Question 948387: 1. On Thursday, Green is expecting to receive one package [package A] containing $100 worth of clothing. Based on her past experience with the delivery service, Green estimates that this package has 20% of chance of being lost in shipment.
a) What is the mutually exclusive event in this case? [1 point]
b) What is the random variable in this case? [1 point]
c) Derive the probability distribution for total losses. Note that is total losses, not number of losses. Make sure that you label your table correctly. [2 points]
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! 1. On Thursday, Green is expecting to receive one package [package A] containing $100 worth of clothing. Based on her past experience with the delivery service, Green estimates that this package has 20% of chance of being lost in shipment.
a) What is the mutually exclusive event in this case? [1 point]
The package is either lost or not lost.
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b) What is the random variable in this case? [1 point]
Value received by the recepient of the package.
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c) Derive the probability distribution for total losses. Note that is total losses, not number of losses. Make sure that you label your table correctly. [2 points]
P(lose $100) = 0.2 : P(gain $100) = 0.8
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Cheers,
Stan H.
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