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manufacturer must decide whether to build a small or a large plant at a new location. Demand at the location can be either small or large, with probabilities estimated to be0.4 and 0.6 respectively. If a small plant is built, and demand is large, the production manager may choose to maintain the current size or to expand. The net present value of profits is $223,000 if the firm chooses not to expand. However, if the firm chooses to expand, there is a 50% chance that the net present value of the returns will be 330,000 and 50% chance the estimated net present value of profits will be $210,000. If a small facility is built and demand is small, there is no reason to expand and the net present value of the profits is $200,000. However, if a large facility is built and the demand and the demand turns out to be small, the choice is to do nothing with a net present value of $40,000 or to stimulate demand through local advertising. The response to advertising can be either modest with a probability of .3 or favorable with a probability of .7. If the response to advertising is modest the net present value of the profits is $20,000. However, if the response to advertising is favorable, then the net present value of the profits is$220,000. Finally, the when large plant is built and the demand happens to be high, the net present value of the profits $800,000. Draw a decision tree.
Extreme value or is it a fairly typical sample mean? For a sample of n=36 scores, would a sample mean of M=55 be considered an extreme value or is it is fairly typical sample mean?
Patient's heart attack as mild, moderate or severe. The nurse's classification of the severity of the patient's heart attack is an example of what type of variable?
A random sample of 49 employees took a computer literacy test. The sample resulted in a mean score of 75 with a standard deviation of 21. Develop an approximate 95% confidence interval for the population mean of the 600 employees.
This activity is a revision of an activity found in Real Data: A Statistics Workbook Based on Empirical Data by Z. C Holcomb (1997). Published by Pyrczak Publishing.
Is there evidence to suggest a difference in the mean waiting times at the four body shops?
Information about Solving inequality-X^2-1.01x-83.19
Consider a normal population with µ = 25 and σ = 7.0. (A) Calculate the standard score for a value x of 23.
A poll found that 329 out of 763 adults said they would travel to outer space in their lifetime, given the chance. Estimate the true proportion of adults who would like to travel to outer space with 92% confidence.
The Investment Research Institute reported in its Mutual Fund Fact Book that the number of mutual funds increased from 5725 in 1999 to 7977 in 2009. What is the geometric mean annual percent increase in the number of funds?
Assume the likelihood that any flight on Northwest Airlines arrives within 15 minutes of the scheduled time is 0.90. We choose four flights from yesterday for study.
Calculate a 95% confidence interval for the average lifetime of the washing machines that the company uses. Calculate the sample size required to reduce the margin of error for a 95% confidence interval down to 7 (i.e. E = 7).
Conduct the hypothesis test and compute the p-value. At a 0.05 level of significance, what is your conclusion?
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