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A vendor at the a baseball stadium must decide whether to sell ice cream or soft drinks at today's game. The vendor believes that the profit will depend on the weather. On the basis of her past experience at this time of year, the vendor estimates the probability of warm weather as 0.60 and cool weather as 0.40.The payoff table is as follows:
Action ProbabilitySell Soft Drinks Sell Ice CreamCool weather $50 $30 0.40Warm Weather $60 $90 0.60
A) Compute the Expected Monetary value (EMV) for each action.B) Compute the Expected opportunity loss for each actionC) Compute the Return to Risk Ratio (RRR).D) On the basis of the results of (A) - (C), which action should the vendor take - sell soft drinks or ice cream? Why?
Use suitable one or two sided test for null hypothesis of no difference in them then changes rating between groups at 0.10 significance level.
A special test is given to people complaining of sever headaches. if someone has a brain tumor, the test is positive with a probability of .8 (80%).
Angela works as a quality supervisor. She has uncovered a quality issue with safety brackets on baby swings. Angela determines that 21% of the safety brackets are out of spec.
We can compare two sample means to determine if the samples were obtained from normal populations with the same mean using the "t" distribution.
Assume that cans of Coke are filled so that the actual amounts have a mean of 12.00 oz and a stand. dev. of 0.11 oz. Find the P that a sample of 36 cans will have a mean amount of at least 12.19 oz.
If the sales, employment, production, and other business series increase or decrease over a period of time and approximate a straight line, the equation for this growth is given by
Dr. S wishes to measure the effect of TV viewing on reading scores in elementary school children. The data for the sample are shown here. Assume the population is normal.
What is the probability that the cereal would be high fiber? In other words, what is P (high fiber)?
Find the least squares regression line by deciding which are the appropriate independent and dependent variables and calculating the equation of the line. State equation of line.
The standard deviation of test scores on a certain achievement test is 10.5. A random sample of 150 scores on this test had a mean of 72.8.
Determines the sample mean outer diameter to be 1.002 inches with a standard deviation of 0.003 inch. Calculate the process capability index for this example.
What is the probability you pick a plum and Which of the following is a legitimate probability distribution for this situation
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