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Suppose that the point spread for a particular sporting event is 10 points and that with this spread you are convinced you would have a 0.60 probability of winning a bet on your team. However, the local bookie will accept only a $1000 bet. Assuming that such bets are legal, would you bet on you team? (Disregard any commission charged by the bookie.) Remember that you must pay losses out of your own pocket. Your pay off table is as follows:
State of natureDecision alternatives you win You loseBet 1000 -1000Don't bet 0 0
a. What decision does the expected value approach recommend?b. What is your indifference probability for the $0 payoff? (Although this choice inn;t easy, be as realistic as possible. Is it required for an analysis that reflects your attitude toward risk.)c. What decision would you make based on the expected utility approach? In this case are you a risk taker or a risk avoider?d. Would other individuals assess the same utility values you do? Explaine. If your decision in patrt c was to place the bet, repeat the analysis assuming a minimum bet of $10,000.
Using the confidence interval when conducting a two-tail test for the population mean we do not reject the null hypothesis if the hypothesized value for:
Consider the following stemplot. The mean of the data represented in this stemplot ?
What is the probability that of the last 100 new juvenile delinquents put on probation, 30 or more will commit another crime?
Suppose the probability that a carton of eggs will contain at least one broken egg is 1/3. use a simulation of 20 trials to find the probability that the next three cartons will contain only unbroken eggs.
A student team examined parked cars in four different suburban shopping malls. One hundred vehicles were examined in each location. Research question: At α = . 05, does vehicle type vary by mall location?
First k is repeated (possibly by using some of the first k flips). Show that the expected number of additional flips after the initial k is 2^k?
For a population with a mean of μ = 50 and a standard deviation of σ = 10, how much error, on average, would you expect between the sample mean (M) and population mean for:
What are some of the words that form clues? How does one know what is a population parameter and a test statistic?
What quantitative method can be applied to help the Department make the decision? Outline how this method can be applied and explain how a qualitative method can also be applied to help the Department make the decision
Suppose a social worker is involved in a study about family structure. She obtains information regarding the number of children per family in a certain community from the census data. What is the random variable of interest? Is the random variable..
You read in a book about bridge that the probability that each of the four players is dealt exactly one ace is about 0.11. This means that in every 100 bridge deals each player has one ace exactly 11 times.
What is the difference between expected value and mean? In other words, what would be difference between the expected value of something, as opposed to the mean of that something? And how do I know when I should be finding the expected value and n..
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