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Question: Event insurance allows promoters of sporting and entertainment events to protect themselves from financial losses due to uncontrollable circumstances such as rain-outs. For example, each spring, Cincinnati s Downtown Council puts on the Taste of Cincinnati. This is a rainy time of year in Cincinnati, and the chance of receiving an inch or more of rain during a spring weekend is about one out of four. An article in the Cincinnati Enquirer, by Jim Knippenberg ( Chicken Pox Means 3 Dog Night Remedy, Cincinnati Enquirer, May 28, 1997, p. E1), gave the details for an insurance policy purchased by the Downtown Council. The policy would pay $100,000 if it rained more than an inch during the weekend festival. The cost of the policy was reported to be $6,500.
a. Determine whether you believe that these dollar amounts are correct. (Hint: Calculate the expected value of the profit to be made by the insurance company.)
b. Assume that the dollar amounts are correct. Is this policy a good deal for Cincinnatis Downtown Council?
consider random sample from a populaion x that is exponentialhy distributed with parameter y. fxyye-yx for xgt0a
One characteristic of billiard balls is their elasticity - the bounce they get when striking one another. A manufacturer of billiard balls is testing three additives to the basic plastic.
questions1 write introduction to spc statistical process control?2 explain the use of spc tools used at d2d?3 how could
For each player, determine the minimum, the first quartile, the median, the third quartile and the maximum of their home run totals. Use these results to construct comparative box-and-whisker plots.
Derive a relationship between the k th factorial moment for a nonnegative, integer valued random variable and the coefficients of the Taylor series expansion of its probability-generating function.
A sample of 400 observations taken from a population produced a sample mean equal to 92.45 and a standard deviation equal to 12.20.
in an integrative research review of an intervention s effectiveness which statement is true of an inclusion statement
The first randomly selected drinker qualifies.- Three soft drink users will have to be interviewed to find the first Gatorade drinker.
Part 1. A researcher wishes to estimate the proportion of adults who have high-speed Internet access. What size sample should be obtained if she wishes the estimate to be within
Find the critical F-value to test the hypothesis that there is no difference among the means. Use α = .05, Find the test F statistic to test the hypothesis that there is no difference among the means. Use α = 0.05.
Each cell in the table illustrates the number of entrepreneurs who correspond to the specific age group and their net worth.
Where Z1, Z2,... is an iid random sequence with E[Zn] = 0 and Var[Zn] = σ2 and c is a constant satisfying |c| 0] = 0 and Var[X=] = σ2/(1 - c2). We make the following noisy measurement
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