Calculate the expected value of the bulb

Assignment Help Business Management
Reference no: EM131105913

A light bulb manufacturer introduces a new product. The firm believes that there is a(n) 0.87 percent of the bulbs functioning as advertised. The firm's engineering department tests a random sample of bulbs. In the past, testing returned a positive result 0.89 percent of the time when bulbs actually functioned properly (as advertised). Further, if the bulbs failed to work as advertised, testing returned a negative result 0.94 percent of the time.

If the bulb works as advertised, the firm will earn $3.4 in profit. If the fail to work as advertised, the firm will lose $1. Calculate the expected value of the bulb given a positive test result. Round your answer to two decimal places.

Reference no: EM131105913

Questions Cloud

Members of european union in united kingdom : It is just few days after the members of the European Union in the United Kingdom held referendum to determine their membership fate in the unions especially after the great financial crisis that the U.K members have experienced for the previous y..
Calculate the measure of association for each study : Calculating Measures of Association - Calculating the Relative risk and comparing the incidence of Autism with those not exposed to the MMR vaccine, the incidence of disease over the incidence of the exposed includingall in the denominator for each..
What is the exact precision of the resulting quadrature : One notebook sized page of notes will be allowed on the final. You may write on both sides of the page. No calculators will be allowed. This set of problems only covers material since the midterm. The final will be comprehensive. There will be questi..
Law of absolute impoverishment of working class : Define and discuss the law of the absolute impoverishment of the working class. Does it apply today?
Calculate the expected value of the bulb : If the bulb works as advertised, the firm will earn $3.4 in profit. If the fail to work as advertised, the firm will lose $1. Calculate the expected value of the bulb given a positive test result. Round your answer to two decimal places.
Determine the power output of the second turbine : Using the result of part (c), place the components in rank order, beginning with the component contributing most to inefficient operation of the overall system.
What the senior management could have done differently : Assess senior management responsibility for the failure in question. Specify what the senior management could have done differently to avoid the failure. Provide support for your rationale.
Production possibilities curve : What is the production possibilities curve and how is it useful? What 4 factors contribute to determining any point in this model? How would we apply this framework to the real world?
Find the viscosity at 100°c : find the viscosity at 100°C.

Reviews

Write a Review

Business Management Questions & Answers

  Some best practices for goal setting

In this activity, we will discuss what a goal is and some best practices for goal setting. What do you hope to accomplish? Is there a plan in development? If you have a plan, could you make any adjustments?

  Explain soprano manufacturing acquired severel pieces

Explain Soprano manufacturing acquired severel pieces of expensive heavy machinery it intends to use in its operations

  What are conflict handling techniques

What are some conflict handling techniques and when are they appropriate to use and what are the positive and negative impacts?

  Re-writing your goals in s.m.a.r.t. goal format

Write summary of how re-writing your goals in S.M.A.R.T. goal format changed the way you look at the goals. Your summary should have between 500 - 750 words (approximately 2 - 3 pages) using Microsoft Word.

  Advantages and disadvantages of alternative strategies

Specify how your recommendations can be implemented and the results you expect. Include a ?recommended timetable for the action items you are suggesting.

  Case study on missed opportunities

Read the case study titled "Missed Opportunities", located in the online course shell. Write a four to six (4-6) page paper in which you:

  Compute the value of the firm

he would be able to sell the firm at the end of fifth year for $50,000 The owner of the firm believes that the discount rate for the firm is 15 percent. Calculate the value of the firm.

  Describe the adaptive work that needs to be accomplished

Analyze your approach to resolving the problem. Be certain to include questions that would arise, and what trade-offs may be required in your analysis.

  Discuss the effective implementation

The customer requires an overview of how classic management activities -organizing, controlling, and planning - enable successful strategy implementation.

  Relationship between a leader and another individual

Relationship between a leader and another individual

  Explain the benefits of the project which include tangible

you work for centervale apparel a large clothing manufacturing firm. centervale apparel has budgeted 9.7 million for

  Step-wise answer to communication

Explain what is one instance where you have miscommunicated something and what could you have done differently to facilitate clearer communication?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd