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One challenge you face on a daily basis in business is calculating decision-making information when you know only part of the information. You must know how much you need to determine how changes in sales will affect the bottom line. If you know your fixed costs (FC), your variable costs per unit (VCu), your price per unit (P), and the number of units (U) sold, you can use a mathematical equation to determine your net income (NI). In this case the formula is: NI = [U * (P-VCu)] - FC
Define probability and explain its three perspectives. Provide an example of each. Explain the concept of mutually exclusive events. How do you compute the probability P(A or B) when A and B are, and are not, mutually exclusive.
ll subjects in the study were questioned about lifestyle factors including alcohol, tea, and coffee consumption. The resulting data.
That a sample of 40 females gives an average production which is more than that based on a sample of 36 males by more than 6 items, assuming sampling with replacement, and that, the sample size for the two sexes being the same, the average product..
Survey on What do you think is the biggest problem facing education today. One problem with exit polls may be that the wrong "key precincts" were chosen.
In this problem we want to run a test of goodness of fit to check whether the coats in the consignment follow the indicated probabilities.
Proportional to xi2, that is Var(εi)=σ2 xi2. Suppose that we use the transformation y'=y/x and x'=1/x. Is this a variance-stabilizing transformation?
Customers enter the waiting line at a cafeteria on a first-come, first-served basis. The arrival rate follows a Poisson distribution, while service times follow an exponential distribution.
Estimate the indicated probability by using the normal distribution as an approximation to the binomial distribution.
0.8 of all college students like the idea of a new curriculum. If we select 87 students (ASSUME INDEPENDENCE), what is the Standard Deviation of the Probability Distribution that would list the number of students.
You are considering adding a new food product to your store for resale. Explain how many units of the new product should be purchased for resale.
Forecast the number of deliveries utilizing exponential smoothing constant for different values also compare it. A hospital records the number of floral deliveries its patients receive every day.
Probability of survival of eggs to breeding adults at the next time step is 0.4. Probability of survival of adults to the next time step is 0.7. What is average R?
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