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ABC insurance sells term life insurance policies. If the plicy holder dies during the term of the policy ABC pays out $100000. If the person does not die ABC pays nothing and there is no further value to the policy. ABC has determined through actuarial tables that an individual with certain issues has a 0.001 chance that they will die during the next year and a 0.999 chance that they will live and the company will pay nothing. The cost of this policy is $200 per year. Based on the EMV criterion should the individual buy this policy? How would utility theory help explain why a person would buy this policy?
A researcher has been hired by a pizzeria to determine which type of crust customers prefer. The restaurant offers three types of crust: hand tossed, thick, and thin.
Use differential calculus to find both sales volume at which revenue is maximised and the maximum revenue available from sales of product X.
Determine the largest village in terms of the population?
Provide a description of one method for estimating the reliability and one method for substantiating the validity of a test.
The largest value in a set of data is 160, and the smallest value is 70. If the resulting frequency distribution is to have six classes of equal width, what will be the class interval?
Is there a significant difference in the average prices for these two different supermarket chains? Test at α = 0.05
Formulating null and alternative hypothesis to test the claim averaging about $5000.
To avoid the problem of not having access to Tables of F distribution with values given for the lower tail, the numerator of the test statistic should be the one with:
An experiment was performed to investigate lifetime of a component exposed to high heat. Three different oven types were used at either 550°F or 600°F.
Construct an appropriate control chart and comment on the process.
If die is loaded so that 6 comes up with probability 0.2 and probabilities of 2,3,4, and 5 faces are not affected, determine the assignment of probabilities to the six faces?
A process is out of control when:
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