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The article “Traps in Mineral Valuations—Proceed With

Statistics for Engineers and Scientists | 4th Edition | ISBN: 9780073401331 | Authors: William Navidi ISBN: 9780073401331 38

Solution for problem 14SE Chapter 2

Statistics for Engineers and Scientists | 4th Edition

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Statistics for Engineers and Scientists | 4th Edition | ISBN: 9780073401331 | Authors: William Navidi

Statistics for Engineers and Scientists | 4th Edition

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Problem 14SE

Problem 14SE

The article “Traps in Mineral Valuations—Proceed With Care” (W. Lonegan, Journal of the Australasian Institute of Mining and Metallurgy, 2001:18-22) models the value (in millions of dollars) of a mineral deposit yet to be mined as a random variable X with probability mass function p(x) given by p(10) = 0.40, p(60) = 0.50, p(80) = 0.10, and p(x) = 0 for values of x other than 10, 60, or 80.

a. Is this article treating the value of a mineral deposit as a discrete or a continuous random variable?

b. Compute μX.

c. Compute σX.

d. The project will be profitable if the value is more than $50 million. What is the probability that the project is profitable?

Step-by-Step Solution:
Step 1 of 3

Solution 14SE

Step1 of 3:

We have models the value of a mineral deposit yet to be mined as a random variable X with probability mass function p(x) given by

P(10) = 0.40,

P(60) = 0.50,

P(80) = 0.10 and

P(x) = 0 for values of x other than 10, 60, or 80.

We need to find,

a).Is this article treating the value of a mineral deposit as a discrete or a continuous random variable?

b).Compute.

c).Compute .

d).The project will be profitable if the value is more than $50 million. What is the probability that the project is profitable?

Step 2 of 3

Chapter 2, Problem 14SE is Solved
Step 3 of 3

Textbook: Statistics for Engineers and Scientists
Edition: 4
Author: William Navidi
ISBN: 9780073401331

The answer to “The article “Traps in Mineral Valuations—Proceed With Care” (W. Lonegan, Journal of the Australasian Institute of Mining and Metallurgy, 2001:18-22) models the value (in millions of dollars) of a mineral deposit yet to be mined as a random variable X with probability mass function p(x) given by p(10) = 0.40, p(60) = 0.50, p(80) = 0.10, and p(x) = 0 for values of x other than 10, 60, or 80.a. Is this article treating the value of a mineral deposit as a discrete or a continuous random variable?________________b. Compute ?X.________________c. Compute ?X.________________d. The project will be profitable if the value is more than $50 million. What is the probability that the project is profitable?” is broken down into a number of easy to follow steps, and 114 words. Since the solution to 14SE from 2 chapter was answered, more than 441 students have viewed the full step-by-step answer. Statistics for Engineers and Scientists was written by and is associated to the ISBN: 9780073401331. The full step-by-step solution to problem: 14SE from chapter: 2 was answered by , our top Statistics solution expert on 06/28/17, 11:15AM. This textbook survival guide was created for the textbook: Statistics for Engineers and Scientists , edition: 4. This full solution covers the following key subjects: Mineral, article, compute, variable, random. This expansive textbook survival guide covers 153 chapters, and 2440 solutions.

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