18. The following payoff table shows profits for two decision alternatives underthree different states of nature. It is known that the probability of the occurrenceof state of nature 1 is 0.1.ProfitState of Nature 1State of Nature 2 State of Nature 3Decision Alternative 110139.Decision Alternative 2159.10(a) [4] What should the probabilities of states of nature 2 and 3 be so that theexpected values of the two decision alternatives equal one another?(b) [2] Determine the expected values of the two decision alternatives.

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Answered: 18. The following payoff table shows…

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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Determine whether the event described are independent or dependent. Then find the probability of the event Randomly drawing and immediately eating three red M&Ms in a row from a bag that contains 10 red M&Ms out of 30 M&Ms total
5. Assume the below life table was constructed from following individuals who were diagnosed with a slow-progressing form of prostate cancer and decided not to receive treatment of any form. Calculate the survival probability at year 2 using the Kaplan-Meir approach and interpret the results. Time in Years Number at Risk, Nt Number of Deaths, Dt Number Censored, Ct Survival Probability 0 20 1 1 20 3 2 17 1 3 16 2 1 The probability of surviving 2 years after being diagnosed with a slow-progressing form of prostate cancer is .85. The probability of surviving 2 years after being diagnosed with a slow-progressing form of prostate cancer is .85 for the individuals being followed in this study. The probability of surviving 2 years after being diagnosed with a slow-progressing form of prostate cancer is .85 for individuals who decided against all forms of treatment. The probability of surviving 2 years after…
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The consulting firm of Winston & Associates has been retained by an electronic component assembly company in Phoenix to design and program a computer simulation model of its operations. Winston & Associates plan to construct the model using ProModel software (see Promodel.com). This software allows the developer to program into the model probability distributions for things like machine downtime, defect rates, daily demand, and so forth. The closer the distributions specified in the computer model match those that actually occur in the assembly plant, the better the simulation model will perform. For one machine center, Winston consultants have assumed that when the center goes down for repairs, the time that it will be down will be normally distributed with an average of 30 minutes and a standard deviation equal to 10 minutes. Before finalizing the model, the consultants will collect a random sample of downtimes and test whether their downtime assumptions are valid. The…
7. Please solve for all parts 1-4
CONDITIONAL AND MARGINAL PROBABILITY - Statistics and probability 1) A study of the behavior of a large number of drug addicts, after treatment for drug abuse, suggests that the probability of being convicted in a period not exceeding two years after of treatment, may depend on the education of the offender. The proportions of the total number of cases that fall into four education/conviction categories are shown in the table below. (IMG 1) Suppose an offender is selected from the treatment program. Here we have the events of interest; A = {offender has 10 years or more of education} B = {offender is convicted no more than two years after completing treatment}. Determine: P(A), P(B), P(A ∩ B), P(A ∪ B), P(A ∩ B)^c, P(A|B) and P(B|A). Interpret the probability.
5
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