Business Mathematics IITeam Homework #3Business Mathematics IITeam Homework #3Math 115b, Sections: 001Instructor: BridgesProjected Due Date: Mon June 25, 2012[See D2L for possible change of date]ByTeam #: _____We, the undersigned, maintain that each of us participated fully and equally in the completion of this assignment and that the work contained herein is original. Furthermore, we acknowledge that sanctions will be imposed jointly if any part of this work is found to violate the Student Code of Conduct, the Code of Academic Integrity, orthe policies and procedures established for this course. ______________________________ ______________________________Name (printed) Signature______________________________ ______________________________Name (printed) Signature______________________________ ______________________________Name (printed) Signature______________________________ ______________________________Name (printed) Signature______________________________ ______________________________Name (printed) Signature11. For this problem, hand in a Flash Drive containing the work in Excel that you have done in class on Project 2. Name this file: Team ___ Project 2.This excel file must include the following :- First worksheet, Assignment (or Strat 1), must contain The original data as you downloaded it from my web page with a column entitled “Winner if signal is bid.” The set of errors, the calculated mean of your errors rounded to the nearest whole number, the standard deviation of your errors to at least 3 decimal places, your maximum error, your minimum error, the range of your errors. The frequency distribution: bins, frequency, relative frequency, adjusted relative frequency, midpoints, and a normal distribution that uses a mean of 0 and a standard deviation equal to the standard deviation of your errors to at least 3 decimal places. A graph of the pdf of your errors along with the normal distribution Note: Your bid for Strategy 1 is your Signal.- Second worksheet, Strat 2&3, must contain: Changeable simulation of 10000 auctions (leases) for each of your companies. Columns that calculate the maximum, the second maximum and the difference of these for each auction. The calculations for the Winners’ Curse and for the Winners’ Blessing. The bid for Strategy 2 and the bid for Strategy 3.2Your solutions to problems 2-4 must be typed in a word document, printed, and stapled to the Cover Sheet. You will hand this in to me along with your flash drive on the due date listed on our homepage of D2L. 2. Let X be a random variable whose p.m.f. is given below.x 3 6 9 12 15fX(x) 0.1 0.4 0.1 0.2 0.2Create a chart in Excel and use it to compute E(X), V(X) and x. SHOW ALL WORK.3. To maintain good customer relations a large company monitors sets of incoming phone calls. They estimate that 93% of all calls are handled correctly. Let X be the number of calls that are handled correctly in a randomly selected set of 20 calls. (i) Use a blank Excel sheet to set up a distribution chart for the pmf, fX( x ), and for the cdf,FX( x ). SHOW ALL WORK.(ii) Use Integrating.xlsm to graph both fX( x ) and FX( x ). SHOW EACH GRAPHS .(iii) Calculate E(X), V(X) and x. AS ALWAYS, SHOW HOW YOU OBTAINED YOUR ANSWERS.(iv) Calculate P(X=15). EXPLAIN HOW YOU GOT THIS ANSWER.(v) Calculate P(X <15). EXPLAIN HOW YOU GOT THIS ANSWER.4. The time, in hours, taken by a new employee to learn a job skill is a random variable, L, which we will assume is normal with μL=9.5hours and σL=1.8 hours. (i) What is the probability that a new employee will take between 8.6 and 11.3 hours to learn the skill? BE SURE TO SHOW ALL WORK AND TO STATE YOUR ANSWER ∙∙∙ AND WRITE YOUR ANSWER AS A DECIMAL WITH 4 DECIMAL PLACES.(ii) Calculate P(L≥ 9.5). EXPLAIN HOW YOU ARRIVED AT YOUR ANSWER.(iii) Calculate P(L>9.5). EXPLAIN HOW YOU ARRIVED AT YOUR ANSWER.(iv) Calculate P(L≤ 9.5). EXPLAIN HOW YOU ARRIVED AT YOUR
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