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The operations manager for a community bus company wants to decide whether he should purchase a small, medium, or large new bus for his company. He estimates that the annual profits (in $000) will vary depending upon whether passenger demand is low, medium, or high as follows:
Bus Low Medium HighSmall 50 60 70Medium 40 80 90Large 20 50 120
Prior Probabilty low .3 medium .3 high .4
If he uses the maximax criterion, which size bus will he purchase?
If he uses the maximin criteria, which size bus would he purchase?
If he uses Bayes' decision rule, which size bus would he purchase?
What is the expected annual profit for the bus that he will decide to purchase using Bayes' decision rule?
The vast majority of the world uses a 95% confidence in building confidence intervals. Give your opinion on why 95% confidence is so commonplace. Justify your response.
a. Find parametric equation for the tangent line to C at the point (1, 0, 1) b. Find an equation for the osculating plane of C at the point (1, 0, 1).
Use 4th order Runge-Kutta Method with step size h =0.2 and h =0.1 to find y(2) and sketch all the solutions on the interval [1, 2] with appropriate legend for comparison.
Find the perpendicular distance of the plane 5 x + 2 y - z = -22 from origin 0 by first finding the co-ordinates of the point P on the plane - What is the minimum distance the ant must travel before it gets to the food? How about the fly?
You have been recently employed as the director of operations of a hotel. The hotel is in a relatively large city with many other comparable hotels in its vicinity. As part of your job, your responsibilities include:
A theater owner has found that 6% of patrons don't show up for performance that they bought tickets for. If theater has 100 seats, determine the probability that 8 or more patrons won't show up for sold-out performance.
State the appropriate hypotheses for your significance test. Use the sample results to compute the test statistic and the p-value.
What is the value of G for a perfectly egalitarian society (everybody has the same income)? What is the value of G for a perfectly totalitarian society a single person receives all the income?
1. daily airlines fies from amsterdam to london every day. the price of a ticket for this extremely popular flight
What variables might explain or predict an outcome in your department or life? If you generated a regression equation, how would you interpret it and the residuals from it?
a consumer products company wants to calculate the effectiveness of different types of advertising media in the
What is the optimal number of tables the company should produce during the current production cycle?
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