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In the next year, Allen should make decision whether to invest $10,000 in stock market or in certificate of deposit (CD) at interest rate of 9%. If market is good, Allen thinks that he could get 14% return on his money. With fair market, he expects to get 8% return. If market is bad, he will most probably get no return at all-in other words, return would be 0%. Allen evaluates that probability of good market is 0.4, probability of fair market is 0.4, and probability of bad market is 0.2, and he wants to maximize his long-run average return.
(a) Create the decision table for this problem.
(b) What is the best decision?
Give an example of a situation in which you believe a Type I Error is more serious. Give an example of a situation in which you believe a Type II Error is more serious. In each case, why do you think so?
What sample size is need if the agency wants to be 90% confidence of being correct to within +/- 5 minutes? if 90% is desired, how many listeners need to be selected?
Given the following frequency distribution, find the mean, variance, and standard deviation. Please show all of your work so I can see how to do this for the future. This one is good example of what I can do in future for real estate.
The most important material reclaimed from beverage bottles is PET plastic. A serious impurity is aluminum, which later can clog the filters in extruders when the recycled material is used.
At 0.01 significance level can we conclude that mean fare has increased? Determine the p-value?
Calculate probability that the sample would have a mean:
Here is a simple probability model for multiple-choice tests. Assume that each student has probability p of correctly answering the question chosen at random from universe of possible questions.
Media Disk, Inc. duplicates over a million 3.5" floppy disks each year by copying masters to stacks of blank disks. The company buys its blank stock from two different suppliers, A and B.
Determine the mean and standard deviation for number of actual voters in groups of 1002.
Ms. Tina Stevens just purchased a new dress that cost $120. What is the probability she paid cash or check? (Round your answer to 3 decimal places.)
A random sample of eight adults aged 30 years were asked how much they spent on medical costs in the year 2011. The following data were measured. Compute the sample standard deviation.
A study of cardiovascular risk factors compared heavy smokers, light smokers, and nonsmokers. Both men and women were included in the study so that the two factors are smoking level and gender.
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