W).The nossible outcomes from a business venture are graded from 5 to 1, as shown in the following table.Grade4oin 31OutcomeHigh profitFair profitNo lossSmall lossHeavy loss0.240.33Probability0.240.110.08Calculate the expected grade and use it to describe the expected outcome of the venture. Find the standarddeviation and explain what it gives a measure of in this case.h. Investigate the expected outcome and the standard deviation when the grading is reversed (i.e. high profitis graded 1, and so on). Compare these outcomes with those from part a.

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Answered: 0.08 a Calculate the expected grade and…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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The director of research and development is testing a new medicine. She wants to know if there is evidence at the 0.05 level that the medicine relieves pain in more than 399 seconds. For a sample of 10 patients, the mean time in which the medicine relieved pain was 406 seconds with a standard deviation of 18. Assume the population distribution is approximately normal. Step 2 of 5: Find the value of the test statistic. Round your answer to three decimal places. m Tables Keypad
The Z-score tells you the number of standard deviations away from the mean (and X-μ can be used to find the in what direction) a data value is. The formula: Z Z-score for a single member of the population. Notice X - μ tells you the signed distance the data value (X) is from the mean. When you divide that by the size of each chunk (the standard deviation) you are measuring the distance in units of the size of the standard deviations (how many standard deviations fit in the distance between the data value and the mean) - which gives you the Z-score. σ The formula X = μ+Z. can be used to find the value in the population when given the Z-score (signed number of standard deviations). Notice that Z. tells you how far from the mean the data value is (since Z is the number of standard deviations and is the size of each standard deviation the product tells the total distance). So adding the distance from the mean to the mean gives the location along the number line for the data value. A…
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A Scenario: Jimmy store sells large tins of Tom Tucker Coffee. The deli uses a periodic review system. Inventory is checked every 10 days which more orders are needed for tins. Order lead time is 3 days. Average demand is 7 tins, so average demand during the reorder period and order lead time (13) is 91 tins. Standard deviation of demand during the same 13 day period is 17 tins.1. Calculate the restocking level ( Assume the desired level is 90%)2. Suppose standard deviation of demand during the 13-day period drops to 4 tins. What happened to restocking level? Explain why?3. Draw a saw-tooth diagram. Beginning inventory level is equal to restocking level and the demand rate is a constant 7 tins per day. What is the safety stock level? What is the average inventory level?
Your Turn: Standardized Scores Scores on the final exam in Ms. Meyer's statistics class follow a normal distribution, with a mean of 82 and a standard deviation of 5. 1. Ron, who took Ms Meyer's class, scored 88 on the final. Ron's z-score is Click to view hint 2. This means that Ron's final score is Click to view hint 3. Dan also took Ms. Meyer's class, and the z-score of his final is -2.4. This means that Dan's score is: Click to view hint 4. Dan's actual score on the final is Click to view hint 5. Julie was assigned to take her statistics class with Mr. Fisher, whose final scores followed normal distribution with mean 75 and standard deviation of 6. Her score on the final was 84. Which of the two scores, Ron's or Julie's, is more impressive? Click to view hìnt Check
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Parts a, b, and d and explian how it was done. DON'T USE EXCEL, please do the work manually if you can
Solve question 5. Show work for it aswell please with the steps.
You are a consumer psychologist interested in holiday spending. A national census reports that the American family spent an average of µ = $81 for Halloween candy and costumes last year. A sample of N = 16 families this year produced a mean of $85 with s = 20. t-value ? t-critical?

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