The Probability Function for the Number of Insurance Policies John

question 36

Essay

The probability function for the number of insurance policies John will sell to a customer is given by
f(X) = .5 - (X/6) for X = 0, 1, or 2
a.Is this a valid probability function? Explain your answer.
b.What is the probability that John will sell exactly 2 policies to a customer?
c.What is the probability that John will sell at least 2 policies to a customer?
d.What is the expected number of policies John will sell?
e.What is the variance of the number of policies John will sell?

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Definitions:

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Functioning Time

The duration in which a system or device operates effectively without failure.

Hypothesis Test

A method in statistics to evaluate two mutually exclusive statements about a population to determine which statement is best supported by the sample data.

Undergraduate Students

Individuals enrolled in an undergraduate program at a college or university, typically leading to a bachelor's degree.