The distributor of a machine for cytogenics has developed a new model. The company estimates that when it is introduced into the market, it will be very successful with a probability 0.6, moderately successful with a probability 0.3, and not successful with probability 0.1. The estimated yearly profit associated with the model being very successful is $15 million and being moderately successful is $5 million; not successful would result in a loss of $500,000. Let X be the yearly profit of the new model. Determine the probability mass function of X.
Answer to relevant QuestionsAn assembly consists of two mechanical components. Suppose that the probabilities that the first and second components meet specifications are 0.95 and 0.98. Assume that the components are independent. Determine the ...Determine the cumulative distribution function for the random variable in Exercise 3-19.Determine the mean and variance of the random variable in Exercise 3-13.Let the random variable X have a discrete uniform distribution on the integers. Determine the mean and variance of X.For each scenario described below, state whether or not the binomial distribution is a reasonable model for the random variable and why. State any assumptions you make. (a) A production process produces thousands of ...
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