statistics and probabilities - 67841

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  • From: Mathematics,
  • Due on: Sun 29 Jun, 2014 (05:52pm)
  • Asked on: Sun 29 Jun, 2014
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10) Determine whether or not a probability distribution is given. If a probability distribution is given, find its mean and standard deviation. If a probability distribution is not given, identify the requirements that are not satisfied. 

Eye color-Groups of five babies are randomly selected. In each group, the random variable X is the number of babies with green eyes. The symbol 0+ denotes a positive probability value that is very small. 

X          P(X)

0          0.528

1          0.360

2          0.098

3          0.013

4          0.001

5          0+

22) Let the random variable X represent the number of girls in a family of four children. Construct a table describing the probability distribution, then find the mean and standard deviation. (Hint- list the different possible outcomes.) Is it unusual for a family of three children to consist of 3 girls?

30) There is a 0.9968 probability that a randomly selected 50 year old female lives through the year. A Fidelity life insurance company charges $226 for insuring that the female will live through the year. If she does not survive the year, the policy pays out $50,000 as a death benefit. 

a) From the perspective of the 50 year old female, what are the values corresponding to the two events of surviving the year and not surviving?

b) If the 50 year old female purchases the policy, what is her expected value?

c) Can the insurance company expect to make a profit from many such policies? Why?


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