Which route will minimize expected travel time

Assignment Help Basic Statistics
Reference no: EM13145413

In the past few years, the traffic problems in Lynn McKell's hometown have gotten worse. Now, Broad Street is congested about half the time. The normal travel time to work for Lynn is only l5 minutes when Broad Street is used and there is no congestion. With congestion, however, it takes Lynn 40 minutes to get to work. I f Lynn decides to take the expressway, it will take 30 minutes regardless of the traffic conditions. Lynn's utility for travel time is: U(15 minutes) = 0.9, U(30 minutes) = 0.7, and U(40 minutes) = 0.2.

(a) Which route will minimize Lynn's expected travel time?
(b) Which route will maximize Lynn's utility?
(c) When it comes to travel time, is Lynn a risk seeker or a risk avoider?

Reference no: EM13145413

Questions Cloud

What are the predicted numbers of offspring : What would be the predicted numbers of offspring with these four genotypes if the parental generation had been AAbb and aaBB instead of AABB and aabb?
Why do cost a rica and bangladesh make these shirts : The United States has an absolute advantage in making many goods, such as short-sleeve cotton golf shirts. Why do Cost a Rica and Bangladesh make these shirts and export them to the United States?
How many grams of c2h2 are produced : How many grams of C2H2 are produced from 4.43 moles of CaC2?  CaC2 + 2 H2O → Ca(OH)2 + C2H2
How many kilojoules of energy are required : How many kilojoules of energy are required to heat 50.0 g of ethanol from -20.0°C to 68.0°C?
Which route will minimize expected travel time : It will take 30 minutes regardless of the traffic conditions. Lynn's utility for travel time is: U(15 minutes) = 0.9, U(30 minutes) = 0.7, and U(40 minutes) = 0.2. Which route will minimize Lynn's expected travel time?
Compute the keq : After equilibrium is reached, (X)=.55 M. Calculate the Keq (Kc) for this reaction. show full steps please for rating
Calculate the density of the metal : A block of metal has a width of 3.2 cm, a length of 17.1 cm, and height of 3.5 cm. Its mass is 1.2 kg. Calculate the density of the metal.
Describe how the body major organ systems work : Describe any 3 effects that alcohol can have on the liver. Which of these are long-term and which are short-term effects?
Find the pmf of the distribution of baseball series : Assume the results of different games played in the series are independent of each other. Find the p.m.f. of the distribution of N := duration" of the baseball series.

Reviews

Write a Review

Basic Statistics Questions & Answers

  Example of correlational relationship in workplace

Briefly describe correlational research. Name a variable from the workplace that might prove to provide a correlational relationship and explain why you would choose these two?

  Subjects had prior prison sentences

Many people believe that criminals who plead guilty tend to get lighter sentences than those who are convicted in trials. The accompanying table summarizes randomly selected sample data for San Francisco defendants in burglary cases. All of the su..

  Find the minimum sat score

Estimating the individual score using normal distribution and find the minimum SAT score needed to be accepted?

  Population mean category fluency test score

What is the estimated standard error of the sample mean? Construct a 95 percent confidence interval for the population mean category fluency test score.

  Determine cumulants-ratio-standard deviation-average energy

Determine the first two cumulants also the ratio between the standard deviation and average energy. Explain why distribution becomes extremely narrow.

  Null hypothesis in a chi-squared test of independence

What is the null hypothesis in a chi-squared test of independence? How many 'tails' can a chi-squared test have, one or two? In a regression analysis, what do the residuals from the fitted line add up to?

  One sample tests of hypothesis

Please help me with the following 3 problems. There are only a few that I can't seem to figure out. Please use excel and show me a step by step solution to give me a full understanding. Thanks a lot!

  Find standard deviation of the probability distribution

0.8 of all college students like the idea of a new curriculum. If we select 87 students (ASSUME INDEPENDENCE), what is the Standard Deviation of the Probability Distribution that would list the number of students.

  Probability that committee contain at least two managers

Managers from accounting department and information technology department. What is the probability that the committee will contain at least two managers from accounts departments.

  What were fuel efficiencies of each of cars in week

The two cars drove a combined total of 1450 miles, and the sum of their fuel efficiencies was 40 miles per gallon. What were the fuel efficiencies of each of the cars that week?

  Correlation-audience impressions and album sale

The table below lists the number of audience impressions (in hundreds of millions) listening to songs and the corresponding numbers of albums sold (in hundreds of thousands).

  Standard error of the sampling distribution

Compute the standard error of the sampling distribution of sample means.

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