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Question: Colin sells pretzels at the local high school basketball games. For an upcoming game, Colin has to decide how many pretzels to order (170, 190, or 210), at a cost of $0.50 each. Colin sells pretzels for $1.50 each. However, any unsold pretzels must be thrown away.
If the game is interesting, Colin thinks that fewer people will visit his stand. In such a case, Colin estimates that demand will be normally distributed, with a mean of 140 and a standard deviation of 20. However, if the game is a blowout, he expects more people to visit the stand. Demand in this case follows a discrete uniform distribution between 180 and 200. Based on his familiarity with the two teams, he estimates that there is only a 40% chance that the game will be a blowout. Set up a simulation model and replicate it N times for each order size to determine Colin's expected profit and expected percentage of unsold pretzels. What do you recommend that Colin do?
Suppose that each of two statisticians A and B must estimate a certain parameter 0 whose value is unknown (0 > 0).
Eduardo, a confused graduate student, has just won the weekly Bingo prize, and now he has to choose among three alternatives.
Bimodal distribution with a very large standard deviation for the population. For most teachers such a distribution makes the matter of how to teach very tricky.
You are one space short of winning a child's board game and must roll a 1 on a die to claim victory. You want to know how many rolls it might take.
Explain to someone who knows no statistics what the announced result 87.5% ± 1% means.- What is the standard error of the estimated percent?
A flour mill produces flour in small bags before distributing them to wholesalers. The average weight of each bags is 8 kg with a standard deviation of 0.5 kg.
Recall that there are two interpretations of probability: relative frequency and personal probability.
The accompanying data on cortisol level was reported in the article "Cortisol, Cortisone, and 11-Deoxycortisol Levels in Human Umbilical and Maternal Plasma in Relation to the Onset of Labor" (J. of Obstetric Gynaecology of the British Commonwealt..
In an effort to reduce customer dissatisfaction with delays in replacing lost automated teller machine (ATM) cards, some retail banks monitor the time required to replace a lost ATM card.
a supervisor in the department of rehabilitive services is critical of the performance of one of her counselors. the
a. give at least two important uses of the moment generating function mgf of an rv.b. could mt 12 e-2t 25 e-t - 25 be
If possible, use a computer-based multiattribute decision program to do this problem.
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