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Suppose that the point spread for a particular sporting event is 10 points and that with this spread you are convinced you would have a 0.60 probability of winning a bet on your team. However, the local bookie will accept only a $1000 bet. Assuming that such bets are legal, would you bet on you team? (Disregard any commission charged by the bookie.) Remember that you must pay losses out of your own pocket. Your pay off table is as follows:
State of natureDecision alternatives you win You loseBet 1000 -1000Don't bet 0 0
a. What decision does the expected value approach recommend?b. What is your indifference probability for the $0 payoff? (Although this choice inn;t easy, be as realistic as possible. Is it required for an analysis that reflects your attitude toward risk.)c. What decision would you make based on the expected utility approach? In this case are you a risk taker or a risk avoider?d. Would other individuals assess the same utility values you do? Explaine. If your decision in patrt c was to place the bet, repeat the analysis assuming a minimum bet of $10,000.
Compare equations with one variable to equations with two variables. How are they alike? How are they different? What if an equation had three variables?
What is the probability that the trainee class will consist entirely of men or women? Round your answer to the nearest thousandth.
Verify value of t for the independent Variable, using formula. (That is, using formula in the Formula Sheet compute the t statistic , given data provided in the print out).
Construct a 95% confidence interval estimate for the mean yield of five-year certificates of deposit.
Over the last year the absentee rate at a large corporation averaged 8.2 days absent with a standard deviation of 6 days. One department with 40 employees had an absentee rate of 12 days per employee.
Construct a 99% confidence interval for the difference between the true average boot times of the two types of hard drives. Assume the difference will represent (HDD-SSD) and that the population standard deviations are statistically the same.
Suppose the population standard deviation is a=25. (The a is actually the funny looking 0 with the line that goes from the top right up at an angle) Compute the standard error of the mean
What is the expected duration of the game? Given the same CIC, how much more money should Alice have ititially so as to maximize the expected duration of the game?
At the .01 level of signiicance, is the true mean greater than 10?
What is the role of probability concepts in business decision making? Define probability concepts.
Find the critical value for t and determine the null and alternate hypothesis.
Suppose a random sample of 600 credit card users is taken. What is the probability that more than 150 credit card users are very close to the total limit on their card(s)?
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