Homework Statement
A hire-car firm is considering a special bumper bar designed to lower the cost of car repairs following minor accidents. This bumper bar is more expensive than the conventional one. It will only be introduced permanently if any reduction in the cost of repairs is judged to...
cool thanks for the prompt reply. i was trying to speed up the process with the typing, but i guess i best avoid it before it becomes a habit.
how about c+d? am i on the right track?
Homework Statement
Lifts usually have signs indicating their maximum capacity. Consider a sign in a lift that reads “maximum capacity 1120kg or 16 persons”. Suppose that the weights of lift-users are normally distributed with a mean of 68kg and a standard deviation of 8kg.
(a) What is the...
Thanks for the prompt reply. Oh my book is correct. I mistyped that.
It is the sum of xP(X), therefore it is (32/37) + (-33/37) = -1/37
Therefore, the expected value of a $1 bet is $(-1/37), which is approx -2 cents.
It was wikipedia confusing me.
Cheers Sylas,
I was thinking about the expected value of a $1 bet further.
Shouldnt the EXPECTED VALUE of the $1 bet be $1 minus $0.02 = 98 cents?
Got it from http://en.wikipedia.org/wiki/Expected_Value#Examples
Not very sure because the definition is E(X)= xP(x) well from my book...
Can anyone help me through the probability distribution?
X is in the case refers to Winning a corner. You can only will or lose a corner..
If Pr (Corner) = 4/37, Pr(Corner) = 33/37
oh yes. i think i got it. if you put in 1 dollar you can only lose it. you can you more than you put in...
Pr(no corner) = 33/37
Excepted value = -1 X 33/37 = -33/37
Excepted value of one dollar bet = -33/37 +32/37 = -0.02702 = -2.7%
that shows slightly wrong though?
Homework Statement
This particular roulette wheel has 37 slots - 0,1,2...36. A gambler can bet on different combinations of numbers. Louise loves to bet on a block of 4 numbers, called a corner. The payout on a corner is 8 to 1.
(a) Let X be a gambler's winning from a $1 bet on a corner...