Question
______________________________________________________________________ a) A game of chance entails three coins. For each head that comes up, the player receives Ksh 1000 and loses Ksh 800 for
______________________________________________________________________ a) A game of chance entails three coins. For each head that comes up, the player receives Ksh 1000 and loses Ksh 800 for any tail that comes up. To play the game, one pays Ksh 1500. Advise a player whether it is advisable to play the game. b) Win-win consult ltd. bids for 10 jobs, believing that its chances of getting each of the jobs is 0.1. i) What is the probability that it gets at least two of the jobs? ii) What is the expected value of the number of job it will get? iii) What is the standard deviation of the number of jobs it will get? c) The number of patients entering the intensive care unit of great care Hospital (GCH) on any one day has a Poisson probability distribution with a mean equal to 5 patients per day. What is the probability that the number of patients entering the intensive care unit on a particular day is greater that two.
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