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Beverly Mills has decided to lease a hybrid car to save on gasoline expenses and to do her part to help keep the environment clean. The car she selected is available from only one dealer in the local area, but that dealer has several leasing options to accommodate a variety of driving patterns. All the leases are for 3 years and require no money at the time of signing the lease. The first option has a monthly cost of $330, a total mileage allowance of 36,000 miles (an average of 12,000 miles per year), and a cost of $0.35 per mile for any miles over 36,000. Beverly has estimated that, during the 3 years of the lease, there is a 40% chance she will drive an average of 12,000 miles per year, a 30% chance she will drive an average of 15,000 miles per year, and a 30% chance she will drive 18,000 miles per year. In evaluating these lease options, Beverly would like to keep her costs as low as possible. Develop a payoff (cost) table for this situation What decision would Beverly make if she were optimistic? What decision would Beverly make is she were pessimistic? What decision would Beverly make if she wanted to minimize her expected cost (monetary value)? Calculate the expected value of perfect information for this problem.
Construct a 99% confidence interval on the difference of the average ages for the viewers of the two TV programs. How can you interpret this interval?
One advantage of the repeated measures ANOVA is that it eliminates "individual differences" as a source of variability. Explain why there are no individual differences in the numerator and in the denominator of the F ratio.
What is the distribution of sample means.
Find out the upper and lower bounds on average life expectancy of the Canadian women such that at least 90% of all population is included.
Write the regression equation approximately. Computed the coefficient of determination(r 2 ).
The manufacture of a new compact car claims the miles per gallon (mpg) for the gasoline consumption follow a normal distribution with mean of 25.9 mpg and standard deviation of 9.5 mpg . if 36 such cars are tested , what is the probability the ave..
Five persons donate blood at the clinic on a particular day. Find the probability that at least one of the five does not have Rh+ blood.
The analysis needs to be re-run adding the error into the regression sum of squares.
A sample of 25 concession stand purchases at the October 22 matinee of Bride of Chucky showed a mean purchase of $5.29 with a standard deviation of $3.02 for the October 26 evening showing of the same movie
Calculate the mean number and median number of apples in a bag.
Three unrelated people go for dinner to a Chinese restaurant which uses MSG in its food. Each person has a 10% probability of developing an adverse reaction to the MSG.
Twenty times they sold 6 cars, they never sold 7 cars, three times they sold 8 cars and one time they sold 9 cars. Find the probability that at most 4 cars were sold in a week.
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