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Probability: Expected Value
1. An insurance company estimates the probability of an earthquake in the next year to be 0.0013. The average damage done by an earthquake it estimates to be $60,000. If the company offers earthquake insurance for $100, what is the insurance companies' expected value of the policy?
2. In a gambling game a person is paid $9 if they draw a Jack or a Queen and $18 if they draw a King or an Ace from an ordinary deck of 52 playing cards. If they draw any other card, they lose. How much should they pay to play if the game is to be fair (i.e. expected value is zero)?
a study was performed to investigate the relationship betwee family income and ownership of a luxury car. 16 households
She was concerned that the test she wished to perform might have unacceptable large possibilities of Type II error, ß. Which of the following would solve this problem?
The hypothesis is that the average number of customers served per hour is 24 or less against the alternative hypothesis that the mean number of customers waiting is greater than 24.
there is an issue with treatment side effects individuals with a certain variant of the fictitous cehs gene suffer
question 1using the telephone numbers listed in your local directory as your population randomly obtain 20 samples of
the center of disease control and prevention reported the diastolic blood pressure of adult women in the us are
Can we conclude, at the level of significance, that the mean lifetime of light bulbs made by this manufacturer differs from months?
A standard deviation of $18. Construct and interpret a 90% confidence interval to estimate the mean weekly gasoline expenditure.
Random samples of five hundred units that were selected daily from a manufacturing process produced an overall defective rate of 3.5%. Calculate the lower and upper control limits for a percentage control chart.
Carry your intermediate computations to at least three decimal places. Round your answers to one decimal place. What is the lower and upper limit of the 90% CI?
Create a histogram showing the distribution of symptom scores in this sample. Is this a skewed distribution? If so, is it skewed to the left or to the right?
From a random sample we know that the average duration of unemployment in a low developed region A is 147 days (with standard deviation sA = 32 days and nA = 230 unemployed).
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