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Suppose that Pizza King and Noble Greek stop advertising but must determine the price they will charge for each pizza sold. Pizza King believes that Noble Greek's price is a random variable D having the following mass function: P(D = $8) = .25, P(D = $11) = .35, P(D = $13) = .4. If Pizza King charges a price p1 and Noble Greek charges a price p2, Pizza King will sell 110 + 15(p2-p1) pizzas. It costs Pizza King $3.5 to make a pizza. Pizza King is considering charging $5, $6, $8, $9, or $11 for a pizza. Use each decision criterion (maximin, maximax, minimax regret, expected value) to determine the price that Pizza King should charge.
A producer of pleasure boats wants to maximize revenue during the next month. Two types of boats are sold, x1 and x2. Type x1 sells for $40,000 and type x2 sells for $30,000. The x1 boats require 10 weeks of labor and 600 board feet of lumber each..
Mr. James McWhinney, president of Daniel-James Financial Services, believes there is a relationship between the number of client contacts and the dollar amount of sales.
The following frequency table determine the ages of 100 shoppers at the local grocery store. Compute the sample mean for this data (mean for the grouped data).
Find the probability that it has a defective bulb or defective battery, a good bulb or good battery,a good bulb and good battery.
Each of four tasters picks one coffee anyway (not knowing which is which, because the coffee is in identical cups). What is the probability that a) All four tasters choose Tasty Bean?
Test whether there is difference in the proportion of viewers using Chi square test.
In testing equality of two means below, determine the test statistic? (Use the equal variances formula)
State the null and the alternative hypotheses. Using the p-value approach, test to determine whether or not the mean age of all employees is significantly more than 40 years.
A biologist estimates that 40% of deer in the region carry a certain type of tick. For a sample of 300 deer selectetd at random, what is the chance that 124 or fewer deer have this tick?
Survey of 16 tax returns reports families with incomes between $75,000 and 100,000 have on average $8,562 in Standard Deductions with the standard deviation of $1,800.
A. Determine the regression equation. B. Determine the estimated sales if 40 contacts are made.
Over the last year the absentee rate at a large corporation averaged 8.2 days absent with a standard deviation of 6 days. One department with 40 employees had an absentee rate of 12 days per employee.
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