User Account

All Pages

Evaluate the probability of a great national market

Assignment Help Basic Statistics
Reference no: EM131641837

Question: Prior probabilities are often educated guesses at best, so it is worth performing a sensitivity analysis on their values. However, you must make sure that they are varied so that all probabilities are nonnegative and sum to 1. For the Acme problem, perform the following sensitivity analyses on the three prior probabilities and comment on the results.

a. Vary the probability of a great national market in a one-way sensitivity analysis from 0 to 0.6 in increments of 0.1. Do this in such a way that the probabilities of the two other outcomes, fair and awful, stay in the same ratio as they are currently, 7 to 4.

b. Vary the probabilities of a great and a fair national market independently in a two-way sensitivity analysis. You can choose the ranges over which these vary, but you must ensure that the three prior probabilities continue to be nonnegative and sum to 1. (For example, you couldn't choose ranges where the probabilities of great and fair are 0.6 and 0.5.)

Reference no: EM131641837

Questions Cloud

Consequences of using transformational leadership behaviors : What are considered to be the positive and negative consequences of using transformational leadership behaviors?
What is the value for the acme problem : Following up on the previous problem, the expected net gain from information is defined as the expected amount gained by having access to the information.
Who you think would participate in your research study : Who you think would participate in your research study. The ways you might analyze the results, based on your proposed design.
Calculate the total contribution margin : If its total fixed costs are $182,000 and its total variable costsa re $267,000, then the total contribution margin is
Evaluate the probability of a great national market : Vary the probability of a great national market in a one-way sensitivity analysis from 0 to 0.6 in increments of 0.1.
Domination of political sessions by the congress : What were the factors that caused for domination of political sessions by the Congress.
Why you think it is or is not possible for the fourth branch : write a paper why you think it is or is not possible for the "Fourth Branch" of our government (the bureaucracy) to be equal with the other three branches.
Compare and contrast the unauthorized use : Compare and contrast the Unauthorized Use vs. Inappropriate Use categories of incidents and how they should be handled.
What will the variable expense per unit : If the selling price per unit is $75, total fixed expenses are $90,000, what will the variable expense per unit be

Reviews

Write a Review

Basic Statistics Questions & Answers

  Estimate deduction for population

A random sample of 40 taxpayers with adjusted gross incomes of between $100,000 and $200,000 was drawn. These taxpayers claimed an average of 9,922 in medical expenses for the year. Assume the population standard deviation for these deductions was..

  For a t distribution with 16 degrees of freedom find the

for a t distribution with 16 degrees of freedom find the area or probability in each region.4 digits to the right of

  A group of one hundred students are asked for their high

a group of one hundred students are asked for their high school and college gpas what is the variable and the level of

  Create interval for the true average age of the consumers

The average age in the sample was 22.5 years with a standard deviation of 5 years. Construct a 95% confidence interval for the true average age of the consumers.

  Problem regarding the spss assignment

In this exercise, you are playing the role of a researcher that is testing new medication designed to improve cholesterol levels. When examining cholesterol in clinical settings, we look at two numbers: low-density lipoprotein (LDL) and high-densi..

  In an experiment to compare the tensile strengths of i 5

in an experiment to compare the tensile strengths of i 5 different types of copper wire j 4 samples of each type were

  Find point estimate of difference between population means

What is the point estimate of the difference between the population means? What is the 95% confidence interval estimate of the difference between the population means?

  Estimate the expected value of peak voltage

Give an estimate of the change in expected peak voltage with a 1% increase in light absorption. Estimate the expected value of peak voltage when % light absorption is 20.

  The nyquist plot of a conditionally stable system

The Nyquist plot of a conditionally stable system is shown in Figure P9.4 for a specific gain K. (a) Determine whether the system is stable, and find the number of roots (if any) in the right-hand s-plane.

  Hypothesis to investigate the problem based on claim

Develop a hypothesis to investigate this problem based on the claim of the heat pump manufacturer

  Find the value of t for the difference between two means

find the value of t for the difference between two means based on an assumption of normality and this information about

  Value of the critical value

Given the hypothesis Ho: u=400, you conduct a sample of 12 observations and obtain a sample mean of 407 and a sample standard deviation of 6. Using a .01 significance level to test to see if you would reject Ho, what would be the value of your cri..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd