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The management company should first decide whether to undertake market research survey. If market research study is perfromed, outcome will either be favorable (F) or unfavorable (U). Suppose there are only two decision alternatives, D1 and D2, and two states of nature, S1 and S2. Payoff table showing profit is as follows:
State of NatureDecision Alternative S1 S2D1 100 300D2 400 200
a) Using following probabilities, determine the optimal decision strategy?
P(F)=0.56 P(S1/F)=0.57 P(S1/U)=0.18 P(S1)=0.40P(U)=0.44 P(S2/F)=0.43 P(S2/U)=0.82 P(S2)=0.60
b) Determine the Efficiency of this market research. What would be your suggestions?
c) How much will this company be eager to pay for this market research?
What is the probability you will win any money in the state lottery and the probability that you will win at least $100
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Between what two values does the P -value of this test fall?
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Of the adults in Jefferson County, 10% have had CPR training
Based on what we know about statistics and using your example, how do you believe statistics can enrich and represent the results of a study? How can statistics be used to misrepresent the results of a study?
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