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Scott
Scott, MIT Graduate
Category: Homework
Satisfied Customers: 3040
Experience:  MIT Graduate (Math, Programming, Science, and Music)
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Customer Question

If two events are not mutually exclusive, then P(A or B) = P(A) + P(B)

Answer True
False .

2 points


Question 2




Probability trees are used only to compute conditional probabilities.

Answer True
False .

2 points


Question 3




Seventy two percent of all observations fall within 1 standard deviation of the mean if the data is normally distributed.

Answer True
False .

2 points


Question 4




The maximin approach involves choosing the alternative with the highest or lowest payoff.

Answer True
False .

2 points


Question 5




The Hurwicz criterion is a compromise between the minimax and minimin criteria.

Answer True
False .

2 points


Question 6




The minimin criterion is optimistic.

Answer True
False .

2 points


Question 7




The equal likelihood criterion assigns a probability of 0.5 to each state of nature.

Answer True
False .

2 points


Question 8




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




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




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




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 and for slow business is .60, the expected value of perfect information is:
Answer







12








55








57








69

.

2 points


Question 12




The maximin criterion results in the
Answer







minimum of the maximum payoffs








maximum of the maximum payoffs








maximum of the minimum payoffs








minimum of the minimum payoffs

.

2 points


Question 13




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 maximax strategy is:
Answer







Rent








Buy








Brisk








Slow

.

2 points


Question 14




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.

.

2 points


Question 15




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




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




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 18




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




Consider the following decision tree.



What is the expected value for the best decision? Round your answer to the nearest whole number.
Answer .

2 points


Question 20




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
Compute the expected value of perfect information assuming that the probability of S2 is equal to 0.4.

Answer .

2 points

Save and Submit
Submitted: 2 years ago.
Category: Homework
Expert:  Steve replied 2 years ago.
hI,

Can you upload the file? (i do not see some symbols)

Thanks

Steve
Expert:  Steve replied 2 years ago.
You can upload any file using

www.mediafire.com

Upload the file, share it and place the download link here

Steve
Customer: replied 2 years ago.
did you get it
Expert:  Steve replied 2 years ago.
No, i can´t see any link to downlaod the file

Go to www.mediafire.com (is free)

Upload the file

Share it and place the download link here

Tell me if you have any doubt about it

Thanks

Steve

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