Logo
Home Study Material Contact Search
AI Chat FREE
  1. mathematics
  2. basic math
  3. 13) a logging truck sales representative can conta

13) A logging truck sales representative can contact either one or two potential buyers per day...

Free

60.1K

Verified Solution

Question

Basic Math

13) A logging truck sales representative can contact either oneor two potential buyers per day with probabilities of 0.25 and0.75, respectively. Each contact will result in either no sale or a$75,000 sale with probabilities of 0.85 and 0.15,respectively(hint: start with a tree diagram)

a) Show the probability distribution of daily sales.

b) What is the expected value of daily sales?

c) What is the standard deviation of daily sales?

Answer & Explanation Solved by verified expert
3.6 Ratings (391 Votes)

a)let x is randomly distributed sale on a given day.

below is probability distribution of daily sales

P(X=0)=P(contact one buyer and no sale)+P(contact two buyer and no sale on both)=0.25*0.85+0.75*0.85*0.85=0.7544

P(X=75000)=P(contact one buyer and one sale)+P(contact two buyer and one sale)=0.25*0.15+0.75*2C10.85*0.15=0.2288

P(X=150000)=P(contact two buyer and two sale)=0.75*0.15*0.15=0.0169

b)

x f(x) xP(x) x2P(x)
0.0000 0.7544 0.000 0.000
75000.0000 0.2288 17156.250 1286718750.000
150000.0000 0.0169 2531.250 379687500.000
total 19687.500 1666406250.000
E(x) =?= ?xP(x) = 19687.5000
E(x2) = ?x2P(x) = 1666406250.0000
Var(x)=?2 = E(x2)-(E(x))2= 1278808593.7500
std deviation=         ?= ??2 = 35760.4334

expected value of daily sales =19687.50

c)

standard deviation of daily sales =36760.43
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

McGaha Enterprises expects earnings and dividends to grow at a rate of 40% for the next...

Advance Math
1.2K views

The following matrix is the augmented matrix for a system of linear equations. A = 1 1 0 1 1 0 0 1 3 3 0 0 0 1 1 2 2 0 5 5 (a) Write...

Operations Management
1.2K views

The purchase decision is critical in driving customers to pick which company they will do business...

Medical Sciences
1.2K views

1. Match the following terms with the correct definition. Antiplatelet drugs agents that increase the time it takes...

Biology
1.2K views

Describe 3 mechanism by which the calcium increase from high-frequency stimulation can lead to a strengthened...

Physics
1.2K views

3 A chemist mixes 500 g of lead at 500 C with 1 200 g...

Physics
1.2K views

Find the ratio of magnitude of angular momentum of a rolling disc about origin to...

Basic Math
1.2K views

Find the amount of tax and the tax rate Round to two decimal places Cost...

Statistics
1.2K views

Below is a sample data set 20 11 36 33 26 Find the median 42...

Algebra
1.2K views

Calculate 2 3i Give your answer in a bi form

Accounting
1.2K views

Electronic Distribution has a defined benefit pension plan. Characteristics of the plan during 2024 are...

Finance
1.2K views

Choose from the following Assume the following information: = U.S. investors have $1,000,000...