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L15.2082 - Statistics for Business and Economics (2024/2025)

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Based on past experience, it is assumed that the number of flaws per foot in rolls of grade-2 paper follows a Poisson distribution with mean of 1 flaw per 5 feet of paper.

What is the probability that in a 15-foot roll there will be at least 1 flaw?

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The quality control manager of Marilyn's Cookies is inspecting a batch of chocolate-chip cookies that has just been baked. If the production process is in control, the mean number of chip parts per cookie is 6.0.

What is the probability that in any particular cookie being inspected, exactly 8 chip parts will be found?

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The quality control manager of Marilyn's Cookies is inspecting a batch of chocolate-chip cookies that has just been baked. If the production process is in control, the mean number of chip parts per cookie is 6.0.

What is the probability that in any particular cookie being inspected, exactly 5 chip parts will be found?

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A campus finance officer finds that, for all parking tickets issued, 78% of fines are paid. The fine is $2. 

In the most recent week 420 parking tickets have been issued. 

Find the mean of the amount of money that will be obtained from the payment of these fines. 

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Based on past experience, it is assumed that the number of flaws per foot in rolls of grade-2 paper follows a Poisson distribution with mean of 1 flaw per 5 feet of paper.

What is the probability that in a 10-foot roll there will be at least 1 flaw?

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A politician believes that 30% of all macroeconomists in senior positions will strongly support a proposal he wishes to advance. Suppose that this belief is correct and that five senior macroeconomists are approached at random. 

What is the probability that at least one of the five will strongly support the proposal?

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The negative binomial distribution is typically right-skewed.

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In a certain Kentucky Fried Chicken franchise, half of the customers request "crispy" instead of "original", on average. 

What is the probability of serving more than 7 customers until the first request for "crispy"?

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A politician believes that 35% of all macroeconomists in senior positions will strongly support a proposal he wishes to advance. Suppose that this belief is correct and that five senior macroeconomists are approached at random. 

What is the probability that at least one of the five will strongly support the proposal?

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A pharmaceutical company conducts research on a new drug compound, with the expectation that each experiment has a 20% chance of successfully producing a promising compound. Assuming experiments are independent, what is the probability that they have to conduct ten experiments until the second successful result occurs?
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