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Suppose that a car rental agency offers insurance for a week that will cost $10 per day. A minor fender bender will cost $1,200, while a major accident might cost $10,000. Without the insurance, you would be personally liable for any damages. What should you do? Clearly, there are two decision alternatives: take the insurance, or do not take the insurance. The uncertain consequences, or events that might occur, are that you would not be involved in an accident, that you would be involved in a fender bender, or that you would be involved in a major accident. Assume that you researched insurance industry statistics and found out that the probability of major accident is 0.06%, and that the probability of a fender bender is 0.15%. What is the expected value decision? Would you choose this? Why or why not? What would be some alternate ways to evaluate risk?
The accounting association has 15 members, 10 of which are CPAs. The members are to be selected to study ways to increase membership. What is the probability of all three selected are CPAs?
When trucks arrive at the Ambassador Bridge, each truck must be checked by customs agents. The times are exponentially distributed with a service rate of 10 per hour. What is the probability that a truck requires more than 15 minutes to be checked..
In a large western university, 15% of the students are graduate students. If a random sample of 20 students is selected, what is the probability that the sample contains:
What sample size would be needed to obtain an error of ±10 square millimeters with 99 percent confidence?
Calculate a 92% confidence interval for the mean density of quartz porphyry, given that 75 samples yield mean of 2.62 grams per cubic centimeter
He argues that the regression effort says people who perform very poorly in their previous job tend to perform well in their next job. Is this what the regression effect says? Explain.
Determine the average score for ERAU graduates? Determine the value of test statistic? Significance level?
If you draw one ball from the urn what is the probability that it is blue or white?
In the following observational studies, describe changes that could be made to the data collection process that would result in an experiment rather than an observation study. Also, offer suggestions about unseen biases or lurking variables that m..
A random sample of 36 drinks from a soft drink machine has an average content 7.6 ounces with an standard deviation of 0.48 ounces. Test the hypothesis ounces against the alternative hypothesis at the 0.05 level of significance.
Why is the F distribution important? How do you determine if a significant difference exists among the groups in ANOVA? How do you determine differences between the groups in ANOVA?
Find the proportion of employees who are managers and have MBA degrees.
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