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The local operations manager for the IRS must decide whether to hire 1, 2, or 3 temporary workers. He estimates that net revenues will vary with how well taxpayers comply with the new tax code.
# of workers Low Compliance Medium Compliance High Compliance
1 $50 $50 $50
2 $100 $60 $20
3 $150 $70 $-10
a. If he uses minimax regret criterion, how many new workers will he hire?
b. If the manager thinks the chances of low, medium and high compliances are 20%, 30%, and 50% respectively. Find the best expected net revenues for the number of worker he will decide to hire. (Hint: Part "b" is not connected to Part "a".)
c. Find the expected value of the perfect information. (Hint: Part "c" is not connected to Part "a". But it is connected to Part "b")
What is the probability that all three students pick exactly the same card?
A random sample of 100 oranges is gathered and the mean diameter obtained was 5.12. If another sample of 100 is taken, what is the possibility that its sample mean will be greater than 5.12 inches.
For the 20 test scores shown, find the percentile rank for a score of 86.
Which of the following would be most helpful in assessing the practical significance of a test of hypotheses about a proportion?
What is the sample space for this process and evaluate the variance of the intelligence scores
what sample size should be used in the funding decision study? Use σ = $4000 as a planning value. ________________
The Bureau of the Census reports that the average commuting time for citizens of both Baltimore, Maryland, and Miami, Florida is approximately 29 minutes (uMiami=29 and uBaltimore=29 minutes).
Determine following probabilities where Z follows standard Normal distribution?
Identify the sampling distribution to be used: the standard normal distribution or the Student's t distribution. Find the critical value(s).
Describe what you find then produce an ANOVA for the problem.
A sample of 10 urgent and non-urgent patients was conducted to determine average wait time. The hospital wants to be sure that urgent patients do not wait as long as non-urgent patients. The following hypotheses have been formulated.
Based on the answers to a through d, decide whether or not to reject the null hypothesis at the given significance level. Explain your conclusion in the context of the problem.
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