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Probability using expected values.
The ABC Co. is considering a new consumer product. They believe that the XYZ Co. may come out with a competing product. If ABC adds an assembly line for the product and XYZ does not follow with a competitive product, their expected profit is $40,000; if they add an assembly line and XYZ does follow, they still expected a $10,000 profit. If ABC adds a new plant addition and XYZ does not produce a competitive product, they expect a profit of $600,000; If XYZ does compete for this market, ABC expects a loss of $100,000. For what value of probability that XYZ will offer a competing product will ABC be indifferent between the alternatives?
Compute the probability that student eats at fast food restaurant 2 or more times per week?
Morality Study for a group of four men, the probability distribution for the number x who live through the next year is as given in the accompanying table.
If the loss of weight of customers at the end of their first month is normally distributed with a mean of 6.7lbs and a standard deviation of 0.81lbs
Research question: Are mean crash damages same for these 3 vehicles? Crash1 Crash Damage ($).
The lifetime of a 2-volt non-rechargeable battery in constant use has a Normal distribution with a mean of 516 hours and a standard deviation of 20 hours. The proportion of batteries with lifetimes exceeding 520 hours is approximately.
To test this notion, eight paid volunteers were placed (individually) in a room in which there was no light from the outside and no clocks or other indications of time.
Assume that the smiling time of eight-week old babies, in seconds, follows a uniform distribution between 0 and 23 seconds, inclusive. This means that any smiling time from 0 to and including 23 seconds is equally likely.
The Pearson Product-Moment Correlation Coefficient (r) is a measure of linear relationship between two variables.
What is the probability that all three students pick exactly the same card?
Determine the probability of choosing the area code at random which ends in the odd number if first digit cannot be 1 or 0?
Assume that the amount your town's population grows every year is fixed or constant. Utilize your equation in part b to approximate the population in the year 2030.
Develop three regression models to predict the selling price based upon each of the other factors individually. Which of these is best?
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