19. You are given the following payoff table with profits (in $).DecisionStates of NatureAlternatives1s2di10003000d24000500Assume the following probability information is given, where Iı and I2are theoutcomes of the sample information available:P(s1) = 0.45;P(Iı | s1) = 0.7;P(I2 | s1) = 0.3P(s2) = 0.55;P(lh | s2) = 0.6;P(I2 | s2) = 0.4(a) [2] Find the values of P(I1) and P(I2).(b) [2] Determine the values of P(s1 | I1), P(s2 I I1), P(s1 | I2), and P(s2 | I2).(c) [4] Determine the optimal strategy based on the sample information I and 2.What is the expected value of your solution?

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Answered: 19. You are given the following payoff…

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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Q7 (a) 48% of customers at the snack counter of a movie theater buy soft drinks. Among those who buy soft drinks, (i) What is the probability that a customer at the counter buys a drink and popcorn? Theaters use this type of calculation to decide which products should be bundled to appeal to 8% also purchase popcorn. Based on the probability so calculated, what is your recommendation customers. Whether to bundle the products or not? (ii) If the proportion of customer who buys popcorn is 22%. Then find the probability that a customer will buy a popcorn or a soft drink?
Suppose you model a game of chance with a discrete probability distribution. Let X be the net amount of money or lost by the player. Let pX be the probability of the corresponding outcome. The three events are as follows: There is a 23% chance the player wins 7 dollars. there is a 38% chance the player loses 4 dollars. there is a 39% chance the player breaks even. COMPLETE THE TABLE BELOW TO MODEL THE SCENARIO X PX)
Oxnard petri Ltd is buying hurricane insurance for it's off-coast drilling platform. During the next five years, the probability of total loss of only the above-water superstructure ($250 million) is .25, the probability of total loss of the facility ($950 million) is.25, and the probability of no loss is.50. Find the expected loss.( Input the amount as a positive value.) Expected Loss is what?
A survey of hospital patients is taken to determine preference for chicken soup or vegetable soupduring their stay in hospital. Of the 300 respondents, 165 were male and 135 were female. 120 preferred vegetable soup and 180 preferred chicken soup. Of the males, 135 preferred chicken soup. a) Fill in the contingency table: /1Vegetable soup Chicken soup TotalMale 135 165Female 135Total 120 180 300b) What is the probability of randomly selecting a male respondent? (in 3 sig figs)c) What is the probability of randomly selecting a patient who preferred chicken or vegetable soup? (in 3 sig figs)
244. A binomial experiment has n = 25 trials. The probability of failure on each trial is 0.6. What is the probability the first success will occur on the 15th trial? 25 (A) (0.6) (0.4)25 15 25 (B) (0.4) (0.6)25 (C) (0.4)(0.6)5 (D) (0.4)(0.6)" (E) (0.6)(0.4)5
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Nicole has purchased the life insurance policy for her fish for the price of $200 per year and Nicole will receive $4000 in case if her fish passes away. The insurance company estimated the probability of her fish passing away during the length of the policy to be 0.5%. Let XX be the insurance company's profit. Answer the following questions: 1. Create the probability distribution table for XX : XX outcome profit xx ,$ P(X=x)P(X=x) fish passes away fish survives 2. Use the probability distribution table to find the following: E[X]=μX=E[X]=μX= dollars. (Round the answer to 1 decimal place.) SD[X]=σX=SD[X]=σX= dollars. (Round the answer to 1 decimal place.)
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Megan has purchased the insurance policy from an insurance company to cover the value of hers new car in case if it gets totaled for the price of $1500 per year. Megan's car worth $20000 and the probability of her totaling the car during the length of the policy is estimated to be 0.4%. Let XX be the insurance company's profit. Answer the following questions: 1. Create the probability distribution table for XX : XX outcome profit xx ,$ P(X=x)P(X=x) car is totaled car is not totaled 2. Use the probability distribution table to find the following: E[X]=μX=E[X]=μX= dollars. (Round the answer to 1 decimal place.) SD[X]=σX=SD[X]=σX= dollars. (Round the answer to 1 decimal place.)
Let S be the educational attainment of individuals in a town, with values S-0 for less than high school and S=1 for high school or above. Also, let Y be their individual annual income with values Y-O for less than $20,000, Y-1 for between $20,000 and $40,000, and Y=2 for above $40,000. Consider now the following joint probabilities: Y-0 (less than $20K) Y-1 ($20K-$40K) Y-2 (more than $40K) 0.03 0.01 0.36 0.33 SIY S-0 (Less than HS) 0.05 Y-1 (HS or more) 0.22 Determine the conditional standard deviation of the level of educational attainment given that the individual annual income is between $20,000 and $40,000.
action=edit&resid=C08701F6876D7727!330&ithint=file%2cdocx&action=edit&wdNewAndOpenCt=1654742848849&wd Previous Ses 1. The following table shows the probability distribution for X = the number of traffic accidents reported in a day in a small city in the Rockies. X P(X) 0 0.25 1 0.30 0.20 0.10 0.10 5 0.05 a. What is the mear or expected number of accidents? b. What is the standard deviation of the number of accidents? an alarm in the presence of 2 3 4

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