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1. Let's play a game. An urn contains five red, four green and one gold ball other than color, the balls are identical. You are blindfolded and allowed to pick a ball from the urn. Red pays $5, green pays $10 and gold pays $50.
A. Determine the fair price to play this game
B. Let x be the payoff variable for this game. Find e(x)
C. If the price to play this game were $5 a play, would you play? How often? Why
D. If the price to play this game were $15 a play would you play? How often ? Why?
Determine the probability that she lives in an all electric home?
Test the given claim. Identify the null hypothesis, alternative hypothesis, test statistic, P-Value or critical value(s), conclusion about the null hypothesis, and final conclusion that addresses the original claim.
The population of IQ scores forms a normal distribution with mean of μ = 100 and a standard deviation of σ = 15. What is the probability of obtaining a sample mean greater than M = 105,
What is the distinction between a one-sided and a two-sided hypothesis test in this problem?
A loan application is received this morning. What is the probability that:
The mean difference in total cholesterol levels (after - before) was 27.138 mg/dL with a standard deviation of 7.3685 mg/dL. Create a 95% confidence interval for the true average difference in cholesterol levels by the drug.
In testing the difference between two means from two independent populations, the sample sizes do not have to be equal to be able to use the Z statistic.
At the 0.05 level of significance, is there evidence of a significant relationship between the age groups and where people primarily get their news? If so explain the relationship.
A monthly budget of $100,000 is available for both advertising and purchase of the fragrances. Develop and solve a linear optimization model to determine how much of each type of perfume should be produced to maximize the net profit.
Regression equation Credits=15.4-.07. Select the correct statement. Increase in number of hours worked per week increases the expected number of credits.
If all samples of size 64 are drawn, mean of sample according to Central Limit Theorem is 100.
Suppose a survey item asks someone if something is very important, somewhat important, not very important, or unimportant. This is an example of what level of measurement?
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