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Question: Following up on the previous problem, the expected net gain from information is defined as the expected amount gained by having access to the information, at its given cost, as opposed to not having access to the information. Explain how you would calculate this in general. What is its value for the Acme problem?
about two out of every three gas purchases at cheap gas station are paid for by credit cards. 350 customers buying gas
a random sample of 121 checking accounts at a bank showed an average daily balance of 280. the standard deviation of
There are two rejected units. If a customer orders 180 units, what is the probability that the delivery will have at least one reject unit?
Show that if n ≥ 2k - 1, there is a strategy that assures you of identifying one of 2k - 1 numbers and hence gives a probability of (2k - 1)/n of winning. Why is this an optimal strategy? Illustrate your result in terms of the case n = 9 and k = 3..
Suppose x follows a distribution with density function: f(x)=C*abs(x-2), 0 =
They also suggest that the three types of food differ in iron content. Is there significant evidence that the three types of food differ in iron content when all are cooked in iron pots?
A cabinet has 3 identical drawers. One drawer contains 2 gold coins, another drawer has a gold coin and a silver coin, and the third drawer has 2 silver coins. (a) What is the chance you get a gold coin?
Is Ryeband Bakery complying with provincial government regulations, while also not wasting its own resources? Formulate the null and alternative hypothesis. Conduct a hypothesis test for a single mean at the 5% level of significance. What statisti..
a slender bar length l of mass m is pushed longitudinally off a table with speed vo . determine the angular
A canning company that cans pineapple juice has a machine that automatically fills 16-ounce cans. From quality control data it was found that the average amount of pineapple juice dispensed into the cans was sixteen ounces with a standard deviatio..
Why do we reject the null hypothesis when the p-value is small? Explain as if to someone unfamiliar with statistics. Why do we divide by the standard error when computing a test statistic?
Is there evidence of difference in mean life of bulbs produced by the two kinds of machines. What is your conclusion?
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