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Business Statistics
Quiz 5: Discrete Probability Distributions
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Question 21
Multiple Choice
The local police department must write, on average, 5 tickets a day to keep department revenues at budgeted levels. Suppose the number of tickets written per day follows a Poisson distribution with a mean of 6.5 tickets per day. Interpret the value of the mean.
Question 22
Short Answer
TABLE 5-2 A certain type of new business succeeds 60% of the time. Suppose that three such businesses open (where they do not compete with each other, so it is reasonable to believe that their relative successes would be independent). -Referring to Table 5-2, the probability that at least one business succeeds is ________.
Question 23
True/False
The diameters of 10 randomly selected bolts have a binomial distribution.
Question 24
Short Answer
TABLE 5-2 A certain type of new business succeeds 60% of the time. Suppose that three such businesses open (where they do not compete with each other, so it is reasonable to believe that their relative successes would be independent). -Referring to Table 5-2, the probability that all three businesses succeed is ________.
Question 25
Short Answer
TABLE 5-2 A certain type of new business succeeds 60% of the time. Suppose that three such businesses open (where they do not compete with each other, so it is reasonable to believe that their relative successes would be independent). -Referring to Table 5-2, the probability that all three businesses fail is ________.
Question 26
True/False
Suppose that a judge's decisions follow a binomial distribution and that his verdict is incorrect 10% of the time. In his next 10 decisions, the probability that he makes fewer than 2 incorrect verdicts is 0.736.