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Presume you are interested in bidding on a residential plot and you know one other bidder is also interested. The seller announced that the highest bid in excess of $11,000 will be accepted. Assume that the competitor's bid is a random variable that is uniformly distributed between $11,000 and $16,000.
i. Suppose you bid $12,000. What is the probability that your bid will be accepted?
ii. Suppose you bid $14,000. What is the probability that your bid will be accepted?
iii. What amount should you bid to maximize the probability that you get the property?
iv. Suppose you know someone who is willing to pay you $17,500 for the property. Would you consider bidding less than the amount in part (c)? Why or why not?
Principal components can be used as multivariate indices, for example, when evaluating toxicity in phase III clinical trials for cancer treatment. The following table of n = 6 observations for p = 3 random variables is given by Herson (1980).
During a year in which U.S. production of motor vehicles is 12.0 million, what would be the prediction for the number of tons of domestic steel used for vehicle production?
a sample of 81 account balance of a credit company showed and average balance of 1200 with a standard deviation of 126.
1. a machine that cuts corks for wine bottles operates in such a way that the distribution of the diameter of the corks
Calculate the mean attitude score toward the Springdale Mall shopping area and compute the sample standard deviation. Does this area seem to be well regarded by the respondents?
Check the assumptions and conditions.- Perform the test and find the P-value.- State your conclusion.- Do you think this difference is meaningful? Explain.
What is the PERCENTAGE of students who received a score of AT LEAST 82 on this exam?
In a short paragraph summarize the main arguments of the article by Emily Lynn Osborne, "The Circle of Iron" and explain what it teaches us about the power.
question the main trial in problem 2 is conducted and involves a total of 200 patients. patients are
a. If the airbag activates at a deceleration of 12 mph/s or more, Iacocca would get hurt. What is the probability of his being hurt in this demon- stration? b. What is the mean deceleration at airbag activation moment? c. What is the standard devi..
Listed below are weights in grams from a sample of these bats. Construct a 95% confidence interval estimate of their mean weight.
Consider the following three games. Which one would you be most likely to play? Which one would you be least likely to play? Explain your answer mathematically.
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