(a)
To Explain: the reason for the large of standard deviation.
(a)
Explanation of Solution
There are data points that are scattered over a wide spectrum of the value that is the reason that standard deviation is high.
(b)
To find: the
(b)
Answer to Problem 36E
Mean = $0.40
Standard Deviation = $268.33
Explanation of Solution
Formula used:
Calculation:
The average casino 's benefit is when a person plays 5 times,
When people play five times, the net profit of the casino is $0.40.
If it plays five times, the casino's standard performance deviation is
The standard deviation in the casino earnings when you play 5 times is $268.33.
(c)
To Find: the mean and standard deviation in casino benefit as players 1000 times a day use this machine.
(c)
Answer to Problem 36E
Mean = $80
Standard deviation = $3794.33
Explanation of Solution
Formula used:
Calculation:
If 1000 times a day a gambler plays the machine, the casino benefit mean is,
The casino benefit is $80 if a player runs the game 1000 times a day.
If a player operates the game 1000 times a day, the casino’s profit standard deviation is
The standard deviation from casino benefit is $3,794,33 if a player runs the game 1000 times a day.
(d)
To Explain: that it could be beneficial for the casino.
(d)
Explanation of Solution
The casino is estimated to be profitable compared to the overall slot earning jackpot playouts of $0.29. This makes the casino more profitable because of overall slot machines. $0.29.
Chapter 16 Solutions
Stats: Modeling the World Nasta Edition Grades 9-12
Additional Math Textbook Solutions
Statistical Reasoning for Everyday Life (5th Edition)
Introductory Statistics
STATS:DATA+MODELS-W/DVD
Fundamentals of Statistics (5th Edition)
Statistics: The Art and Science of Learning from Data (4th Edition)
Statistics for Business and Economics (13th Edition)
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