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Pierre has a utility function for total asset position of u(x)=ln(x), His assets currently consist of $50,000 in cash and a rare violin he inherited from a rich uncle which is valued at $100,000. He is debating whether to buy insurance for the violin at an annual premium Pr. There is a 1% chance that his violin will be lost, damaged or stolen during a given year.
i) Find the annual premium p at which he will be indifferent between buying the insurance or not.
ii) The insurance company is offering a new scheme called probabilistic insurance. Under the terms of this scheme Pierre will pay a premium of Pr/2where Pr is the amount you found in part i). In the event of a claim the insurance company will toss a fair coin. If the coin lands showing a head Pierre will pay the other half of the premium and be insured for the claim. If the coin lands showing a tail his Pr/2 payment will be returned and he will not be insured for the claim. Draw a decision tree for this problem using the Pr value found in part i). Should Pierre buy the probabilistic insurance?
A state-wide sample survey is to be made. First, the state is subdivided into counties. Seven counties are selected at random and further sampling is concentrated on these seven counties.
From the course text and research I am able to create a frequency band with a single number (ie. 10, 20, 30, etc.). However, I am having difficulty creating the band with a number range (ie. $0-$999,999 or $1,000,000-$5,000,000).
In ANOVA, which of the following is not affected by whether or not the population means are equal?
Whenever the calculated value of t is equal to or greater than the tabled value of t, for a given number of degrees of freedom, then
Please summarrize, find the most important formulas, and explain a solve problem for each of this statictics topics: A. Simple regression and correlation B. Multiple regression and correlation
Create a hypothesis and perform a series of tests to determine if there is any fundamental difference in the findings.
Assuming the sigma of 200 was actually the standard deviation for the sample, recalculate the interval estimate. Discuss how this changed your result from that in part b.
Test whether there is significant difference in the test anxiety level of the three groups using nonparametric test.
The use of linear regression is a critical tool for a manager's decision-making ability. Please carefully read the example below and try to answer the questions in terms of the problem context.
The null hypothesis is that the distribution of mother's educational level is the same for both treatment groups. The value of the chi-square statistic is 7.422. Evaluate the P-value
Obtain a test statistic and p -value. Interpret the results at α = .01.
Show that someone will think that the claim has more than a fifty percent chance of being true if p > q / (1 + q). Explain.
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