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I find the stapling feature for the photocopier in our dept to be not very reliable. The industry standard is that only 2% of items should be stapled incorrectly. In a sample of 120 handouts made for a course, 6 were badly stapled.
a) At a 0.025 significance level using the critical value approach, test to see if the % error is higher than the industry standard. Clearly state your hypothesis and conclusions.
b) How many incorrectly stapled handouts would have to be in the sample of 120 for you to change your conclusion in (a)? Round to whole handouts?
c) If the true % of errors for the copier is 2.5%, calculate the probability of making a type II error for your test in part (a).
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Determine the solution to the given advertising decision game between Coke and Pepsi, assuming the companies act independently.
Little Kona is a small coffee corporation that is planning entering a market dominated through Big Brew. Each corporation's profit depends on whether Little Kona enters and whether Big Brew sets a high price or a low price.
Suppose you and your classmate are assigned a project on which you will earn one combined grade. You each wish to receive a good grade, but you also want to avoid hard work.
Consider trade relations in the United State and Mexico. Suppose that leaders of two countries believe the payoffs to alternative trade policies are as follows:
Use the given payoff matrix for a simultaneous move one shot game to answer the accompanying questions.
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