How the optimal decision changes as p varies

Assignment Help Basic Statistics
Reference no: EM131641732

Question: In the Sci Tools example, the probabilities for the low bid of competitors, given that there is at least one competing bid, are currently 0.2, 0.4, 0.3, and 0.1. Let the second of these be p, and let the others sum to 1 - p but keep the same ratios to one another: 2 to 3 to 1. Use a one-way data table to see how (or whether) the optimal decision changes as p varies from 0.1 to 0.7 in increments of 0.05. Explain your results.

Reference no: EM131641732

Questions Cloud

Strategies to facilitate the process of change : Based upon your above judgment, outline a minimum of five strategies to facilitate the process of change throughout the phase of change that you have analyzed
Project to refurbish and upgrade an outdated computer lab : Your manager requested that you take over as the project manager on a major project to refurbish and upgrade an outdated computer lab.
How the supreme courts powers evolved over time : Briefly discuss how the Supreme Court's powers evolved over time. Discuss how they have affected the Supreme Court's impact on our government.
State of the organization in relation to the phase : Judge the state of the organization in relation to the phase that you are analyzing (readiness, resistance, commitment, or institutionalization).
How the optimal decision changes as p varies : In the Sci Tools example, the probabilities for the low bid of competitors, given that there is at least one competing bid, are currently 0.2, 0.4, 0.3.
Identify a health care delivery organization : Identify a health care delivery organization, note how that organization is linked to other health care organizations in the delivery system.
Compute the depreciation of the model machine : Compute the depreciation of the 2A model machine for the years ended 31st December 2010 and 31st December 2011
Management hires at bogdan book emporium : Jean Owl, a young 27 year-old mother of two, and Jacob Jasper a 55-year-old former engineer, were new management hires at Bogdan's Book Emporium.
Impact of prohibition on organized crime : Impact of Prohibition on organized crime - why Transnational OC has continued to grow - Within your response "very briefly" include the public view

Reviews

Write a Review

Basic Statistics Questions & Answers

  Clarification of confidence interval for mean

A random sample of 81 credit sales in a department store showed an average sale of $68.00. Historically, it is known that the standard deviation of the population is $27.00.

  Find age distribution of adult shoplifters in supermarkets

What is the age distribution of adult shoplifters (21 years of age or older) in supermarkets? The following is based on information taken from the National Retail Federation.

  Determine the probability sample identifications correct

What is the probability that the sample will have between 50% and 60% of the identifications correct? What is the probability that the sample percentage of correct identifications is greater than 65%?

  Do you think the slope is positive or negative

What are the variables and units in this regression?- What units does the slope have?- Do you think the slope is positive or negative? Explain.

  What is the standard error of the mean weight

What is the standard error of the mean weight

  Find a confidence interval for the true mean

Find a 95% confidence interval for the true mean battery charge proportion if the amount of solar radiation is 130 langleys.

  Probability that percentage of scores less than hundred

Assume that a set of test scores is normally distributed with a mean of 100 and a standard deviation of 20. Use the 68-95-99.7 rule to find the following quantities.

  Arrivals during the evening at a hospital emergency room

arrivals during the evening at a hospital emergency room are assumed to follow a poisson distribution. the rate on

  Probability of a disk drive error

Using the information from the component performance standards, what is the probability of a disk drive error given that a failure occurred?

  Requirement had prompted consumers to choose healthier

In March 2010, a federal health-care law required chain restaurants with 20 or more locations to post caloric information on their menus. The stated goal was to make it easier for consumers to select healthier options, but a later Wall Street Jour..

  Estimate probability of the stocks increase in value

An investor owns three common stocks. Each stock, independent of the other, has equally likely chances of: List the possible outcomes of this experiment. Estimate the probability at least two of the stocks increase in value.

  The amount of time it takes adults to fall asleep at night

the amount of time it takes adults to fall asleep at night is approximately normally distributed with a mean of 23.45

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!

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