The Management of a Grocery Store Has Kept a Record

question 32

Essay

The management of a grocery store has kept a record of bad checks received per day for a period of 200 days.The data are shown below.

a.Develop a probability distribution for the above data.
b.Is the probability distribution that you found in Part "a" a proper probability distribution? Explain.
c.Determine the cumulative probability distribution F(x).
d.What is the probability that in a given day the store receives four or less bad checks?
e.What is the probability that in a given day the store receives more than 3 bad checks?

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Definitions:

Px/Py

A ratio indicating the price of one good (Px) relative to the price of another good (Py), used in economics to analyze consumer choice and purchasing power.

Indifference Curves

Graphical representations used in microeconomics to show combinations of two goods that give the consumer the same level of satisfaction.

Concave

A shape or curve that is rounded inward, like the inside of a circle or sphere, often used in the context of mathematical functions or geometric figures.

Convex

A shape or function that curves outward, where the line connecting any two points on it lies above or on the curve.