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statistics questions, can you please double check me?
My answers are at the bottom.
1. A business evaluates a proposed venture as follows. It stands to make a profit of $10,000 with probability .15, to make a profit of $5,000 with probability .45, to break even with probability .25 and to lose $5,000 with probability .15. The expected profit in dollars is: A) 1500
B) 0
C) 3000
D) -1500
2. The average length of stay in a hospital is useful for planning purposes. Suppose that the following is the distribution of the length of stay in a hospital after a minor operation:
Days 2 3 4 5 6 Prob .05 .20 .40 .20 .15The average length of stay is: A) .15
B) .17
C) 3.3
D) 4.0
E) 4.2
3. Before planting a crop for the next year, a producer does a risk assessment. According to her assessment, she concludes that there are three possible net outcomes: a $7,000 gain, a $4,000 gain, or a $10,000 loss with probabilities 0.55, 0.20 and 0.25 respectively.The variance of this random variable is
A) 700
B) 7108
C) 490000
D) 50527500
4. Before planting a crop for the next year, a producer does a risk assessment. According to her assessment, she concludes that there are three possible net outcomes: a $7,000 gain, a $4,000 gain, or a $10,000 loss with probabilities 0.55, 0.20 and 0.25 respectively.
What is the standard deviation of this random variable?
A) 700
B) 7108
C) 55150000
D) 490000
1. A
2. D
3. A
4. B
1 Answer
- Anonymous1 decade agoFavorite Answer
1.C
2.E
I don't remember enough stats to do the others :S