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An entrepreneur wishes to enter the amusement park business. She is choosing between two strategies:
a. Open a water park, a theme park, and a roller coaster park. Each park has a 75% chance of being profitable within her desired time frame. However, the parks require separate marketing efforts, so in order for the whole venture to be successful, all three parks must be profitable.
b. Open a chain of three roller coaster parks in nearby counties. Each park has a 25% chance of making a profit within her desired time frame. This project does not require heavy marketing spending, so in order for it to be successful, at least one park must be profitable.
Which option is more likely to be successful? Show your work for how you determined your answer. Why do people sometimes choose the less promising option?
In a series of tests, the piece was let operate till failure, repaired immediately, and let operate till next failure and so on for 3 months. The total number failures observed were 3.
We randomly select two shirts, one after the other, from a carton containing twelve shirts, three of which have blemishes. Find the probability that both of them will have blemishes
Assume 85% of passengers show up, 15% will not. Airline booked 11 people for 10 seats.
What is a hypothesis? Specifically, is it a statement about the population or the sample? What is the purpose of hypothesis testing?
Imagine that the weather forecaster predicts that next Friday's temperature will be 82 degrees F. How many students would you expect to attend class on that day?
Suppose that traffic accidents occur in a certain region according to a Poisson process with rate λ = 2 per day. Suppose also that the number M of persons involved in a given accident has a geometric distribution with parameterp = 1/2. That is,
Below are scores for 10 randomly selected students on each exam. 95% confidence interval for the mean scores on?
the frequencies of different blood types of 200 people who volunteered at a plasma center is given in the table.blood
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What percent of all applicants were Asian?- What percent of the students accepted were Asian?- What percent of Asians were accepted?
What is the shortest time period in which the project can be completed using the expected times listed in the table above. What is the shortest time in which the project can be completed if extra money is used to reduce the times for certain activi..
If a random sample of 10 people found that 9 were pro-life (i.e., 90%), while another random sample of 1,000 people from the same population found that 550 were pro-life (i.e., 55%), which would you find more significant?
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