### What is different about assessing probabilities

Assignment Help Engineering Mathematics
##### Reference no: EM131524026

Question: Consider the following two outcomes:

a. You will get an A in your most difficult course.

b. You will get an A or a B in your easiest course.

Can you assess the probability of these outcomes occurring? What is different about assessing probabilities regarding your own performance as compared to assessing probabilities for outcomes like those in Problem?

Problem: Assess your probability that the following outcomes will occur. Use the equivalent lottery method as discussed in the chapter. If possible, use a wheel of fortune with an adjustable win area, or a computer program that simulates such a wheel. What issues did you account for in making each assessment?

a. It will rain tomorrow in New York City.

b. You will have been offered a job before you graduate.

c. The women's track team at your college will win the NCAA championship this year.

d. The price of crude oil will be more than \$200 per barrel on January 1, 2030.

e. The Dow Jones industrial average will go up tomorrow.

f. Any other uncertain outcome that interests you.

### Write a Review

#### Estimates the time required to complete each project

On May 1, a lazy MBA student suddenly realizes that he has done nothing on seven different homework assignments and projects that are due in various courses.

#### Show the addition of two vectors

Show that the addition (subtraction) of two vectors, (v1, v2) ? R2, corresponds to a parallelogram whose main diagonal is the sum (subtraction) of the two given

#### Determine rate of return

A company has the opportunity to take over a redevelopment project in an industrial area of a city. No immediate investment is required.

#### Name the identity element in any monoid or group structure

Determine whether the structures [S, . ] are semigroups, monoids, groups, or none of these. Name the identity element in any monoid or group structure.

#### How many years will it take to completely deplete account

Suppose that your rich uncle has \$1,000,000 that he wishes to distribute to his heirs at the rate of \$100,000 per year. If the \$1,000,000 is deposited in a bank

#### Construct a linear optimization model for the chairs

Bangs Leisure Chairs produces three types of handcrafted outdoor chairs that are popular for beach, pool, and patios: sling chairs, Adirondack chairs, and hammocks.

#### Problem regarding the location decisions

A manufacturer of oak barrels has factories in an area at the location coordinates provided in the following table. Each coordinate unit represents approximately 10 miles. The yearly demand at each factory is also given.

#### Unit cost and the demand in units

1. Ralph Janaro simply does not have time to analyze all of the items in his company's inventory. As a young manager, he has more important things to do. The following is a table of six items in inventory along with the unit cost and the demand in..

#### Large numbers of randomly selected cases

Which approach toward data is more aligned with qualitative research?

#### Discuss can we conclude that age of students are not same

A random sample of 150 students attending Iowa State University has a mean age of 20.3 years and a standard deviation of 1.2 years, while a random sample.

#### Find a ci on the slope

Consider the oxygen plant data in Problem and assume that purity and hydrocarbon percentage are jointly normally distributed random variables.

#### 1a state the limit denition of the derivative fxb using the

1.a state the limit de?nition of the derivative fx.b using the limit de?nition of the derivative compute fx when f x