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Question: If your company makes a particular decision in the face of uncertainty, you estimate that it will either gain $10,000, gain $1000, or lose $5000, with probabilities 0.40, 0.30, and 0.30, respectively. You (correctly) calculate the EMV as $2800. However, you distrust the use of this EMV for decision making purposes. After all, you reason that you will never receive $2800; you will receive $10,000, $1000, or lose $5000. Discuss this reasoning.
find the sample size needed to estimate the percentage of adults who have consulted fortune tellers. use a 0.03 margin
An advertising agency that serves a major radio station wants to estimate the mean amount of time that the station's audience spends listening to the radio daily. From past studies, the standard deviation is estimated as 45 minutes.
Have the science scores declined significantly? Cite appropriate statistical evidence to support your conclusion.- The sample size in 2000 was almost double that in 1996. Does this make the results more convincing or less?
a federal report find that a lie detector test given to truthful persons have a probability of .2 of suggesting that
Do the above values appear to be in statistical control, justify your answer?
you conducted a chi-square goodness of fit test. unfortunately you did not get the sample size you had hoped for during
Is there any evidence to suggest that the variability in item weight at Jefferson is greater than at New York Avenue? Use a = 0.01 and assume normality.
In the construction of confidence intervals, if all other quantities are unchanged, an increase in the sample size will lead to a ____________ interval.
A recent article in a medical journal suggests that an eight-ounce cup of coffee with more than 140 mg of caffeine could cause a person's heart to race. What is the probability that a randomly selected cup will have more than 140 mg of caffeine?
When you think about ethics and morality, what relationship do both have with healthcare, and the care of patients? There are all types of patients, ranging from different races, ethnicities and religions, to different countries, languages and cu..
Use the permutations rule to determine the total number of different ways the winners can be drawn.
a random sample of 100 pumpkins is obtained and the mean circumference is found to be 40.5 cm. assuming that the
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