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Re: Pls I Need Help In Solving This Maths Probs: Asap by ronkebp(f): 4:18pm On Mar 06, 2012 |
softy: |
Re: Pls I Need Help In Solving This Maths Probs: Asap by jaybee3(m): 4:20pm On Mar 06, 2012 |
ronkebp:What are you studying if I may ask? |
Re: Pls I Need Help In Solving This Maths Probs: Asap by Nobody: 4:28pm On Mar 06, 2012 |
Miss_Ife: Is the coin a fair coin? |
Re: Pls I Need Help In Solving This Maths Probs: Asap by ronkebp(f): 4:35pm On Mar 06, 2012 |
jay bee: MBA with a concentration in finance, did my first masters in Human resources, this is my second, i no know who send me job gan sef. |
Re: Pls I Need Help In Solving This Maths Probs: Asap by ronkebp(f): 4:36pm On Mar 06, 2012 |
sauer: Coin dey fair or black? |
Re: Pls I Need Help In Solving This Maths Probs: Asap by jaybee3(m): 4:39pm On Mar 06, 2012 |
ronkebp:Oh ok. You will always need maths in your daily life sha maybe not as extensive as some of us do but please endure the pain now so you can enjoy the gain later on. |
Re: Pls I Need Help In Solving This Maths Probs: Asap by blank(f): 4:41pm On Mar 06, 2012 |
ronkebp: Yes na. Unbiased coin. |
Re: Pls I Need Help In Solving This Maths Probs: Asap by ronkebp(f): 4:51pm On Mar 06, 2012 |
^^^^ hmmmmm!!! i don hala!!! ''unbiased coin'' jay bee: Thank you jare, this is actually my last semester. I don try, i am on to the next level. |
Re: Pls I Need Help In Solving This Maths Probs: Asap by Nobody: 4:58pm On Mar 06, 2012 |
ronkebp: the two answers by Miss Ife and knight1 look a little incomprehensive to me. They don't sound true! How could u multiply 35% by number of customers when there is really no basis for that! |
Re: Pls I Need Help In Solving This Maths Probs: Asap by Nobody: 5:01pm On Mar 06, 2012 |
ronkebp:If the coin were fair/unbaised, the number of trials given in question will probably have to be taken into consideration. But we can assume anywayz a fair coin, and take the answer as 1/2. Tossing of a fair coin is an independent event unaffected by earlier trials! |
Re: Pls I Need Help In Solving This Maths Probs: Asap by Nobody: 5:07pm On Mar 06, 2012 |
ronkebp:For the first question, I believe it's binomial probability distribution. If you assume that one shopper's purchase is an independent event, then p = 0.35 (success) and failure is 0.65. If the shop draws 15% of total shoppers in a day, then it'll attract 15/100 * 500 = 75 shoppers. In order to make a revenue of 300dollars, you need at least 30 people to purchase goods worth $10 or more. So, the question is in effect probability of 30 or more shoppers buying $10 or more. If this probability is strong enough, then you can take chances by opening the shop. So you'd calculate P(x>=30) = p(x=30) + p(x=31) + . . . . . + p(x=75). p(x=r) = nCr (p)^r . (q)^n-r using some binomial calculator available online p(x>=30) = 0.2144 this probability is too small for you to open the shop on saturdays! |
Re: Pls I Need Help In Solving This Maths Probs: Asap by Privy(m): 5:16pm On Mar 06, 2012 |
@OP, For the first question, I believe it's binomial probability distribution. If you assume that one shopper's purchase is an independent event, then p = 0.35 (success) and failure is 0.65. Read the above solution by sauer. It's different from most of the previous solutions but it's the right approach to the problem. |
Re: Pls I Need Help In Solving This Maths Probs: Asap by kolaoloye(m): 5:18pm On Mar 06, 2012 |
@OP Wait let me phone a friend |
Re: Pls I Need Help In Solving This Maths Probs: Asap by ronkebp(f): 5:24pm On Mar 06, 2012 |
kola oloye: Olodo, phone a friend ko, use the audience ni, so funny. |
Re: Pls I Need Help In Solving This Maths Probs: Asap by Yorisb: 5:25pm On Mar 06, 2012 |
blank:LWKMD! @OP What kinda coins are u flipping like that Pence/Pound, Cent or Kobo? |
Re: Pls I Need Help In Solving This Maths Probs: Asap by ronkebp(f): 5:26pm On Mar 06, 2012 |
