SOLUTION: Suppose you are a travel agent. A broker approaches you and offers to pay you a certain amount of money for organizing events for bus trips the broker advertises. The broke4 gua

Question 1021562: Suppose you are a travel agent. A broker approaches you and offers to pay you a certain amount of money for organizing events for bus trips the broker advertises.
The broke4 guaranteed that you can book 10 buses every month. There are two types of bus trips: economy and premium. It Is expected that on average 1 in 5 buses will be premium buses.
1. Show the probability model for this distribution.
2. What is the expected value of the number of premium buses per month?
3. What is the variance of the number of premium buses per month?
4. What is the probability of the broker sending you 6 or more premium buses per month?
If anyone can help me that would be greatly appreciated!!!
Answer by robertb(5830) (Show Source): You can put this solution on YOUR website!
1. The r.v. X (the number of premium buses) follows the Binomial distribution. Here, x = 0,1,2,3,4,5,6,7,8,9,10.

2. The expected value of the r.v. X (the number of premium buses) is .
3. The variance of X is
4. The answer is p(6)+p(7)+p(8)+p(9)+ p(10). Now just use p(x) from no.1 and your scientific calculator to find the pertinent probability. (0.00637)
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