Eric runs a YouTube channel, DwarfPunk, where he gives tutorials on painting wargaming miniatures. Recently he...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Eric runs a YouTube channel, DwarfPunk, where he gives tutorials on painting wargaming miniatures. Recently he has created a Patreon page where people have the option to make a monthly donation to support him. The Patreon page has 3 tiers: patrons in the "Hobbit" tier pay $1/month, patrons in the "Dwarf" tier pay $5/month and patrons in the "Elf" tier pay $10/month. Based on other data for similar content providers it has been found that: • 80% of teenage patrons will opt for the Hobbit tier, 15% will opt for the Dwarf tier and 5% will o for the Elf tier. • 50% of working age patrons will opt for the Hobbit tier, 30% will opt for the Dwarf tier and 20% will opt for the EIf tier. • 30% of retired patrons will opt for the Hobbit tier, 60% will opt for the Dwarf tier, and 10% will opt for the Elf tier. 1) Of Eric's subscribers 50% are teenagers, 20% are working age and 30% are retirees. a) What proportion of Eric's patrons are expected to fall into each tier? [I mark) b) What is the expected value of each patron? [I mark] c) Hannah is in the Elf tier, what is the probability that she is a retiree? [3 marks] 2) Eric's YouTube channel has 40,000 subscribers, each subscriber has a probability of 0.02 of becoming a patron. a) What distribution does the number of patrons follow? Give all relevant parameters. [2 marks] b) Explain why it would be appropriate to approximate the distribution above by a Normal distribution? [I mark] c) Assuming it is okay, what parameters would you use for the mean and standard deviation? [1 mark] 3) To cover the costs of his time and materials Eric calculates that he needs to bring in $2400 / month. [Hint: first use the expected value from part Ib to work out how many patrons he needs] a) What is the probability that Eric can cover his costs? [1 mark) b) Draw a picture of a standard normal distribution that indicates the probability you calculated in part (a) and the corresponding z-value, 12 marks] Eric runs a YouTube channel, DwarfPunk, where he gives tutorials on painting wargaming miniatures. Recently he has created a Patreon page where people have the option to make a monthly donation to support him. The Patreon page has 3 tiers: patrons in the "Hobbit" tier pay $1/month, patrons in the "Dwarf" tier pay $5/month and patrons in the "Elf" tier pay $10/month. Based on other data for similar content providers it has been found that: • 80% of teenage patrons will opt for the Hobbit tier, 15% will opt for the Dwarf tier and 5% will o for the Elf tier. • 50% of working age patrons will opt for the Hobbit tier, 30% will opt for the Dwarf tier and 20% will opt for the EIf tier. • 30% of retired patrons will opt for the Hobbit tier, 60% will opt for the Dwarf tier, and 10% will opt for the Elf tier. 1) Of Eric's subscribers 50% are teenagers, 20% are working age and 30% are retirees. a) What proportion of Eric's patrons are expected to fall into each tier? [I mark) b) What is the expected value of each patron? [I mark] c) Hannah is in the Elf tier, what is the probability that she is a retiree? [3 marks] 2) Eric's YouTube channel has 40,000 subscribers, each subscriber has a probability of 0.02 of becoming a patron. a) What distribution does the number of patrons follow? Give all relevant parameters. [2 marks] b) Explain why it would be appropriate to approximate the distribution above by a Normal distribution? [I mark] c) Assuming it is okay, what parameters would you use for the mean and standard deviation? [1 mark] 3) To cover the costs of his time and materials Eric calculates that he needs to bring in $2400 / month. [Hint: first use the expected value from part Ib to work out how many patrons he needs] a) What is the probability that Eric can cover his costs? [1 mark) b) Draw a picture of a standard normal distribution that indicates the probability you calculated in part (a) and the corresponding z-value, 12 marks]
Expert Answer:
Answer rating: 100% (QA)
a Probability of patrons in each tier Probability of Hobbit PX PAX PBX PCX 40 10 9 ... View the full answer
Related Book For
Business Statistics a decision making approach
ISBN: 978-0133021844
9th edition
Authors: David F. Groebner, Patrick W. Shannon, Phillip C. Fry
Posted Date:
Students also viewed these economics questions
-
The state legislature should appropriate $75,552,000 to cover the costs of the pay equity adjustments indicated by this study. If you are unsure, what additional information do you require before you...
