Market research firm specializingin political polls

Assignment Help Basic Statistics

Reference no: EM13960362

Policy Pollsters is a market research firm specializingin political polls. Records indicate in past elections,when a candidate was elected, Policy Pollsters hadaccurately predicted this 80 percent of the time andthey were wrong 20% of the time. Records also showfor losing candidates, Policy Pollsters accurately predictedthey would lose 90 percent of the time and theywere only wrong 10% of the time. Before the poll istaken, there is a 50% chance of winning the election.If Policy Pollsters predicts a candidate will win theelection, what is the probability that the candidate willactually win? If Policy Pollsters predicts that a candidatewill lose the election, what is the probability thatthe candidate will actually lose?

Reference no: EM13960362

Questions Cloud

With respect to overhead, what is the opportunity cost : Discuss how an allocation of overhead based on opportunity cost would facilitate an appropriate bidding decision.

Employee turnover in the hospitality industry : Employee turnover in the hospitality industry averages 400% annually. This means that, on average, 100% of the staff of a restaurant, hotel, airline, cruise ship, etc. is replaced four (4) times per year.

Briefly summarize the events of the case study : Briefly summarize the events of the case study. The social movement in each case study contained both informal and formal organizational traits. Provide examples of both the informal and formal organization of the social movement in the case study

Compute the posterior probabilities under each prediction : Based on this info, how do I compute the posterior probabilities under each prediction, and determine if the study should be undertaken?

Market research firm specializingin political polls : Policy Pollsters is a market research firm specializingin political polls. Records indicate in past elections,when a candidate was elected, Policy Pollsters hadaccurately predicted this 80 percent of the time andthey were wrong 20% of the time.

Linear and integer programming modeling : The paper must (a) identify the main issues in the chosen area, (b) apply and reference new learning to the chosen area, (c) build upon class activities or incidents that facilitated learning and understanding, and (d) present specific current and..

Adger corporation is a service company : Adger Corporation is a service company that measures its output based on the number of customers served

Analyze and discuss mergers and acquisitions : Analyze and discuss mergers and acquisitions in the health care delivery system since President Clinton's National Health Care Reform Policy (text, p.153; Kitchener, p.160).

What is the probability that it get trapped in the long run : A mouse, after being placed in one of 4 rooms, will search for cheese in that room. If unsuccessful, after one minute it will exit to another room by selecting a door at random.

User Account

All Pages