More Used Car Sales
A used car dealership uses past data to estimate the probability
distribution for the number of cars they sell in a day. The
probability distribution of X is given in the table below.
Cars sold in a day
|
x |
0 |
1 |
2 |
3 |
4 |
|
p(x) |
0.25 |
0.31 |
0.2 |
0.15 |
0.09 |
What is the probability that the dealership sells no cars on three
consecutive days? (Assume daily sales are independent.)
Round your answer to four decimal places.
More Used Car Sales A used car dealership uses past data to estimate the probability distribution...
i need help with 11.89 a and b
(d) What is the standard deviation of the number of cars sold in a day? Table 11.14 Cars sold in a day 0 3 4 Plx) 0.29 0.3 0.2 0.17 11.89 More Fruit Fly Lifetimes Refer to Table 11.13 in Exercise 11.87 that gives probabilities for fruit fly lifetimes. (a) If we know a fruit fly died before the end of its second month, what is the probability it died in its...
Sales records indicate that the selling price of used cars at a large car dealership are skewed right, with a mean of $17000 and a standard deviation of $11000 Explain whether Table Z (the normal distribution table) could be used to find the probability that a single used car at this dealership would sell for less than $20000 For a random sample of 70, the mean for the sampling distribution of average price would be and the standard deviation would...
Suppose that x represents the number of cars sold at a dealership in a randomly selected single day. The probability distribution of x is given in the table below. x 4 5 6 7 8 9 10 p ( x ) 0.02 0.10 0.18 0.28 0.31 0.09 0.02 What is the mean number of cars, μ , sold per day at the dealership? Give your answer in decimal form precise to two decimal places.
A used car salesperson claims that the probability of he selling a used car to an individual looking to purchase a used car is 70% and this probability does not vary from individual to individual. Suppose 5 individuals come to speak to this salesperson one day. If his belief is correct, The probability (to 4 decimal places) that he will sell a car to the first individual he speaks to is ______ The probability (to 4 decimal places) that he...
It is estimated that 20% of luxury cars manufactured in 2019 were silver. A car dealership typically sells 20 luxury cars per month. It is reasonable to assume that these luxury car sales are independent. What is the probability that no more than two luxury cars sold last month were silver?
Problem 3 A car dealership also owns a workshop that it uses for servicing cars under warranty. In preparing its financial statements, the car dealership needs to ascertain the provision of a one year warranty that it would be required to provide at year-end. The entity's past experience with warranty claims is as follows: 70% of cars sold in a year have zero defects. 18% of cars sold in a year have normal defects. 12% of cars sold in a...
Judy manages a large used car dealership that has experienced a steady growth in sales during the last few years. Using time series regression and sales data for the last 20 quarters, Judy obtained a forecast of 800 car sales for next quarter. With her model and the past data the standard error of the forecast was 50 cars. What are the limits for a 95% forecast range? for an 80% forecast range?
A car rental agency has collected data on the demand for luxury-class automobiles over the past 25 days. The data are shown below. Rental Demand Number of Days 7 2 8 5 9 8 10 7 11 3 Because customers drop cars at another location, the agency has 9 cars available currently. Question 1: What is the probability of 8 cars demand in a day? Select one: a. 0.1 b. 0.2 c. 0.3 d. 0.4 Question 2 What is the...
4) The result of a study says that children receive genes from their parents independently and that each child has probability 0.15 of having blood type O. What is the mean and standard deviation of the number of blood type O children among 5? 5) A car dealer says that on average they sell 3 cars per day. Consider that the daily sales follow the Poisson distribution. a) Find the mean and the standard deviation of the daily sales of...
Based on past records, below is the Discrete Probability Distributiondescribing the number of cars a Ford car salesman sells daily. ROUND ALL ANSWERS TO TWO (2) DECIMAL PLACES. Cars Sold,x Probability, P(x) xP(x) x-E(x) [x-E(x)]2 [x-E(x)]2P(x) 7 0.30 9 0.40 12 0.30 Expected Value, E(x) Variance Standard Deviation