sauer:Thank you Sauer, now there is another twist to this question,''given the 15% number, what is the probability that more than 30 customers would shop in the store on Saturday morning''? |
Re: Pls I Need Help In Solving This Maths Probs: Asap by ronkebp(f): 5:29pm On Mar 06, 2012 |
Yorisb: All of the above!!!abi the weight of the coin would determine the probability of having more of a head than tail? |
Re: Pls I Need Help In Solving This Maths Probs: Asap by Nobody: 5:33pm On Mar 06, 2012 |
the probability that more than 30 customers will shop is simply p(x>30) and follows from earlier p(x>30) = p(x>=31) using some binomial calculator p(x>=31) = 0.1518 This is even lower! |
Re: Pls I Need Help In Solving This Maths Probs: Asap by Nobody: 5:36pm On Mar 06, 2012 |
actually the thing is. . . from the probablity distribution it becomes evident that under those stated conditions less than 30 people are more likely to shop $10 and above. This means the retail shop is not likely to break-even on saturday morning. Well, total sales will always be less than the $300 mark |
Re: Pls I Need Help In Solving This Maths Probs: Asap by ronkebp(f): 5:47pm On Mar 06, 2012 |
sauer: Thank you Sauer, i appreciate it. |
Re: Pls I Need Help In Solving This Maths Probs: Asap by Nobody: 5:53pm On Mar 06, 2012 |
ronkebp:u welcome |
Re: Pls I Need Help In Solving This Maths Probs: Asap by Obinoscopy(m): 5:59pm On Mar 06, 2012 |
I'm kind of busy right now but will give you the answer and the workings later. |
Re: Pls I Need Help In Solving This Maths Probs: Asap by armyofone(m): 6:11pm On Mar 06, 2012 |
lol, adding nairaland to your reference good fa Miss Ife, i have added all you math sovers to my list |
Re: Pls I Need Help In Solving This Maths Probs: Asap by armyofone(m): 6:15pm On Mar 06, 2012 |
lol, adding nairaland to your reference good fa Miss Ife, i have added all you math solvers to my list ronke, hope say your professor never ask you question before Sauer put his there Sauer, can i also contact you with my pg math eh? thanks for helping by the way. |
Re: Pls I Need Help In Solving This Maths Probs: Asap by Nobody: 6:16pm On Mar 06, 2012 |
^^yes you can! . . . .I collect only GBP |
Re: Pls I Need Help In Solving This Maths Probs: Asap by ronkebp(f): 6:20pm On Mar 06, 2012 |
armyofone: My dear, na the second question e ask na im ask Mr. Sauer soo, i am so Acing this Statistics, dem no get madness. |
Re: Pls I Need Help In Solving This Maths Probs: Asap by ronkebp(f): 6:21pm On Mar 06, 2012 |
sauer: Mr. Sauer and many more people please be ready for more questions, when i start writing my project on this course, Thank you in advance. |
Re: Pls I Need Help In Solving This Maths Probs: Asap by armyofone(m): 6:21pm On Mar 06, 2012 |
oh please, help a poor gal biko jo. i will keep in touch, no run too far . |
Re: Pls I Need Help In Solving This Maths Probs: Asap by ronkebp(f): 6:21pm On Mar 06, 2012 |
Obinoscopy: No probs, will be waiting for your own solutions. |
Re: Pls I Need Help In Solving This Maths Probs: Asap by Obinoscopy(m): 6:29pm On Mar 06, 2012 |
ronkebp: That your second question is not a binomial question but an advanced form of distribution that is derived from binomial. This is because the probability of what the next toss of a coin would be follows a geometric distribution. Would solve it later. |
Re: Pls I Need Help In Solving This Maths Probs: Asap by ronkebp(f): 7:11pm On Mar 06, 2012 |
^^^ i don dey shiver at this your analysis. |
Re: Pls I Need Help In Solving This Maths Probs: Asap by ronkebp(f): 7:27pm On Mar 06, 2012 |
Obinoscopy: Infact leave that first question, i have anothere one for you, you can answer this one!! Say for example we are digging into a bag of marbles, again a very simple example but one that illustrates the points nicely, of 10 marbles, three green, two red, and five black. What is the probably that one green marble will be drawn. |
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