Neo I tried to copy and paste a question from week one quiz and it would not let me. Is it possible to send me any answers for Chapter 12 on decision-analysis?

Neo, these are some questions from last week quiz. Do you have anything relating to these problems?

If variable costs increase, but price and fixed costs are held constant, the break even point will decrease.

Fixed cost is the difference between total cost and total variable cost.

In general, an increase in price increases the break even point if all costs are held constant.

If events A and B are independent, then P(A|B) = P(B|A).

EKA manufacturing company produces Part # XXXXX for the aerospace industry. Each unit of part # XXXXX is sold for $15. The unit production cost of part # XXXXX is $3. The fixed monthly cost of operating the production facility is $3000. How many units of part # XXXXX have to be sold in a month to break-even?

How long will you be online, unfortunately someone expired in my husband family and I will be available most of the day. Will it be ok if we start this at 10:30 this morning?

Neo, I am back. I hope that you can give me the answers in this screen, because I do not have time to download and print. Please stay with me for the entire hour, if it takes that long.

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1. A professor would like to utilize the normal distribution to assign grades such that 5% of students receive A's. If the exam average is 62 with a standard deviation of 13, what grade should be the cutoff for an A? (Round your answer.)

Answer

80

83

90

93

1. The chi-square test is a statistical test to see if an observed data fit a _________.

Answer

Normal probability distribution

continuous probability distribution

particular probability distribution

All of the above

1. Assume that it takes a college student an average of 5 minutes to find a parking spot in the main parking lot. Assume also that this time is normally distributed with a standard deviation of 2 minutes. Find the probability that a randomly selected college student will take between 2 and 6 minutes to find a parking spot in the main parking lot.

Answer

0.1950

0.4772

0.4332

0.6247

1. A business owner is trying to decide whether to buy, rent, or lease office space and has constructed the following payoff table based on whether business is brisk or slow.

1. A business owner is trying to decide whether to buy, rent, or lease office space and has constructed the following payoff table based on whether business is brisk or slow.

The maximin strategy is:

Answer

Buy

Rent

Lease

All three tie.

1. A professor would like to utilize the normal distribution to assign grades such that 5% of students receive A's. If the exam average is 62 with a standard deviation of 13, what grade should be the cutoff for an A? (Round your answer.)

Answer

80

83

90

93

2 points

Question 9

1.

The chi-square test is a statistical test to see if an observed data fit a _________.

Answer

Normal probability distribution

continuous probability distribution

particular probability distribution

All of the above

2 points

Question 10

1.

Assume that it takes a college student an average of 5 minutes to find a parking spot in the main parking lot. Assume also that this time is normally distributed with a standard deviation of 2 minutes. Find the probability that a randomly selected college student will take between 2 and 6 minutes to find a parking spot in the main parking lot.

Answer

0.1950

0.4772

0.4332

0.6247

2 points

Question 11

1.

A business owner is trying to decide whether to buy, rent, or lease office space and has constructed the following payoff table based on whether business is brisk or slow.

1. A group of friends are planning a recreational outing and have constructed the following payoff table to help them decide which activity to engage in. Assume that the payoffs represent their level of enjoyment for each activity under the various weather conditions.

If the group chooses to minimize their maximum regret, what activity will they choose?

Answer

A1

A2

A3

Any of the above

2 points

Question 15

1.

A brand of television has a lifetime that is normally distributed with a mean of 7 years and a standard deviation of 2.5 years. What is the probability that a randomly chosen TV will last more than 8 years? Write your anwsers with two places after the decimal.

Answer

2 points

Question 16

1.

A life insurance company wants to estimate their annual payouts. Assume that the probability distribution of the lifetimes of the participants is approximately a normal distribution with a mean of 68 years and a standard deviation of 4 years. What proportion of the plan recipients would receive payments beyond age 75? Round your answer to four places after the decimal.

Answer

2 points

Question 17

1.

A business owner is trying to decide whether to buy, rent, or lease office space and has constructed the following payoff table based on whether business is brisk or slow.

If the probability of brisk business is .40, what is the numerical maximum expected value?

Answer

2 points

Question 18

1.

The quality control manager for ENTA Inc. must decide whether to accept (a1), further analyze (a2) or reject (a3) a lot of incoming material. Assume the following payoff table is available. Historical data indicates that there is 30% chance that the lot is poor quality (s1), 50 % chance that the lot is fair quality (s2) and 20% chance that the lot is good quality (s3).

What is the numerical value of the minimax regret?

Answer

2 points

Question 19

1.

A manager has developed a payoff table that indicates the profits associated with a set of alternatives under 2 possible states of nature.

Alt S1 S2 1 10 2 2 -2 8 3 8 5

What is the highest expected value? Assume that the probability of S2 is equal to 0.4.

Answer

2 points

Question 20

1.

A group of friends are planning a recreational outing and have constructed the following payoff table to help them decide which activity to engage in. Assume that the payoffs represent their level of enjoyment for each activity under the various weather conditions.

If the probabilities of cold weather (S1), warm weather (S2), and rainy weather (S3) are 0.2, 0.4, and 0.4, respectively what is the EVPI for this situation?

A group of friends are planning a recreational outing and have constructed the following payoff table to help them decide which activity to engage in. Assume that the payoffs represent their level of enjoyment for each activity under the various weather conditions.

If the probabilities of cold weather (S1), warm weather (S2), and rainy weather (S3) are 0.2, 0.4, and 0.4, respectively what is the EVPI for this situation?

An inspector correctly identifies defective products 90% of the time. For the next 10 products, the probability that he makes fewer than 2 incorrect inspections is 0.736.

True or False.

Simulation results will always equal analytical results if 30 trials of the simulation have been conducted.

True or False

1. __________ is a measure of dispersion of random variable values about the expected value.

Answer

Standard deviation

Range

The z-score (the standard score)

All of the above

1. Assume that it takes a college student an average of 5 minutes to find a parking spot in the main parking lot. Assume also that this time is normally distributed with a standard deviation of 2 minutes. What time is exceeded by approximately 75% of the college students when trying to find a parking spot in the main parking lot?

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