When you sum 30 or more independent random variables, the sum of the random variables will usually be approximately normally distributed, even if each individual random variable is not normally distributed. Use this fact to estimate the probability that a casino will be behind after 90,000 roulette bets, given that it wins $1 or loses $35 on each bet with probabilities 37/38 and 1/38.
Answer to relevant QuestionsThe daily demand for six-packs of Coke at Mr. D’s supermarket follows a normal distribution with mean 120 and standard deviation 30. Every Monday the Coke delivery driver delivers Coke to Mr. D’s. If Mr. D’s wants to ...A company assembles a large part by joining two smaller parts together. Assume that the smaller parts are normally distributed with a mean length of 1 inch and a standard deviation of 0.01 inch. a. What fraction of the ...For the example in Simple Decision Problem.xlsx, are there any probabilities that make the EMV criterion equivalent to the maximin criterion? Are there any probabilities that make the EMV criterion equivalent to the maximax ...Besides the maximin, maximax, and EMV criteria, there are other possible criteria for making decisions. One possibility involves regret. The idea behind regret is that if you make any decision and then some outcome occurs, ...For each of the following, use a one-way data table to see how the posterior probability of being a drug user, given a positive test, varies as the indicated input varies. Write a brief explanation of your results. a. Let ...
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