy decides the discount policy, she needs a better understanding of the dollar-amount distribution of the mail orders she receives. Missy had an assistant randomly select 50 recent orders and record the value, to the nearest dollar, of each order as shown below.136281226123178445231389196175211162212241182290434167246338194242368258323196183209198212277348173409264237490222472248231154166214311141159362189260a. Determine the mean, median, and mode for this data set.b. Determine the 80thpercentile.c. Determine the first quartile.d. Determine the range and interquartile range.e. Determine the sample variance, sample standard deviation, and coefficient of variation.f. Determine the z-scores for the minimum and maximum values in the data set.
Q:
A sample of charge accounts at a local drug store revealed the following frequency distribution of unpaid balances.Unpaid Balance ($)Frequency10 - 29530 - 491050 - 69670 - 89990 - 10920a. Determine the mean unpaid balance.b. Determine the standard deviation.c. Compute the coefficient of variation.
Q:
Paul, a freshman at a local college just completed 15 credit hours. His grade report is presented below. Course
Credit Hours
Grades Calculus
5
C Biology
4
A English
3
D Music
2
B P.E.
1
A The local university uses a 4 point grading system, i.e., A = 4, B = 3, C = 2, D = 1, F = 0. Compute Paul's semester grade point average.
Q:
The following data represent the daily demand (yin thousands of units) and the unit price (xin dollars) for a product.Daily Demand (y)Unit Price (x)4713933554433462081516306a. Compute and interpret the sample covariance for the above data.b. Compute and interpret the sample correlation coefficient.
Q:
A sample of twelve families was taken. Each family was asked how many times per week they dine in restaurants. Their responses are given below.210202120212Using this data set, compute thea. modeb. medianc. meand. rangee. interquartile rangef. varianceg. standard deviationh. coefficient of variation
Q:
The following data show the yearly salaries of football coaches at some state-supported universities.UniversitySalary ($1,000)A53B44C68D47E62F59G53H94For the above sample, determine the following measures.a. The mean yearly salaryb. The standard deviationc. The moded. The mediane. The 70th percentile
Q:
The hourly wages of a sample of eight individuals is given below.IndividualHourly Wage ($)A27B25C20D10E12F14G17H19For the above sample, determine the following measures:a. The mean.b. The standard deviation.c. The 25thpercentile.
Q:
A survey of business students who had taken the Graduate Management Admission Test (GMAT) indicated that students who have spent at least five hours studying GMAT review guides have a probability of 0.85 of scoring above 400. Students who do not spend at least five hours reviewing have a probability of 0.65 of scoring above 400. It has been determined that 70% of the business students spent at least five hours reviewing for the test.a. Find the probability of scoring above 400.b. Find the probability that given a student scored above 400, he/she spent at least five hours reviewing for the test.
Q:
Sixty percent of the student body at UTC is from the state of Tennessee (T), 30% percent are from other states (O), and the remainder is international students (I). Twenty percent of students from Tennessee live in the dormitories, whereas 50% of students from other states live in the dormitories. Finally, 80% of the international students live in the dormitories.a. What percentage of UTC students lives in the dormitories?b. Given that a student lives in the dormitory, what is the probability that she/he is an international student?c. Given that a student does notlive in the dormitory, what is the probability that she/he is an international student?
Q:
A small town has 5,600 residents. The residents in the town were asked whether or not they favored building a new bridge across the river. You are given the following information on the residents' responses, broken down by gender.MenWomenTotalIn Favor1,4002801,680Opposed8403,0803,920Total2,2403,3605,600Let: M be the event a resident is a manW be the event a resident is a womanF be the event a resident is in favorP be the event a resident is opposeda. Find the joint probability table.b. Find the marginal probabilities.c. What is the probability that a randomly selected resident is a man and is in favor of building the bridge?d. What is the probability that a randomly selected resident is a man?e. What is the probability that a randomly selected resident is in favor of building the bridge?f. What is the probability that a randomly selected resident is a man or in favor of building the bridge or both?g. A randomly selected resident turns out to be male. Compute the probability that he is in favor of building the bridge.
Q:
The results of a survey of 800 married couples and the number of children they had is shown below.Number of ChildrenProbability00.05010.12520.60030.15040.05050.025If a couple is selected at random, what is the probability that the couple will havea. Less than 4 children?b. More than 2 children?c. Either 2 or 3 children?
Q:
ABCDE1PriorConditionalJoint2EventProbabilityProbabilityProbability3A10.250.31For the Excel worksheet above, which of the following formulas would correctly calculate the joint probability for cell D3?a. =SUM(B3:C3)b. B3+C3c. B3/C3d. =B3*C3
Q:
If a coin is tossed three times, the likelihood of obtaining three heads in a row is
a. zero
b. 0.500
c. 0.875
d. 0.125
Q:
If A and B are independent events with P(A) = 0.2 and P(B) = 0.6, then P(A B) =a. 0.62b. 0.12c. 0.60d. 0.68
Q:
On a December day, the probability of snow is .30. The probability of a "cold" day is .50. The probability of snow and a "cold" day is .15. Are snow and "cold" weather independent events?
a. only if given that it snowed
b. no
c. yes
d. only when they are also mutually exclusive
Q:
If two events are independent, then
a. they must be mutually exclusive
b. the sum of their probabilities must be equal to one
c. the probability of their intersection must be zero
d. None of the other answers is correct.
Q:
The multiplication law is potentially helpful when we are interested in computing the probability of
a. mutually exclusive events
b. the intersection of two events
c. the union of two events
d. None of the other answers is correct.
Q:
Which of the following statements is(are) always true?
Q:
If A and B are mutually exclusive events with P(A) = 0.3 and P(B) = 0.5, thenP(A B) =a. 0.00b. 0.15c. 0.8d. 0.2
Q:
The probability of the intersection of two mutually exclusive events
a. can be any value between 0 to 1
b. must always be equal to 1
c. must always be equal to 0
d. can be any positive value
Q:
The probability of the union of two events with nonzero probabilities
a. cannot be less than one
b. cannot be one
c. cannot be less than one and cannot be one
d. None of the other answers is correct.