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Mark M. Upp has just been fired as the university bookstore manager for setting prices too low (only 20 percent above suggested retail). He is considering opening a competing bookstore near the campus, and he has begun an analysis of the situation. There are two possible sites under consideration. One is relatively small, while the other is large. If he opens at Site 1 and demand is good, he will generate a profit of $50,000. If demand is low, he will lose $10,000. If he opens at Site 2 and demand is high, he will generate a profit of $80,000, but he will lose $30,000 if demand is low. He also has the option of not opening either. He believes that there is a 50 percent chance that demand will be high. Mark can purchase a market research study. The probability of a good demand given a favorable study is 0.8. The probability of a good demand given an unfavorable study is 0.1. There is a 60 percent chance that the study will be favorable. Should Mark use the study? Why? What is the maximum amount Mark should be willing to pay for this study? What is the maximum amount he should pay for any study?
Given this information, what would sampling error be if sample including seven values in top row were used to calculate sample mean?
For a normal distribution, find the z-score value that separate the middle 90% of the distribution from the 10% in the tails.
Bay area community college (BACC) has collected data comparing the starting salaries of their graduating students with last names beginning with the letters A through M with those whose last names begin with N through Z.
A shock can cause the failure of component 1 alone with probability p, component 2 alone with probability q, both components with probability r, or have no effects with probability 1-p-q-r. Suppose no repairs are possible and the system fails when..
A random sample of 49 employees took a computer literacy test. The sample resulted in a mean score of 75 with a standard deviation of 21. Estimate the standard error of the mean.
Discuss where this common statistical analysis technique might be useful in your business. Is it being used already? If not, how will you help introduce others to it?
What size sample would be required to estimate the proportion of unemployed college students if we want the margin of error not to exceed 5 percent?
Of those mountain climbers who attempt Mt. McKinley, only 65% reach the summit.In a random sample of 16 mountain climbers who are going to attempt Mt. McKinley, what is the probability of each of the following?
Since Richard has not attended the class recently, he doesn't know any of the answers. Assuming that Richard guesses on all 9 questions, find the probability that he will answer all questions incorrectly?
For following data, find out whether or not right-hemisphere damage results in significantly decreased performance on spatial skills task.
Evaluate 2-month moving average and Exponential smoothing by MAD.
The nighttime cold medicine Dozenol bears the label indicating the presence of 600 mg of acetaminophen in each fluid ounce of drug.
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