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Suppose that the number of hours X for which a machine will operate before it fails has a continuous distribution with p.d.L. I(x). Suppose that at the time at which the machine begins operating you must decide when you will return to inspect it. If you return before the machine has failed, you incur a cost of b dollars for having wasted an inspection. If you return after the machine has failed, you incur a cost of c dollars per hour for the length of time during which the machine was not operating after its failure. What is the optimal number of hours 10 wait before you return for inspection in order to minimize your expected cost?
Apparently, some of your classmates do not understand Statistics very well because you know several of their conclusions are incorrect. Explain the mistakes in their statements below.
Blackjack is a popular casino game in which the objective is to reach a card count greater than the dealer's without exceeding 21.
a. What is the probability that one of your workers will be chosen? b. What is the probability that the representative will not be one of yours?
A sample of 20 pages was taken without replacement from the 1,591-page phone directory Ameritech Pages Plus Yellow Pages. On each page, the mean area devoted to display ads was measured
at a track and field tournament freds long jumps vary evenly from 6.5 to 7.2 meters. let x be the length of freds long
You often hear about the trade-off between risk and reward. Is this trade-off part of decision making under uncertainty when the decision maker.
The weight (in pounds) for a population of school-aged children is normally distributed with a mean equal to 135 ± 20 pounds (1-! ± a).
A marketing firm asked a random set of married and single men as to how much they were willing to spend for a vacation. At = .05, is a difference in the two amounts?
Pain empathy and brain activity. Empathy refers to being able to understand and vicariously feel what others actually feel.
Construct a 95 percent confidence interval for the population proportion of positive drug tests. Why may you assume that this is a normal distribution?
Investigate the link between these two variables by conducting a complete simple linear regression analysis of the data. Summarize your findings in a professional report.
She selected a random sample of 50 students from each of the four dormitories. What is the null hypothesis for this situation?
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