- Suppose That The Duration Of A Particular Type Of Criminal Trial Is Known To Be Normally Distributed With A Mean Of 18 D 1 (26.33 KiB) Viewed 90 times
- Suppose That The Duration Of A Particular Type Of Criminal Trial Is Known To Be Normally Distributed With A Mean Of 18 D 2 (24.58 KiB) Viewed 90 times
- Suppose That The Duration Of A Particular Type Of Criminal Trial Is Known To Be Normally Distributed With A Mean Of 18 D 3 (64.26 KiB) Viewed 90 times
The average production cost for major movies is 64 million dollars and the standard deviation is 18 million dollars. Assume the production cost distribution is normal. Suppose that 38 randomly selected major movies are researched. Answer the following questions. Give your answers in millions of dollars, not dollars. Round all answers to 4 decimal places where possible. a. What is the distribution of X? X-N b. What is the distribution of a? 8 - Nd c. For a single randomly selected movie, find the probability that this movie's production cost is between 65 and 71 million dollars. d. For the group of 38 movies, find the probability that the average production cost is between 65 and 71 million dollars. e. For part d), is the assumption of normal necessary? O Yes No
Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $11. If you roll a 3, 4 or 5, you win $5. Otherwise, you pay $4. a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. Round to 4 decimal places where appropriate Probability Distribution Table X P(X) b. Find the expected profit. $ (Round to the nearest cent) c. Interpret the expected value. This is the most likely amount of money you will win. You will win this much if you play a game. O If you play many games you will likely win on average very close to $3.00 per game. d. Based on the expected value, should you play this game? Yes, because you can win $11.00 which is greater than the $4.00 that you can lose. O No, this is a gambling game and it is always a bad idea to gamble. O Yes, since the expected value is 0, you would be very likely to come very close to breaking even if you played many games, so you might as well have fun at no cost. O No, since the expected value is negative, you would be very likely to come home with less money if you played many games. O Yes, since the expected value is positive, you would be very likely to come home with more money if you played many games.