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A company must decide now which of three products to make next year to plan and order proper materials. The cost per unit of producing each product will be determined by whether a new union labor contract passes or fails. The cost per unit for ecah product, given each contract result, is shown in the following payoff table
contract outcomeproduct pass fail1 $7.50 $6.002 4.00 7.003 6.50 3.00
Determine which product should be produced, using the following decision criteria.
a. Miniminb. Minimax
At a .10 level of significance, use Stat Tools (or Excel) to test the sponsors' hypothesis. State the null and the alternative hypotheses and the decision rule. Finally, discuss your findings.
A leasing firm claims that the mean number of miles driven annually, m, in its leased cars is less than 13280 miles. A random sample of 150 cars leased from this firm had a mean of 12584 annual miles driven.
The distribution of IQ scores is normal, what proportion of the population would score higher than Bob? Lower than Bob?
Clark Heter is an industrial engineer at Lyons Products. He would like to determine whether there are more units produced on the afternoon shift than on the day shift.
Suppose a firm evaluates the productivity of the three shifts of workers who work in their factory. Each shift's performance is measured based on the amount of output that is produced during the shift - day, evening, or swing shift.
You are asked by the owner of the Starshine Motel to develop a customer satisfaction survey to determine the percentage of customers who are dissatisfied with service.
What is a test statistic and how is it related to a critical value in hypothesis testing? What is the critical region in hypothesis testing and why is it important?
20% of teenagers in a small town say they like reading news online. Suppose you randomly select 7 teenagers from the town and ask them whether or not they enjoy reading news online. Find the probability that at least 3 say they enjoy reading news ..
Madison Metals recently reported $9,000 of sales, $6,000 of operating costs other than depreciation, and $1,500 of depreciation. The company had no amortization charges and no non-operating income.
The bank credit card department of Carolina Bank knows from experience that 5 percent of the card holders have had some high school, 15 percent have completed high school, 25 percent have had some college
A survey of n = 703 randomly selected workers showed that 61% of those respondents found their jobs through networking.
The probability of drawing two diamonds (to complete a flush) after discarding the 5 and 7.
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