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Adele Weiss manages the campus flower shop. Flowers must be ordered three days in advance from her supplier in Mexico. Advance sales are so small that Weiss has no way to estimate the demand for the red roses. She buys roses for $15 per dozen and sells them for $40 per dozen. The pay-off table for the problem is given below.
Demand for Red Roses
Alternative Low (25 dozen) Medium (60 dozen) High (130 dozen)
Do nothing 0 0 0
Order 25 dozen 300,000 300,000 300,000
Order 60 dozen 100,000 600,000 600,000
Order 130 dozen -100,000 400,000 900,000
Probability 0.3 0.4 0.3
What is the decision on demand based on each of the following criteria? Show work in making the decision for each criterion.
a) EMV approach
b) EOL approach
Find the percentage of the 1000 enemy that will be destroyed.
How many observations were in the original data set? In the bottom row of the stem and leaf display identify the stem the leaves and the numbers in the original data set represented by this stem and its leaves.
The company statistician has reported the mean number of man-hours lost per month but did not keep a record of the total sum. Should the manager order the study repeated to obtain the desired information? Explain your answer clearly.
Stating assumptions on which your arguments and conclusions are based, sum up the statistical evidence regarding effectiveness of this diet.
Use RNG in Excel to generate n = 5 observations from the Normal distribution N(20, 5). Test H0: μ = 20 versus H0: μ ≠ 20 at the α = 0.05 level of significance. Repeat this process 100 times and then count the number of times that you reject H0.
Find out a 95 percent confidence interval for population mean.
Which statistical analysis technique should be used? What is the null hypothesis? Can an analysis be performed? Why or why not?
Select a US citizen and a citizen of China at random, independently of one another. Determine the probability that both have type O blood?
If the average low temperature of a winter month in Rochester, NY, is 16° and the standard deviation is 4.6 then according to Chebyshev's theorem, the percentage of average low temperatures in Rochester, NY, between 2.2° and 29.8° is %.
A soft drink machine outputs a mean of 24 ounces per cup. the machines output is normally distributed with a standard deviation of 2 ounces. what is the probability of filling a cup between 21 and 26 ounces.
The controller of Dash Shoes Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information:
University officials at a major university would like to use three -term moving averages to examine enrollment. Enrollment data (in thousands of students) for the 12 most recent terms are shown in middle column of the table below.
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