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Suppose that a car rental agency offers insurance for a week that will cost $10 per day. A minor fender bender will cost $1,500, while a major accident might cost $15,000 in repairs. Without the insurance, you would be personally liable for any damages. What should you do? Clearly, there are two decision alternatives: take the insurance or do not take the insurance. The uncertain consequences, or events that might occur, are that you would not be involved in an accident, that you would be involved in a fender bender, or that you would be involved in a major accident. Assume that you researched insurance industry statistics and found out that the probability of major accident is 0.05%, and that the probability of a fender bender is 0.16%.
What is the expected value to take insurance?
What is the expected value to decline insurance?
What is the probability of no accident?
What is the probability of a major accident?
Whould you decline the insurance?
A side effect of a certain anesthetic used in surgery is the hiccups, which occurs in about 10 percent of the cases. If three patients are scheduled for surgery today and are to be administered this anesthetic, compute the probability that:
Describe the purpose of transforming raw scores into standard scores. Describe what "normal distribution" means.
We select a sample of 15 fares. What is the likelihood that the sample mean is between $17.00 and $20.00? What must you assume to make the above calculation?
owner of a store that sells cds wants to estimate the mean amount of time a customer remains in the store. a random
State whether the null hypothesis should be rejected on the basis - Write down the hypothesis
Describe to a person who has never taken a course in statistics the meaning of a grouped frequency table.
The inside diameter of a randomly selected piston ring is a random variable with mean value 12 cm and standard deviation 0.02 cm.
A clinical study was performed to determine if a product was effective in alleviating side effects caused by a mode of treatment. In the treated group (100 subjects) it was found that 10% had side effect A, 15% had side effect B and 65% had side eff..
The student body of a large university comprises 60% female students. Elucidate what is the probability that the students in the sample exactly two are female?
analyze the advantages and disadvantages of using a repeated-measures study or within-subjects design instead of a
a store wishes to predict net profit as a function of sales for the next year. the following table gives the years 1998
In a two-way ANOVA, there are 4 levels for factor A, 5 levels for factor B, and 3 observations for each combination of factor A and factor B levels. The number of treatments in this experiment equals:
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