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  • From Mathematics: Statistics
  • Closed, but you can still post tutorials
  • Due on Jul. 13, 2012
  • Asked on Jul 03, 2012 at 7:39:50PM
Asked by :
blackpuddn
blackpuddn
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Questions Asked: 71
Tutorials Posted: 0
 
 
Q:

Explain what is wrong and why it is wrong:

 

1. You bought 10 lottery tickets. One of them won a prize. That means that the probability of winning a prize is 1/10.

2. In a lottery, buying more tickets does not affect your chances of winning a prize.

3. John has 3 suits, 10 shirts, and 12 neckties.  He will need to buy some more clothes if he wants to come to work each work day in a different outfit for a whole year.

4. If in a probability distribution you get the sum of probabilities less than one, it just means that you have a smaller-than-normal distribution

5. From the perspective of the insurance company, health insurance policies are set up in such a way that a healthy person has a negative expected value, and a sickly person has a positive one.