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There is a probability that the river will flood next year. Riverside's profits for the coming year depend on whether Laura buys the flood insurance and whether the river floods. The profits (which take into consideration the $10,000 premium for the flood insurance) for the four possible combinations of Laura's choice and river conditions are:
The River
Does NotFlood Floods
Insurance No FloodDecision Insurance $200,000 $1,000,000Get FloodInsurance $190,000 $200,000
a. If Laura decides not to purchase flood insurance, use the appropriate discrete probability distribution to determine Riverside's expected profit next year.
b. If Laura purchases the flood insurance, what will be Riverside's expected profit next year?
c. Given the results in parts (a and (b), provide Laura with a recommendation.
The final grades given by two professors in introduction to operations research course have been carefully examined. The students in the first professor's class had a grade point average of 3.0 and a standard deviation of 0.2.
Make a stem plot for the men height data. Calculate the five-number summary for the women.
In an online survey of 4001 respondents, 8% were classified as productivity enhancers who are comfortable with technology and use the internet for its practical value. Suppose you select a sample of 400 students at your school, and the population ..
Determine the critical path and project completion time.
A pharmaceutical company has developed a drug that is expected to reduce hunger. To test the drug, three samples of rats are selected with n=10 in each sample.
If we select one box of cereal at random from this population, what is the probability that it will weigh less than 915 grams?
How many observations were in the original data set? In the bottom row of the stem and leaf display identify the stem the leaves and the numbers in the original data set represented by this stem and its leaves.
Explain the distribution of mean of samples of size 15.
Your regional manager is impressed with how you've employed spreadsheets to aid your small company in saving time and more accurately figuring out payroll amounts.
For a sample of students in the college of business administration at mid-atlantic university, the mean grade point average is 3.10 with a standard deviation of 0.25.
The combined production level should not exceed 1200 units per month. The demand for product II is no more than half the demand for product I.
For each of the following statistical tests, state the null hypothesis and the two sided alternative hypothesis.
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