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ABC can sell surfboards or body boards. the revenues of selling and producing surfboards or body boards depend on how the waves are during this season. If the waves, on average, are bigger than 5Ft, producing and selling surfboards will results in sales of $4,000,000, while producing and selling body boards will lead to sales to $1,500,000. If the waves are smaller than 5 FT, surfboards will result in sales of $1,000,000 and body boards will result in sales of $3,500,000. According to the latest forecast for the 3- month period, there is a 60% chance of getting waves bigger than 5 Ft on average.
Create a payoff table in excel and use it to find the following. Need to see all workings and what is the best payoff decision and what to choose.
A. Maximax
B. Maximin
c. Equal likehood
D. Expected value
find the sample size needed to estimate the percentage of adults who have consulted fortune tellers. use a 0.03 margin
Inspecting switches A shipment contains 10,000 switches. Of these, 1000 are bad. An inspector draws 2 switches at random, one after the other.
What is the test statistic? Give answer to three decimal places What is the critical value? Give answer to three decimal places. The proper conclusion is to reject H0.
Let A and B be 2 independent events such that the probability is 1/3 that they will occur simultaneously and t that A will occur and B will
The iid random sequence X0, X1,... of standard normal random variables is the input to a digital filter. For a constant a satisfying |a| 0, Y1,... such that Y0 = 0 and for n > 1,
Select one (1) project from your work environment or hobby that you would use the hypothesis test technique. Next, propose the hypothesis structure (e.g., the null hypothesis, data collection process, confidence interval, test statistics, reject or ..
the distribution of weekly salaries at a large company is right skewed with a mean of 1000 and a standard deviation of
Internal study by Technology Services department at Lahey Electronics disclosed company employees get the average of 2 emails per hour. Suppose arrival of these emails is approximated by Poisson distribution.
Use the given statistics and margin of error to identify the confidence interval for each study. Which study do you believe, and why?
Explain the limitations presented by the study population and sample size used. Support your explanation with examples from the study. Discuss the advantages and disadvantages of the type of statistical analysis used.
The mean top of knee height of a sitting mate is 20.7 in.
The condition of a certain engineering system ranges from 0 (failed) to 10 (excellent or as-new). The owner seeks the condition level at which rehabilitation of the system must be carried out. Explain why both liberal and conservative thresholds a..
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