Math Help Forum

Math Help Forum Feed Site Feed

Go Back   Math Help Forum > University Math Help > Advanced Probability and Statistics
Reply
 
Thread Tools Display Modes
  #1  
Old October 27th, 2009, 08:25 PM
Danneedshelp's Avatar
Member
 
Join Date: Apr 2009
Posts: 170
Country:
Thanks: 73
Thanked 16 Times in 16 Posts
Danneedshelp is on a distinguished road
Default Beta pdf

Q: The weekly repair cost Y for a machine has a pdf given by

f(y)=\left\{\begin{array}{cc}3(1-y)^{2},&\mbox{}0<y<1\\0,&\mbox{}elsewhere\end{array}\right.

with measurements in hundreds of dollars. How much money should be budgeted each week for rpair costs so that the actual cost will exceed the budgeted amount only 10% of the time?

I am not sure how to start this problem. Do I begin by finding P(Y>.1) or do I just need to sovle for the lower limit of the integral equal to 10% and then multiply by $100?
Reply With Quote
Advertisement
 
  #2  
Old October 27th, 2009, 08:35 PM
mr fantastic's Avatar
Flow Master

 
Join Date: Dec 2007
Location: Zeitgeist
Posts: 12,243
Country:
Thanks: 2,576
Thanked 4,763 Times in 4,195 Posts
mr fantastic has a reputation beyond reputemr fantastic has a reputation beyond reputemr fantastic has a reputation beyond reputemr fantastic has a reputation beyond reputemr fantastic has a reputation beyond reputemr fantastic has a reputation beyond reputemr fantastic has a reputation beyond reputemr fantastic has a reputation beyond reputemr fantastic has a reputation beyond reputemr fantastic has a reputation beyond reputemr fantastic has a reputation beyond repute
Default

Quote:
Originally Posted by Danneedshelp View Post
Q: The weekly repair cost Y for a machine has a pdf given by

f(y)=\left\{\begin{array}{cc}3(1-y)^{2},&\mbox{}0<y<1\\0,&\mbox{}elsewhere\end{array}\right.

with measurements in hundreds of dollars. How much money should be budgeted each week for rpair costs so that the actual cost will exceed the budgeted amount only 10% of the time?

I am not sure how to start this problem. Do I begin by finding P(Y>.1) or do I just need to sovle for the lower limit of the integral equal to 10% and then multiply by $100?
You need to find the value of a such that \Pr(Y \geq a) = 0.1.
__________________
There are two things you should never try to prove: the impossible and the obvious.

The greater danger for most of us lies not in setting our aim too high and falling short; but in setting our aim too low and achieving our mark. (Michelangelo Buonarroti)

  • To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.

  • To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.

  • To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.

  • To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.

  • To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
Reply With Quote
The following users thank mr fantastic for this useful post:
Donate to MHF
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off
Forum Jump


All times are GMT -7. The time now is 12:17 AM.


Powered by vBulletin® Version 3.7.3
Copyright ©2000 - 2009, Jelsoft Enterprises Ltd.
SEO by vBSEO 3.2.0 ©2008, Crawlability, Inc.
©2005 - 2009 Math Help Forum


Math Help Forum is a community of maths forums with an emphasis on maths help in all levels of mathematics.
Register to post your math questions or just hang out and try some of our math games or visit the arcade.