ECON 261A report issued by the American Association
1. A report issued by the American Association of Building Contractors indicates that 40% of all home buyers will do some remodeling to their home within the first 5 years of home ownership. Assuming this is true, determine the expected number (i.e., mean) of home buyers from a sample of 20 home buyers that will do some remodeling to their home within the first 5 years of home ownership.
2. A report issued by the American Association of Building Contractors indicates that 40% of all home buyers will do some remodeling to their home within the first 5 years of home ownership. Assuming this is true, determine the expected spread in the number (i.e., mean ± 1 standard deviation) of home buyers (from sample of 20 home buyers) that will do some remodeling to their home within the first 5 years of home ownership.
3. A report issued by the American Association of Building Contractors indicates that 40% of all home buyers will do some remodeling to their home within the first 5 years of home ownership. Assuming this is true, use the binomial distribution table to determine the probability that in a random sample of 20 home buyers:
2 or fewer will remodel their homes within the first 5 years
4. A report issued by the American Association of Building Contractors indicates that 40% of all home buyers will do some remodeling to their home within the first 5 years of home ownership. Assuming this is true, use the binomial distribution table to determine the probability that in a random sample of 20 home buyers:
3 will remodel their homes within the first 5 years
5. A report issued by the American Association of Building Contractors indicates that 40% of all home buyers will do some remodeling to their home within the first 5 years of home ownership. Assuming this is true, use the binomial distribution table to determine the probability that in a random sample of 20 home buyers:
5 or more will remodel their homes within the first 5 years
6. Brian is the owner of 702 helicopters. He knows that for the past year, his company has had an average of 10 people vomit during the Las Vegas Strip tour per year. Assuming this is accurate, use the Poisson distribution table to determine the probability that:
fewer than 10 people will vomit next year
7. Brian is the owner of 702 helicopters. He knows that for the past year, his company has had an average of 10 people vomit during the Las Vegas Strip tour per year. Assuming this is accurate, use the Poisson distribution table to determine the probability that:
15 people will vomit over the next two years
8. Brian is the owner of 702 helicopters. He knows that for the past year, his company has had an average of 10 people vomit during the Las Vegas Strip tour per year. Assuming this is accurate, use the Poisson distribution table to determine the probability that:
more than 5 people will vomit next month

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ECON 261A report issued by the American Association