SOLUTION: Labor negotiators estimate that 30 percent of all major contract negotiations result in a strike. During the next year, 12 major contracts must be negotiated. Determine the follow

Question 1177176: Labor negotiators estimate that 30 percent of all major contract negotiations result in a strike. During the next year, 12 major contracts must be negotiated. Determine the following probabilities using the binomial table.
a. no major strikes b. at least 5
c. between 2 and 4 inclusive (that is 2, 3, or 4).
d. Determine the mean and variance of the number of strikes next year.

Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!


Hi
Binomial Distribution: p(strike) = .30   n = 12
Using TI or similarly an inexpensive calculator like a Casio fx-115 ES plus 

a. no major strikes  = binompdf(n, p, x-value). = binompdf(12, .30,0) = .0138

b. P(at least 5) = P(x≥5) =  1 - P(x≤ 4) = 1-binomcdf(12, .30, 4) =1 - .7237 = .2763

c. between 2 and 4 inclusive (that is 2, 3, or 4). = P(2) + P(3) = P(4) - 
P(2) + P(3) + P(4) = .1678 + .2397 + .2311

d. Determine the mean and variance of the number of strikes next year.
  Mean = np = 12*.30 = 3.6
 Variance = np(1-p) = 3.6(.70) = 2.52

Wish You the Best in your Studies.

RELATED QUESTIONS
Labor negotiators estimate that 30 percent of all major contract negotiations result in a (answered by ewatrrr)

Having a lot of trouble with this. Please help and show me how so I can actually learn... (answered by stanbon)

The human resources department of a manufacturing firm found the average number of... (answered by ewatrrr)

A union worker made $500 a week. His Union sought a one year contract and went on strike. (answered by ankor@dixie-net.com)

A union worker made $500 per week. His union sought a one-year contract and went on... (answered by ReadingBoosters)

Find the indicated probabilities using the geometric distribution, the Poisson... (answered by Boreal)

19. Find the indicated probabilities using the geometric distribution or Poisson... (answered by ewatrrr)

Find the indicated probabilities using the geometric distribution, the Poisson... (answered by Boreal)