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Q1) Paymore Rental Car Agency rents cars in small town. It wishes to find out how many rental cars it must maintain. Based on market projections and historical data, manager has found out probability distributions for number of rentals per day and rental duration (in days only) as given in the following tables:
Number of Customers/Day
Probability
0
0.2
1
2
0.5
3
0.1
Rental Duration (days)
0.3
0.4
4
5
Draw a simulation experiment for car agency and simulate using fleet of four rental cars for 10 days.
Calculate the probability that agency will not have a car available upon demand.
Must the agency expand its fleet? Describe how a simulation experiment could be designed to find out optimal fleet size for payment agency.
Categorize the events as dependent or independent. Events A and B where P (A) = 0.7, P (B) = 0.8, and P (A and B) = 0.56.
What happens to the probability of getting exactly 50% heads?
Using the dataset, produce a graph of per capita GDP for Argentina, China, and Canada from 1965 to 1995. Is inequality between these countries increasing?
In this paragraph, be sure to make it clear how you handled the issue of conducting three planned comparisons. Also provide the ANOVA summary table for these results.
You play a game with two possible outcomes. Outcome A has probability 0.4 and outcome B has probability 0.6. When B occurs you win $2.00; otherwise, you lose $1.00. What is your expected value for this game?
Caselet on McDonald’s vs. Burger King - Waiting time
She is interested in testing the null hypothesis that the mean SAT score is the same for each type of schooling using the one-way ANOVA. Some summary statistics for the three groups are given below, followed by the one-way ANOVA table.
An experiment was performed to investigate lifetime of a component exposed to high heat. Three different oven types were used at either 550°F or 600°F.
Questions based on binomial distribution, variance of the binomial distribution, discrete random variable and continuous random variables.
Analyze the data using linear contrasts to make the following comparisons:
Find out the upper and lower bounds on average life expectancy of the Canadian women such that at least 90% of all population is included.
Reading highway signs is not always easy, especially if your vision is imperfect. Vision in general tends to deteriorate with age. Two researchers conducted a study to determine if the distance at which a standard highway sign could be recognized ..
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