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The claim size for a certain insurance policy is a Pareto random variable with density function , . The parameter is taken to be an observation from the random variable whose prior distribution has the density function , . A claim of is observed. X ? ? ? ? 2 3 2 f x x ? ? ? ? ? 0 x ? ? ? ? ? 2 1 ? ? ? ?1? ?? ?3 X ?
a) Find the density function for the posterior distribution
b) Find the cumulative distribution function for the posterior distribution.
c) Calculate the posterior probability that . (You can use the results in (b)). 2? ?
d) Find the expected value of the posterior distribution.
In a specific company, there are three levels of workers: skilled, unskilled, and manager. The owner of this company wants to know if the level of job satisfaction differs amongst the three levels of workers.
Evaluate the regression assumptions of linearity and homoscedasticity by assessing your new residual plot. Be specific about your evaluation
The national average for the price of a gallon of unleaded regular gas is $1.16. I believe the price is higher in my area of the country. I want to test my claim by randomly selecting gas prices for 25 stations in my area. The following prices are..
Draw a sketch of the standard normal distribution curves, one for the current process and another one for the recentered process. Label the spec limits and shade the area of the curve that corresponds to your answer.
using the company records for the past 500 working days the manager of a car dealership has summarised the number of
Robert Smith of the "Merrill Lynch Pierce Fenner & Smith" families is engaged in full-time fundraising. He has been quite successful at this because he brings a very structured approach to the process:
The cost for the conference room, instructor compensation, lab assistants, and promotion is $9,600. Micromedia rents computers for its seminars at a cost of $60 per computer per day. Question: find the breakeven point for this problem using Excel.
A survey of 608 adults showed that 401 of them approved of the way city government was being run. Find a 99% confidence interval for the true proportion of voters who approve the way city government is being run.
the discrete random variable x is the number of students that show up for professor smiths office hours on monday
Describe the data appear the strength of the relationship among variables is sufficient to warrant using linear regression forecasting.
Test of product quality using human inspectors can lead to serious inspection error problems. To evaluate the performance of inspectors in a new company, a quality manager had a sample of 12 novice inspectors evaluate 200 finished products.
$240 per hour for hours spent in court, $150 per hour for consultations, and $210 per hour for depositions. What is her averages per hour for this week?
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