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Suppose Michigan is favored by 17.5 points over Indiana.
If you bet a "unit" on Indiana and Indiana loses by 17 or less, you win $10. If Indiana loses by 18 or more points, you lose $11. Find the mean and standard deviation of your winnings on a single bet.
Assume that there is a 0.5 probability that you will win your bet and a 0.5 probability that you will lose your bet. Also simulate 1600 "bets" to estimate the average loss per bet.
(Note: Do not be too disappointed if you are off by up to 50 cents. It takes many, say 10,000, simulated bets to get a really good estimate of the mean loss per bet. This is because there is a lot of variability on each bet.)
The problem now is to decide which contractor to choose. B has indicated that for an- other $20 million he could do the job in 18 months, and you have said that you would be indifferent between that and the original proposal.
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1. space shuttle astronauts consume an average of 3000 calories per day. one meal normally consists of a main dish a
Find the area under the normal distribution curve between z = 1.52 and z = 2.43.
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A study of 200 commercial firms revealed the data below. What is the probability that a particular firm will have 1 million or more in income after taxes?
Consumers who are not regular yogurt eaters are polled and asked to rate on a 1 to 9 scale the likelihood that they would buy a certain yogurt product at least once a month; 1 means very unlikely, 9 means very likely.
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