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Jerry Smith has done some analysis about the profiability of opening a bicycle shop. If jerry builds the large bicycle shop, he will earn $60000 if the market is favorable, but he will lose $40000 if the market is unfavorable. The small ship will return a $30000 profit in a favorable market and a $10000 loss in an unfavorable market. At the present time, he believes that there is a 50-50 chance that the market will be favorable. His old marketing professor will charge him $5000 for the marketing research. it is estimated that there is a 0.6 probability that the survey will be favorable. Futhermore, there is a 0.9 probability that the market will be favorable given a favorable outcome from the study. However, the marketing professor has warned Jerry that thre is inly a probability of 0.12 of favorable market if the marketing research are not favorable. Jerry is confused.
a) Should jerry use the marketing research ?
b) Jerry however is unsure the 0.6 probability of a favorable marketing research study is correct. How sensitive is Jerry's decision to this probability value ? How far can this probability value deviate from 0.6 without causing Jerry to change his decision.
At the 0.05 significance level, can Ms. Bridgend conclude that she is earning an average of more than $20 in tips?
A researcher is evaluating the influence of a treatment using a sample selected from a normally distributed population with a mean of µ = 80 and a standard deviation of σ = 20. The researcher expects a 12 point treatment effect and plans to use a ..
The average weight of 40 randomly selected minivans was 4150 pounds. The standard deviation was 480 pounds. Find the 99% confidence interval of the true weight of the minivans.
A plane has two alternators with the probability that a given alternator will fail on a l hour flight is .02. What is the probability that both will fail
Is there evidence to suggest a difference in the mean waiting times at the four body shops?
Differentiate between correlation and causation. What are the practical applications? How would it be used in the workplace?
Recent studies have shown that the super-cooling temperature of terrestrial frogs frozen at -6°C has a relative frequency distribution with a mean of - 2°C and a standard deviation of 0.3°C (The first of these studies was reported in Science, May ..
It has been estimated that 30% of all farms are family-owned. In a sample of 12 farms, what is the probability that exactly three farms are family owned?
A committee of three is selected at random from a set consisting of five Democrats, eight Republicans, and two Independents.
Identify the level of measurement (nominal, ordinal, interval, ratio) for the number of shares held by stockholders.
What is the appropriate procedure to test a significant difference in means between the two groups? Use the critical-value method.
Fitting of simple linear equation - Prepare an equation showing how daily sales are related to number of customers per day.
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