Discuss the following problems:
Q1. An airline tracks data on its flight arrivals. Over the past six months, 65 flights on one route arrived early, 273 arrived on time, 218 were late, and 44 were cancelled
- a. What is the probability that a flight is early? On time? Late? Cancelled?
- b. Are these outcomes mutually exclusive?
- c. What is the probability that a flight is either early or on time?
Q2. A survey of 100 MBA students found that 60 owned mutual funds, 40 owned stocks, and 20 owned both.
- a. What is the probability that a student owns a stock? A mutual fund?
- b. What is the probability that a student owns neither stocks nor mutual funds?
- c. What is the probability that a student owns either a stock or a mutual fund?
Q3. The weekly demand of a slow-moving product has the probability mass function:
|
Demand, x
|
Probability, f(x)
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|
0
|
0.1
|
|
1
|
0.4
|
|
2
|
0.3
|
|
3
|
0.2
|
|
4 or more
|
0
|
Find the expected value, variance, and standard deviation of weekly demand.