The accompanying table gives the outcomes and probability distribution of the number of times a student checks her e-mail daily:
Probability of Checking E-Mail
Outcome (number of e-
mail checks) 0 1 2 3 4 5 6
Probability distribution 0.05 0.15 0.30 0.25 0.15 0.08 0.02
Sketch the probability distribution. Next, calculate the c.d.f. for the above table. What is the probability of her checking her e-mail between 1 and 3 times a day? Of checking it more than 3 times a day?
What will be an ideal response?
Answer:
Outcome (number of e-
mail checks) 0 1 2 3 4 5 6
Cumulative probability distribution 0.05 0.20 0.50 0.75 0.90 0.98 1.00
Pr(1 ≤ Y ≤ 3) 0.70 ; Pr(Y > 0.25).
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After having a monopoly in the diamond market for many years, by 2000 the De Beers company faced competition from other companies. To maintain its market share, De Beers
A) lowered the prices of its diamonds to make the market appear less profitable to potential competitors. B) began buying so-called "blood diamonds" in order to keep these diamonds out of the control of other diamond companies. C) bought diamond mines in Canada and Russia that had been its competitors. D) adopted a strategy of differentiating its diamonds. Each of its diamonds is now marked with a microscopic brand.