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Residents of Mill River have fond memories of ice skating at a local park. An artist has captured the experience in a drawing and is hoping to reproduce it and sell framed copies to current and former residents. He thinks that if the market is good he can sell 400 copies of the elegant version at $1.25 each. If the market is not good, he will sell only 300 at $90 each. He can make a deluxe version of the same drawing instead. He feels that if the market is good he can sell 500 copies of the deluxe version at $100 each. If the market is not good, he will sell only 400 copies at $70 each. In either case, production costs will be approximately $35,000. He can also choose to do nothing at this time. If he believes there is a 50% probability of a good market, what should he do? Why?
Without using formulas, explain the meaning of (a) expected value of a random variable; (b) actuarial fairness; and (c) variance of a random variable.
This problem has to do with graphical plotting and computation for certain distribution. Please mention a detailed response to the questions listed with appropriate graphical and statistical data representation(s).
The mean number of passengers per cruise is 1,820 and the standard deviation is 120.
The population mean annual salary for first year faculty at SLU is $47,000. Assuming that the population standard deviation is $1800:
Supposes that the diameter of bearings are independent normally distributed random variables with mean µB = 1.005cm and variance σ²B = (0.003)² cm² . The diameter of shafts are independent normally distributed random variables having mean µB = 0.9..
In which of the following situations is bootstrapping (and other resampling methods) often used and Which of the following is a valid description of the bootstrapping method.
Suppose that a survey is being planned for purposes of estimating the average number of hours spent exercising daily by adults (18 years of age or older) living in a certain community.
Can you conclude that information in article is untrue? Use 0.05 significance level. Find out p-value and explain its meaning.
A group of three students is to be randomly selected froma group of 1 freshman, 1 sophomore, 3 juniors and 3 seniors. Let Y1 and Y2 denote the number of juniors and seniors, a) What is the joint probability distribution for Y1 and Y2?
Let x be average number of employees in group health insurance plan and y be average administrative cost as percentage of claims. Determine sample correlation coefficient.
a bank has the following data on the gender and marital status of 200 customers: single 20 male 30 female, married male 100 female 50,
The probability that student pilot passes the written test for a private pilot's license is 0.7. Find the probability that the student will pass the test: (a) on the third attempt (b) before the fourth attempt.
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