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Testing the significance of correlation.
A manufacturer must decide whether to extend credit to a retailer who would like to open an account with the firm. Past experience with new accounts indicates that 45% are high-risk customers, 35% are moderate-risk customers, and 20% re low-risk customers. If credit is extended, the manufacturer can expect to lose $60,000 with a high-risk cutomer, make $50,000 with a moderate-risk customer, and make $100,000 with a low-risk customer. If the manufacturer decides not ot extend credit to a customer, the manufacturer neither make nor loses any money. Prior to making a credit extension decision, the manufacturer can obtain a credit rating agency concedes that its rating procedure is not completely reliable. In particular, the credit rating procedure will rate a low-risk customer as a moderate-risk customer with probability 010 and as ahigh-risk customer with probability 0.05. Furthermore, the given rating procedure will rate a moderate-risk customer as a low-risk customer with probability 0.06 and as a high-risk customer with probability 0.07. Finally, the rating procedure will rate a high-risk customer as a low-risk customer with probability 0.01 and as a moderate-risk customer with probability 0.05.
1. Find the strategy that maximizes the manufacturer's expected net earnings.
2. Should the manufacturer routinely obtain credit rating reports on those retailers who seek credit approval? Why or why not?
Use the method of least squares to model the relationship between x and y.
Determine: SS(xy)Linear correlation coefficient, r. Bar graph below compares mean time in seconds for 7-yr old girls to complete certain task.
At a 5% level of significance, is there enough evidence from this survey to conclude that more than half of all adults would rather have $100 than a day off?
If alpha level is changed from a = 0.05 to a = 0.01. What occurs to boundaries for critical region?
A business owner decides to use a binomial distribution to solve one of his problems.
What is the probability that both defective lights will be found within three trials?
If measurements are made over span of 9 months, and results are averaged, find out the probability that neighbourhood is considered unsafe?
Is this enough evidence to support Union's position? Use significance level of a = 0.05. You may suppose the mean annual salaries are normally distributed.
Assume you are using ANOVA to study some phenomenon. There are three treatment levels and a total of 17 people in the study. Complete the following ANOVA table.
If probability the first truck is available is= .75, probability the second truck is available is= .50, and probability both are available is= .30, determine the probability which neither truck is available?
At a = 0.05, what is the test value?
At the 5 percent level of significance, does this sample prove a violation of the guideline that the average patient should pay no more than $250 out-of-pocket? State your hypotheses and decision rule.
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