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A vendor at the a baseball stadium must decide whether to sell ice cream or soft drinks at today's game. The vendor believes that the profit will depend on the weather. On the basis of her past experience at this time of year, the vendor estimates the probability of warm weather as 0.60 and cool weather as 0.40.The payoff table is as follows:
Action ProbabilitySell Soft Drinks Sell Ice CreamCool weather $50 $30 0.40Warm Weather $60 $90 0.60
A) Compute the Expected Monetary value (EMV) for each action.B) Compute the Expected opportunity loss for each actionC) Compute the Return to Risk Ratio (RRR).D) On the basis of the results of (A) - (C), which action should the vendor take - sell soft drinks or ice cream? Why?
Using the results, describe the effect of an outlier or extreme value on the confidence interval.
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Use critical values and the previously given sample information to test the hypotheses you set up in part α by setting α equal to .10, .05, .01, and .001. How much evidence is there that the manufacturer's claim is false?
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Hamburger Joe's sells the best burgers in town. The variable unit cost for making one burger is $.97. The fixed cost of making burgers for 12 months will be a total of: $140,000.
Carbon monoxide (CO) emissions for a certain kind of car vary mean 2.4 g/mi and standard deviation 0.7g/mi. A company has 60 of these cars in its fleet. Let y represent the mean CO level for the companies fleet. Estimate the probability that y is ..
If a student scored 90 points on a test where the mean score was 82.2 and the standard deviation was 5.7. What steps do I do to find out the student's z score?
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