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Probability: Expected Value
1. An insurance company estimates the probability of an earthquake in the next year to be 0.0013. The average damage done by an earthquake it estimates to be $60,000. If the company offers earthquake insurance for $100, what is the insurance companies' expected value of the policy?
2. In a gambling game a person is paid $9 if they draw a Jack or a Queen and $18 if they draw a King or an Ace from an ordinary deck of 52 playing cards. If they draw any other card, they lose. How much should they pay to play if the game is to be fair (i.e. expected value is zero)?
the mean diameter of a ball bearing produced by a certain manufacturer is 0.80 cm with a standard deviation of 0.03 cm.
It falls into the region of alternative is accepted greater than .95
a researcher is studying the effect of three different row spacing on the yields of four different varieties of cotton.
suppose that the random variable y is an observation from a normal distribution with unknown meannbspmu and variance
Define validity and reliability. How can we insure our data is both reliable and valid? Which of these two do you think is the more important?
In estimating a 95% confidence interval estimate of the average number of days absent for the company's workers last year should you use a z or t value in the formula?
What is the probability that they all hit the target?
What is the minimum GPA that qualifies a student to graduate with honors and It has been decided by the Faculty Senate that all students with GPAs in the top 16% will graduate with honors
A bus arrives at a bus stop at a uniformly distributed time over the interval 0 to 1 hour. A passenger also arrives at the bus stop at a uniformly distributed time over the interval 0 to 1 hour.
In part b, sample have greater variability than part a, but sample sizes are unchanged. How does larger variability influence size of standard error for sample mean?
a researcher testing the effects of two treatments for anxiety computed a 95 confidence interval for the difference
although researchers do their best to reduce error within every study there will always be error. it is important to
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