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1. Suppose that a car rental agency offers insurance for a week that will cost $10 per day. A minor fender bender will cost $1,500, while a major accident might cost $15,000 in repairs. Without the insurance, you would be personally liable for any damages. What should you do? Clearly, there are two decision alternatives: take the insurance or do not take the insurance.
The uncertain consequences, or events that might occur, are that you would not be involved in an accident, that you would be involved in a fender bender, or that you would be involved in a major accident. Assume that you researched insurance industry statistics and found out that the probability of major accident is 0.05%, and that the probability of a fender bender is 0.16%. What is the expected value decision? Would you choose this? Why or why not? What would be some alternate ways to evaluate risk?
2. Suppose that the service rate to a waiting line system is 10 customers per hour (exponentially distributed). Analyze how the average waiting time is expected to change as the arrival rate varies from two to ten customers per hour (exponentially distributed).
A survey of 500 non-fatal accidents showed that 226 involved the use of a cell phone. Construct a 99% confidence interval for the proportion of fatal accidents that involved the use of a cell phone.
1. The speed of automobiles on a section of I-95 is normally distributed with a population mean of 65 miles per hour and a population standard deviation of 8 miles per hour. A random sample of 30 cars is to be selected for a speed study.
In a study , the average age of the male candidates who were affected , was 38.20 whereas the average age of the female subjects was calculated to 34.976 with the standard deviation of 156.91 and 116.16 respectively
What is the probability that no requests for assistance are in the system? What is the average number of requests that will be waiting for service? What is the average waiting time in minutes before service begins?
The professor plots a histogram of these several proportions. Should a Normal model be used to represent the sampling distribution of the proportion of tails?
a coin that has been altered so that the probability of ?ipping heads is 0.4 is ?ipped twice. let x be the number of
a resercher wishes to estimate with 90 confidence the proportion of adults who have high-speed internet access. her
the cooper auto repair center has just received a shipment of 1000 spark plugs from a supplier. in past shipments the
The prior year, the population mean expenditure per household was $632. Discuss the change in holiday season expenditures over the one-year period.
assume that a random sample is used to estimate a population proportion p. find the margin of error e that corresponds
a process for manufacturing an electronic component yields items of which 2 are defective. a quality control plan is to
what makes people successful and determine if there are certain population parameters which predict success. since we
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