-
Eric has another get-rich-quick idea but needs funding to support it. He chooses an all-debt funding scenario. Eric will borrow $2,000 from Wendy, who will charge Eric 6% on the loan. He will also...
-
The computer age has allowed teachers to use electronic tutorials to motivate their students to learn. Issues in Accounting Education published the results of a study that showed that an electronic...
-
International Markets Project You have been hired as a globalization specialist by Kwik-E-Mart. Kwik-E-Mart is a large retailer that has outgrown its domestic market and seeks to expand its...
-
It is often argued that automated order-driven trading systems must provide special arrangements for small trades (which are often market orders) as well as for block trades. Advance some...
-
What kind of geometric intersection does the photograph suggest?
-
A military base in the United States is examining the distribution of the amount of time that officers on the base have been in the military. The following data show the years of military service for...
-
Teldar Manufacturing Company is a diversified manufacturer that manufactures three products (M5, Z4, and I8) in a continuous production process. Senior management has asked the controller to conduct...
-
If the two lines intersect, then k= x-1 y-67=2+2 3 2 x=Y+1 -z+k 2
-
Construct the ATI curve for the sampling plan N = 1200, n = 50, c = 1. Suppose that the process average nonconforming rate is 3%. Explain the value of ATI for that level of nonconformance.
-
Re-ply to of your classmate about their brand-name ideas. Critique, add to their ideas, and discuss whether they are marketable.In general, trade dress is the commercial image of a product or service...
-
Nizwa industries issued bonds in the Muscat stock exchange with 5 0 0 0 OMR face value and a 8 percent annual coupon rate. The maturity yield in the Muscat stock market on these bonds is 9 percent,...
-
1. The figure below represents the position of a particle as it travels along the x-axis. x(m) 4 2- -2 2 3 4 t(s) Using the scale given in the graph and your best approximation of certain points on...
-
C) Mohammad Salah is a wealthy footballer who plays for Liverpool FC in the English premier league. He decides to donate for Bethlehem University to funds its facilities. Every five years, Salah will...
-
A bond has a face value of 1,000, a 12% yield-to-maturity (APR), and 6 years to maturity. The bond has a 10% coupon rate and makes semi-annual payments. Compute the bond value.
-
On March 1, an investor bought a 10-unit apartment building for $360,000. The investor paid $72,000 in cash and obtained a 30-year mortgage in the amount of $288,000. A review of the accounts over...
-
11) What will be the time complexity of the following function? justify your answer. def f(n): while n!= 0: n/= 2 n=int(input("Enter a value: ")) f(n) Put your solution here:
-
For a Poisson process of rate , the Bernoulli arrival approximation assumes that in any very small interval of length , there is either 0 arrivals with probability 1- or 1 arrival with probability ....
-
Assume that after the first 12 hours, the average remaining useful life of a particular battery (before recharging is required) is 9 hours and that the remaining time is exponentially distributed....
-
Glaser Machine Works has experienced a significant change in its business operations over the past 50 years. Glaser started business as a machine shop that produced specialty tools and products for...
-
Given the following data, construct a stem and leaf diagram: 0.7 17 2.8 3.8 0.81.83.3 4.3 10 2.0 4.4 5.4 1 2.1 5.3 6.3 14 2.4 5.4 6.4 2.0 3.0
-
Earnings is calculated deducting: A. Dividends on ordinary shares. B. Dividends on preference shares. C. Tax expense. D. Interest expense.
-
Set out in Figure 16.10 are summarized balance sheets and income statements for F Co. for 20X1 and 20X2. You are required to: Figure 16.10 a. prepare a table of ratios, covering all aspects of...
-
Under IFRS, income statements are required to show: A. Extraordinary items. B. Unusual items. C. Exceptional items. D. None of the above.
Study smarter with the SolutionInn App