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Beverly Mills has decided to lease a hybrid car to save on gasoline expenses and to do her part to help keep the environment clean. The car she selected is available from only one dealer in the local area, but that dealer has several leasing options to accommodate a variety of driving patterns. All the leases are for 3 years and require no money at the time of signing the lease. The first option has a monthly cost of $330, a total mileage allowance of 36,000 miles (an average of 12,000 miles per year), and a cost of $0.35 per mile for any miles over 36,000. Beverly has estimated that, during the 3 years of the lease, there is a 40% chance she will drive an average of 12,000 miles per year, a 30% chance she will drive an average of 15,000 miles per year, and a 30% chance she will drive 18,000 miles per year. In evaluating these lease options, Beverly would like to keep her costs as low as possible. Develop a payoff (cost) table for this situation What decision would Beverly make if she were optimistic? What decision would Beverly make is she were pessimistic? What decision would Beverly make if she wanted to minimize her expected cost (monetary value)? Calculate the expected value of perfect information for this problem.
Identify Independent and Dependent variable being investigated. Formulate the hypothesis statement regarding your research issue.
The Central Limit Theorem states that the sampling distribution of means is:
At a party there are 30 students over age 21 and 20 students under age 21. You choose at random 3 of those over 21 and separately choose at random 2 of those under 21 to interview about attitudes toward alcohol.
What is a normal distribution? What is a Z-Value? Can you provide and example of how they relate?
A study compared colleges that tested for drugs with colleges that did not, finding similar levels of students using drugs in each. State a potential lurking variable that could affect the results of a study.
Some defendants in criminal proceedings plead guilty and are sentenced without a trial, whereas others who plead innocent are subsequently found guilty and then are sentenced.
Write three quadratic equations, with a, b, and c (coefficients of x2, x, and the constant) as:
In what situations might you use probability as a manager to approach business-related problems? What are the advantages to using probability concepts in business decisions?
Jim Sears manufactures farm equipment. His work requires the use of steel bars which must have a mean length of at least 50 inches. The bars can be purchased from a supplier in Kansas
Significant amount of improvement took place? Assume pulse rates are normally distributed. Test using = 0.05. Determine which test statistic applies, and calculate it.
construct a 90% confidence interval for the true mean weight. what sample size would be necessary to estimate the true weight with an error +/- 0.03 grams with 90% confidence?
Is there any reasonable explanation for the two months that have the highest frequencies?
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