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The following table summarizes investment outcomes and corresponding probabilities for a particular oil well:
x = the outcome in $
-$40,000 (no oil)
p(x)
.25
10,000 (some oil)
.7
70,000 (much oil)
.05
a. Graph p(x); that is, graph the probability distribution of x.
b. Find the expected monetary outcome. Mark this value on your graph of part a. Then interpret this value.
c. Calculate the standard deviation of x.
A random variable x has mean -4 and E(X)^2=20. What is the standard deviation of X.
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Generally, an ANOVA test is used when 3 or more variables are compared. True or False
What other factors besides price might be included in this equation and do you foresee any difficulty in obtaining these additional data or incorporating them in the regression analysis?
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