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Imagine that you collect bottles of wine as a hobby. How would you react to these situations?
a. You have just learned that one of the bottles (Wine A) that you purchased five years ago has appreciated considerably. A friend has offered to buy the bottle from you for $100. His offer is a fair price. Would you sell the bottle of wine?
b. A second bottle of wine (Wine B) is viewed by experts as being equivalent in value to Wine A. You never purchased a bottle of Wine B, but a casual acquaintance did. In conversation at a party, he offers to sell you his bottle of Wine B for $100. Would you buy it?
Many people would neither sell Wine A nor buy Wine B. Explain why this pattern of choices is inconsistent with expected utility. What other considerations might be taken into account?
a teacher gave a reading test to a class of 5th grade students and computed the mean median and mode for the test
The university police department must write, on average, five tickets per day to keep department revenues at budgeted levels. Suppose the number of tickets written per day follows Poisson distribution with a mean of 9 tickets per day.
A computer is used and it is found that the P-value = 0.0016. What can you state about the sample (independent or dependent) and what can you conclude about the evidence?
a new integrated computer system is to be installed worldwide for a major corporation. bids on this project are being
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What is the probability of obtaining a sample mean greater than M=105, for a random sample of n=9 people? For a random sample of n=36 people?
About 72% of dog owners buy holiday presents for their dogs. Suppose n = 4 dog owners are randomly selected. Find the expected number of persons, in the sample, who buy their dog holiday presents.
Determine for each variable if it is the explanatory variable, the response variable, or whether it could be both.
Calculate probabilites of gettin from 0 to 5 clubs on a hand
An internal study by the Technology Services department at Lahey Electronics revealed company employees receive an average of 6.0 emails per hour. Assume the arrival of these emails is approximated by the Poisson distribution.
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