Probability of eyewear choices and breakeven ticket prices
Not what you're looking for?
1-The following table give an inventory of people's locations and purchases of type of lenses at EYE-WEAR:
# of people Cities West Burbs. East Burs
High-Index 700 500 400
Plastic 800 700 300
Glass 300 800 400
What is the probability that if a particular pair of glasses is selected at random that it will be....
a) High Index?
b) From the Cities
c) From the West and is not plastic?
d) From the West given that it is glass?
e) Plastic knowing that it is from the East
2-Jule decided to buy a minor league base team from Paul. Each time she rents the stadium, she is charged $8000. From pas experience, she can expect that on a rainy night only 2000 will attend the game, on a clear night 2500 will attend, on a hot muggy night 3000 will attend, and on a warm clear night 4500 will attend.
The weather service predicts that rainy nights occur 22% of the time, clear nights 32% of the time, hot muggy nights 21% of the time, and warm clear nights occur 25% of the time.
a) If she charges $4 per person, what can she expect to earn each game?
b) What is the breakeven ticket price that should be charged?
Purchase this Solution
Solution Summary
An Excel file with the computations performed on the tables is provided. Additional computations based on the work done in Excel is shown in text form.
Solution Preview
Please refer to the Excel file for computations performed on the tables. The following solutions are based on the work done in ...
Education
- MSc, California State Polytechnic University, Pomona
- MBA, University of California, Riverside
- BSc, California State Polytechnic University, Pomona
- BSc, California State Polytechnic University, Pomona
Recent Feedback
- "Excellent work. Well explained."
- "Can you kindly take a look at 647530 and 647531. Thanks"
- "Thank you so very much. This is very well done and presented. I certainly appreciate your hard work. I am a novice at statistics and it is nice to know there are those out there who really do understand. Thanks again for an excellent posting. SPJ"
- "GREAT JOB!!!"
- "Hello, thank you for your answer for my probability question. However, I think you interpreted the second and third question differently than was meant, as the assumption still stands that a person still independently ranks the n options first. The probability I am after is the probability that this independently determined ranking then is equal to one of the p fixed rankings. Similarly for the third question, where the x people choose their ranking independently, and then I want the probability that for x people this is equal to one particular ranking. I was wondering if you could help me with this. "
Purchase this Solution
Free BrainMass Quizzes
Employee Orientation
Test your knowledge of employee orientation with this fun and informative quiz. This quiz is meant for beginner and advanced students as well as professionals already working in the HR field.
Situational Leadership
This quiz will help you better understand Situational Leadership and its theories.
Writing Business Plans
This quiz will test your understanding of how to write good business plans, the usual components of a good plan, purposes, terms, and writing style tips.
Understanding Management
This quiz will help you understand the dimensions of employee diversity as well as how to manage a culturally diverse workforce.
Income Streams
In our ever changing world, developing secondary income streams is becoming more important. This quiz provides a brief overview of income sources.