Solve the following:
Q1: Bill and Joe are playing a match in which the first player to win 2 games wins the match. For any given game, the probability that Bill wins is 1/3.
(a) Find the probability that Bill wins the match.
(b) What is the probability that the match takes only 2 games?
Q2: If the mean of a distribution is 100 and the standard deviation is 20, what is the range (+/- x) of the middle 3% of the population if we assume it is normal?
Q3: Demand (D) is often expressed as a function of price (P). Given the following demand curve, at what price will demand = 10? D = 5000 - 25P - P^3