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Mark M.Upp has just been fired as the university bookstore manager for setting prices too low (only 20 percent above suggested retail). He is considering opening a competing bookstore near the campus, and he has begun an analysis of the situation. There are two possible sites under consideration. One is relatively small, while the other is large. If he opens at Site 1 and demand is good, he will generate a profit of $50,000. If demand is low, he will lose $10,000. If he opens at Site 2 and demand is high, he will generate a profit of $80,000, but he will lose $30,000 if demand is low. He also has the option of not opening either. He believes that there is a 50 percent chance that demand will be high. Mark can purchase a market research study. The probability of a good demand given a favorable study is 0.8. The probability of a good demand given an unfavorable study is 0.1. There is a 60 percent chance that the study will be favorable. Should Mark use the study? Why? What is the maximum amount Mark should be willing to pay for this study? What is the maximum amount he should pay for any study?
A consumer organization estimates that over a 1-year period 17 percent of cars will require to be repaired once, 7 percent will need repairs twice, and 4 percent will require three or more repairs. What is the probability that a car chosen at rand..
The 46 computer mice inspectors at a particular factory can only inspect 45 mice per hour. Does the company have reason to believe that these inspectors are slower than average at α = 0.10?
Assume that the annual rate of return for a common biotechnology stock is normally distributed with a mean of 5.5% and a standard deviation of 6%.
The Duracells had an average lifetime of 18.67 hours (SD = 1.176 hours) while the Energizer batteries had an average lifetime of 16.83 hours (SD = 2.878 hours). Assuming the population standard deviations to be equal, what is the test statisitic a..
In light of these data, are the percentages of divorcing couples with prenuptial agreements equal in these four places?
Discuss how the null and alternative hypothesis for one-sample testing differs from two-sample testing; and explain how these two hypothesis' are the same, and provide a numerical example?
In playing the Lemonade Stand Game, Bob decreased his price per cup by two cents, from $.27 per cup to $.25 per cup. At the .05 level of significance, did net revenue increase?
Determine the minimum required sample size if you want to be 99% confident that the sample mean is within 2 units of the population mean given sigma = 7.8. Assume the population is normally distributed.
Of the adult books, 70 are nonfiction while 60 of children's books are nonfiction. If the book is selected at random, determine the probability that is is?
What critical value should the company officials use to determine the rejection region?
A recent study of cardiovascular risk factors reports that 30% of adults meet the criteria of hypertension. if 15 adults are assessed, what is the probabiliy that?
Does the confidence interval contain the value of 35 mm, which is believed to be the standard deviation of sitting heights of women?
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