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A local energy provider offers a landowner $180,000 for the exploration rights to natural gas on a certain site and the option for future development. This option, if exercised, is worth an additional $1,800,000 to the landowner, but this will only occur if natural gas is discovered during the exploration phase. The landowner, believing that the energy company's interest is a good indication that gas is present is interest in in developing the field herself. To do so she must contract with local experts in natural gas exploration and development. The initial cost for such a contract is $300,000, which is lost forever if no gas is found on the site. If gas is discovered, however, the landowner expects to earn profits of $6,000,000. The probability that gas is on the site is 60%. Suppose that at a cost of $90,000 the landowner can request that a soundings test be performed on the site where the natural gas is believed to be present. The company that conducts the test states that 30% of the time the test will indicate no gas is present if gas is actually present. When no natural gas is present the test is accurate 90% of the time. Find the best set of decision for the landowner to maximize her profit.
Dr. Justin Case wants to explore whether or not students perform better if they cram for a test (massed practice) or if they space their studying over weeks (distributed practice).
The Dean of Students believes that the costs are greater this semester. What is the test value for this hypothesis?
A random sample of 200 people was taken. Sixty percent of the people favor President Obama. The 95% confidence interval for the true population of people who favor Obama is?
Sample data are reported for 50 employees of small companies, 75 employees of medium companies, and 100 employees of large companies.
The manager wants to know the probability that any particular cookie will have fewer than 5. What type of probability distribution will most likely be used to analyze the number of chocolate chips per cookie?
A stockbroker at Critical Securities reported that the mean rate of return on a sample of 10 oil stocks was 12.6 percent with a standard deviation of 3.9 percent. The mean rate of return on a sample of 8 utility stocks was 10.9 percent with a stan..
The mean number of passengers per flight is 160 with a standard deviation of 20. The aircraft used for the route has 200 seats.
The following data are from an independent-measures experiment comparing two treatment conditions. Do these data indicate a significant difference between the treatments
Is there sufficient evidence for one to claim that in general, rugby players have a higher BMI than the multisport men? Perform the test at the 0.01 level of significance.
What do we mean by confidence intervals - provide an example that illustrates your answer. Suppose we were to apply 95% and 99% confidence to your study results.. how might your result differ and why?
The odds ratio between treatments (A, B) and outcome (death, survival) equals 2.0. What do you think about the following interpretation: "The probability of death with treatment A is twice that with treatment B". If you think, the above interpreta..
Formulate both a numerical and verbal hypothesis statement regarding the research issue we are using for this hypothesis is how men dominate the workforce over women.
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