Question 1

How many blood donors should the American Red Cross expect to collect from until it gets
a donor with Type B blood?

Accepted Answer

The answer of How many blood donors should the American...

Question 2

Suppose the company collects 10 warranty plans on one day. What is the mean of the
company's total profit?

Accepted Answer

The answer of Suppose the company collects 10 warranty plans...

Question 3

The blood drive has a total of 150 donors. Assuming this is a typical number of donors for
a school blood drive, what would be the mean and standard deviation of the number of
donors who have Type B blood?

Accepted Answer

The answer of The blood drive has a total of...

Question 4

What do your answers to the previous question tell you about the company's likelihood of
making a profit?

Accepted Answer

The answer of What do your answers to the previous...

Question 5

Which service contract should the company expect to cost more each year? How much
more? With what standard deviation?

Accepted Answer

The answer of Which service contract should the company expect...

Question 6

What is the probability that at least 2 of the first 10 blood donors has Type B blood?

Accepted Answer

The answer of What is the probability that at least...

Question 7

What is the standard deviation of their profit?

Accepted Answer

The answer of What is the standard deviation of their...

Question 8

What is the probability that exactly 3 of the first 10 customers buy specialty clothes for their
pet? Show work.

Accepted Answer

The answer of What is the probability that exactly 3...

Question 9

Assuming the pet store owner is correct in thinking that only 4% of her customers purchase
specialty clothes for their pets, how many customers should she expect before someone
buys a garment for their pet?

Accepted Answer

The answer of Assuming the pet store owner is correct...

Question 10

The service contract for the printer estimates a mean annual cost of $120 with standard
deviation of $30. What is the expected value and standard deviation of the total cost for the
service contracts on computer and printer?

Accepted Answer

The answer of The service contract for the printer estimates...

Question 11

Is the $25 warranty a wise purchase for you? Given that you will probably buy dozens of
devices over the next decade, are these types of warranties a wise purchase for you?

Accepted Answer

The answer of Is the $25 warranty a wise purchase...

Question 12

Surprised by the low number of Type B blood donors at the blood drive, the American Red
Cross wonders if the 11% estimate was too high for your area. How many Type B blood
donors would it take to convince you that this estimate might be too high? Justify your
answer.

Accepted Answer

The answer of Surprised by the low number of Type...

Question 13

What is the probability that exactly 2 of the first 20 blood donors have Type B blood?

Accepted Answer

The answer of What is the probability that exactly 2...

Question 14

What is the probability that at least 3 of the first 40 customers buy specialty clothes for their
pet? Show work.

Accepted Answer

The answer of What is the probability that at least...

Question 15

The owner had 275 customers that day. Assuming this was a typical day for her store, what
would be the mean and standard deviation of the number of customers who buy specialty
clothes for their pet each day?

Accepted Answer

The answer of The owner had 275 customers that day....

Question 16

What are the mean and standard deviation for the profit on a 1000 plans?

Accepted Answer

The answer of What are the mean and standard deviation...

Question 17

If the company charges $25 for this extended warranty, what is the expected value of the
profit they will earn?

Accepted Answer

The answer of If the company charges $25 for this...

Question 18

What is the probability that the tenth blood donor is the first donor with Type B blood?

Accepted Answer

The answer of What is the probability that the tenth...

Question 19

What is the standard deviation of the 10 total warranty plans? What assumption does this
calculation require? Do you think this assumption is reasonable?

Accepted Answer

The answer of What is the standard deviation of the...

Question 20

What is the probability that she does not sell a garment until the 7th customer? Show work.

Accepted Answer

The answer of What is the probability that she does...

Quiz 8: Regression, Associations, and Predictive Modeling

How many blood donors should the American Red Cross expect to collect from until it gets a donor with Type B blood?

Suppose the company collects 10 warranty plans on one day. What is the mean of the company's total profit?

The blood drive has a total of 150 donors. Assuming this is a typical number of donors for a school blood drive, what would be the mean and standard deviation of the number of donors who have Type B blood?

What do your answers to the previous question tell you about the company's likelihood of making a profit?

Which service contract should the company expect to cost more each year? How much more? With what standard deviation?

What is the probability that at least 2 of the first 10 blood donors has Type B blood?

What is the standard deviation of their profit?

What is the probability that exactly 3 of the first 10 customers buy specialty clothes for their pet? Show work.

Assuming the pet store owner is correct in thinking that only 4% of her customers purchase specialty clothes for their pets, how many customers should she expect before someone buys a garment for their pet?

The service contract for the printer estimates a mean annual cost of $120 with standard deviation of $30. What is the expected value and standard deviation of the total cost for the service contracts on computer and printer?

Is the $25 warranty a wise purchase for you? Given that you will probably buy dozens of devices over the next decade, are these types of warranties a wise purchase for you?

Surprised by the low number of Type B blood donors at the blood drive, the American Red Cross wonders if the 11% estimate was too high for your area. How many Type B blood donors would it take to convince you that this estimate might be too high? Justify your answer.

What is the probability that exactly 2 of the first 20 blood donors have Type B blood?

What is the probability that at least 3 of the first 40 customers buy specialty clothes for their pet? Show work.

The owner had 275 customers that day. Assuming this was a typical day for her store, what would be the mean and standard deviation of the number of customers who buy specialty clothes for their pet each day?

What are the mean and standard deviation for the profit on a 1000 plans?

If the company charges $25 for this extended warranty, what is the expected value of the profit they will earn?

What is the probability that the tenth blood donor is the first donor with Type B blood?

What is the standard deviation of the 10 total warranty plans? What assumption does this calculation require? Do you think this assumption is reasonable?

What is the probability that she does not sell a garment until the 7th customer? Show work.