Suppose that 30% of all students who have to buy a text for a particular course want
Question:
a. What are the mean value and standard deviation of the number who want a new copy of the book?
b. What is the probability that the number who want new copies is more than two standard deviations away from the mean value?
c. The bookstore has 15 new copies and 15 used copies in stock. If 25 people come in one by one to purchase this text, what is the probability that all 25 will get the type of book they want from current stock?
d. Suppose that new copies cost $100 and used copies cost $70. Assume the bookstore currently has 50 new copies and 50 used copies. What is the expected value of total revenue from the sale of the next 25 copies purchased? Be sure to indicate what rule of expected value you are using.
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Related Book For
Probability And Statistics For Engineering And The Sciences
ISBN: 9781305251809
9th Edition
Authors: Jay L. Devore
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