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Jerry Smith has done some analysis about the profiability of opening a bicycle shop. If jerry builds the large bicycle shop, he will earn $60000 if the market is favorable, but he will lose $40000 if the market is unfavorable. The small ship will return a $30000 profit in a favorable market and a $10000 loss in an unfavorable market. At the present time, he believes that there is a 50-50 chance that the market will be favorable. His old marketing professor will charge him $5000 for the marketing research. it is estimated that there is a 0.6 probability that the survey will be favorable. Futhermore, there is a 0.9 probability that the market will be favorable given a favorable outcome from the study. However, the marketing professor has warned Jerry that thre is inly a probability of 0.12 of favorable market if the marketing research are not favorable. Jerry is confused.
a) Should jerry use the marketing research ?
b) Jerry however is unsure the 0.6 probability of a favorable marketing research study is correct. How sensitive is Jerry's decision to this probability value ? How far can this probability value deviate from 0.6 without causing Jerry to change his decision.
nterpret the meaning of the y-intercept, b(0), and the slope, b(1), in this problem. Use the prediction line developed in (a) to predict the GPA for a student a GMAT score of 600
Use differential calculus to find both sales volume at which revenue is maximised and the maximum revenue available from sales of product X.
Merta reports that 74% of its trains are on time. A check of 60 randomly selected trains shows that 38 of them arrived on time. Find the probability that among the 60 trains 38 or fewer arrive on time.
The diameters of peaches in a certain orchard are normally distributed with a mean of 3.85 inches and a standard deviation of 0.42 inches. Show all work.
Analysis of Variance (ANOVA) is used to test the equality of the means of three or more groups based on sample data. ANOVA is really a test of means even though it sounds like a test of variance.
A box contains six parts. Two of the parts are defective and four are ok. If three of the six parts are selected from the bin, how large is the sample space?
An analyst thinks that the economic conditions during the next year will either be Strong, Normal or Weak and she thinks that the Simpson Company's returns will have the following probability distribution.
The math SAT scores for all women are normally distributed with a mean of 496 and a standard deviation of 105.
X has a normal distribution with a mean of 80.0 and a standard deviation of 3.5. Find the following probabilities.
Find the probability of getting a queen and a spade.
A researcher selects a random example of college students and measures number of hours they spend watching television per week and their grade point average.
A market survey was conducted to estimate the proportion of homemakers who would recognize the brand name of a cleanser based on the shape and color of the container. Of the 1,4000 homemakers sampled, 420 were able to identify the brand by name.
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