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A financial executive lives in Ottawa but frequently must travel to Toronto. She can go to Toronto by car, train, or plane. The cost for a plane ticket from Ottawa to Toronto is S285, and it is estimated that the trip takes 65 minutes in good weather and 70 minutes in bad weather. The cost for a train ticket is $190, and the trip takes four hours in good weather and 4 hours, 10 minutes in bad weather. The cost to drive her own car from Ottawa to Toronto is $70, and this trip takes four hours in good weather and five in bad weather. The executive places a value of $75 per hour on her time. The weather forecast is for a 60 percent chance of bad weather tomorrow.
What decision would you recommend? (Hint: Set up a payoff table, and remember that you want to minimize costs ) What is the expected value of perfect information?
A marketing survey is taken among fast food customers to determine their preference for hot dogs or pizza. Of the 200 respondents selected,
The Weschsler IQ test has a μ =100 and a σ = 15. A vitamin company said if people took vitamin X for 30 days their IQ would improve. A simple random sample of 49 people took the vitamins for 30 days. They then took the IQ test. The mean IQ of the ..
Environmental health indicators include air quality, water quality, and food quality. Twenty-five years ago, 47% of U.S. food samples contained pesticide residues. In a recent study, 44 of 125 food samples contained pesticide residues.
The average lifetime is different from 775 hours, a sample of 80 bulbs is used. If the standard deviation is 40 hours and α is equal to 0.01, what values for will result in rejection of the null hypothesis.
Average size of ready-made garments. (ii) Average marks of a student and when median is greater than mean, and (ii) When Mean is greater than median.
Describe the five steps of hypothesis testing. Compare Type I and Type II errors and give specific examples for each. Which error should be minimized the most and first?
Martin Motors has in stock three cars of the same make and model. The president would like to evaluate the gas consumption of the three cars (labeled car A, car B, and car C) using four different types of gasoline. For each trial, a gallon of gaso..
A product is made up of two subsystems in parallel. Subsystem one consists of ten elements in series each with a failure rate of 1/100. The second subsystem consists of 5 elements in series each with a failure rate of 1/200. What is the overall re..
Standard deviation of 0.02 ounce. You can permit cup to overfill 4% of the time. What amount must you set as mean amount of coffee to be dispensed?
A state-wide sample survey is to be made. First, the state is subdivided into counties. Seven counties are selected at random and further sampling is concentrated on these seven counties.
What is the 95% confidence interval estimate of the mean television viewing time per week during the 8:00 p.m. to 11:00 p.m. time period?
Prepare a frequency distribution from data given below that describes how long it took a person to drive to work in work week.
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