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Suppose that we are to be presented with n distinct prizes in sequence. After being presented with a prize we must immediately decide whether to accept it or reject it and consider the next prize. The only information we are given when deciding whether to accept a prize is the relative rank of that prize compared to ones already seen. That is, for instance, when the ?fth prize is presented we learn how it compares with the ?rst four prizes already seen. Suppose that once a prize is rejected it is lost, and that our objective is to maximize the probability of obtaining the best prize. Assuming that all n! orderings of the prizes are equally likely, how well can we do?
Describe a situation in which correlation analysis or regression analysis can be (or was) misused to explain cause and effect relationship in a case of fortuitous correlation.
Illustrate what decision should be made depended on the mini-max regret criterion. Decision based on the Mini-max criterion.
A credit card company uses the average daily balance method to calculate its finance charges. Find the finance charge for the month of August (31 days) if the average daily balance for August is $658.58. The annual interest rate is 18%.
An article in Money compares investment in an income annuity, offered by insurance companies, and a mix of low-cost mutual funds.6 Suppose the following data are annualized returns (in percent) randomly sampled from these two kinds of investments.
For a two-tailed test of hypothesis (.01 significance level) to determine if there is a difference in the population means, the degrees of freedom are
During 2007, sales of new, privately owned homes in the total United States and in the western states were broken down into price categories as follows:
suppose you are an art dealer. you specialize in buying paintings by unknown painters at auctions and re-selling them
A pilot survey reveals that 5 of the 50 sampled hold two or more jobs. How many in the workforce should be interviewed to meet your requirements?
1. there are two coin purses. the first coin purse contains a penny p and a nickel n. the second coin purse contains a
Compare two models. Model #1 has an r-squared of .25 and an adjusted r-squared of .10. Model #2 has an r-squared of .20 and an adjusted r-squared of .14. Given this information, what model should you use?
The winning team's score in 13 high school basketball games was recorded. If the sample mean is 54.3 points and the sample standard deviation is 11.0 points, find the 98% confidence interval of the true mean.
Annual starting salaries for college graduates with degrees in business administration are generally expected to be between $30,000 and $45,000.
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