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You bet! You roll a die. If it comes up a 6, you win $100. If not, you get to roll again. If you get a 6 the second time, you win $50. If not, you lose.
a) Create a probability model for the amount you win at this game.
b) Find the expected amount you'll win.
c) How much would you be willing to pay to play this game?
Suppose that 55% of all adults with children favor school voucher programs. A sample of 8 adults with children is taken. What is the probability that at least 7 of the adults favor school vouchers?
According to The New York Times, 3-D printers are now becoming a reality. If a manufacturer of the new high-tech printers claims that the new device can print.
twenty-two volunteers at a cold research institute caught a cold after having been exposed to various cold viruses. a
Suppose another 2 of the 12 will ask to be placed on the do-not-call list when contacted. What is the probability that these 2 people will not be called?
An article in the San Jose Mercury News stated that students in the California state university system take 4.5 years, on average.
Explain the purpose of the chi-square test for independence. Provide some practical examples where this test might be used in business.
Construct a frequency distribution and histogram using 12 classes, using 51 as the lower limit of the first class. Compare your results with those in parts a and b. Which distribution gives the best information about the desirability of this line ..
A federal bank examiner is interest in estimating the mean outstanding defaulted loans balance of all defaulted loans over the last three years. Calculate a 90% confidence interval for the mean balance of defaulted loans over the past three years.
Make a pie chart or other indicator that expresses the market position of your fictitious IS business in terms of its top five products or services.
Show that the rule in Section 7 for calculating the expected cell frequencies applies also when we test the null hypothesis that we are sampling r populations with identical multinomial distributions.
"Use the data in the following payoff matrix and regret matrix to answer the following questions. What is the optimal decision regarding at which location(s) to purchase property using the MAXIMIN decision rule?
you have learned some of the basic terminology of statistics. please propose a study and write a description of the
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