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Suppose that the average trip time from Oak Park to UIC on the Blue line is 22 minutes and that the standard deviation of the population is 4 minutes (sigma=4). We are interested to know whether the average trip time on Thursdays is shorter. We study a sample of 25 trips on Thursdays and the average is 20 minutes. Execute a hypothesis test at alpha= 1% that the average trip time on Thursdays is shorter (that is, that it requires a smaller number of minutes). State Ho, Ha, calculate the appropriate statistic, p-value, state whether you reject Ho vs. not and state your conclusion in plain English. You must use the p-value method taught in class. If you use the critical value method, then you will receive 0 points for this part of the problem. Show all work.
What is the largest number of minutes that will allow you to reject Ho?
What is the probability that you will reject Ho if mu is actually 21 minutes?
Fill in the probabilities in the table below. Also indicate alpha, beta and power
For the given cases, describe the bargaining game derived from the given situation, in utility units, and find its Nash solution of the game.
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After preceding application is written, modify it to produce a short story consisting of several of these sentences. (How about the possibility of a random term-paper writer?)
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A hat contains three coins - one gold, one silver and one copper. You will select coins one at a time without replacement until you choose the gold coin. The outcome of interest is the sequence of coins that are selected during this process.
Consider the following data for a simultaneous move ggiven: If you advertise and your rival advertises, you will each earn 5 million dollar in profits.
Draw a game tree for a game in which First has two possible actions (Up or Down) at each node and Second has three possible actions (Top, Middle, or Bottom) at each node.
Imagine that there are three major network-affiliate television stations in Turlock, California: RBC, CBC, and MBC. - Find the set of rationalizable strategies in this game.
Which of the following refers to an incentive, used most commonly for salaried employees, based on achievement of performance standards?
What is the smallest value of T for which it possible for B and b to be played in the first play of the game, in a subgame perfect equilibrium
Determine whether they are strictly competitive game. Find all the Nash equilibria (in pure and mixed strategies). Find the security strategies for each player.
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