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1. Let's play a game. An urn contains five red, four green and one gold ball other than color, the balls are identical. You are blindfolded and allowed to pick a ball from the urn. Red pays $5, green pays $10 and gold pays $50.
A. Determine the fair price to play this game
B. Let x be the payoff variable for this game. Find e(x)
C. If the price to play this game were $5 a play, would you play? How often? Why
D. If the price to play this game were $15 a play would you play? How often ? Why?
For each lettered part, a through c, examine the two given sets of numbers. Without doing any calculations, decide which set has the larger standard deviation and explain why. Then check by finding the standard deviation by hand .
we wish to estimate the mean using a sample size of n = 49. Find the probability that we could be correct within 1kg/m 2 .
The forecast for the third quarter is 3,000 units; the seasonal index for the quarter is 1.05. What are the seasonally adjusted sales for the quarter?
Company are interested in how a new spaghetti sauce made from green tomatoes (and green in color) will compare to their traditional red spaghetti sauce. They are worried that the green color will adversely affect the tastiness scores.
Statistical Hypothesis testing - Frequency distribution
Construct a 90% confidence interval to estimate the difference of (average number of gallons sold on weekdays - average number of gallons sold on weekends). Assume the population standard deviations are the same for both weekdays and weekends.
A Manager needs to decide between two machines to put into market following a Weibull distribution. Machine X test unit cost $3000 with beta=3 and theta=500 Machine Y test unit cost $2000 with beta=3 and theta=400
A recent study of 75 workers found that 53 people rode the bus to work each day. Find the 95 percent confidence interval of the proportion of all workers who rode the bus to work.
Based on this sample information, develop a 90 percent confidence interval for the population mean yearly premium.
If hypothesis test for single population variance is to be conducted by using significance level of to 0.10, a sample size of n = 16, and test is a one-tailed upper-tail test, the critical value is?
Compute the incidence proportion or the risk ratio that compares group 1 to group 0, and compute the Incidence proportion or the risk ratio which compares group 2 to group 0. Then post a summary of your findings.
P-value to test hypotheses,
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