8. An entrant firm may make a technological discovery giving them a product that places strongcompetition on some rival firm who is already in the marketplace. If they don't make such a discovery,then the only product that the entrant could potentially bring to market is a weak product. Naturedetermines whether or not the entrant is "strong" or "weak." The entrant knows its own type, and astrong entrant is 80% likely to challenge the incumbent firm, while a weak entrant is only 65% likely tochallenge the incumbent. There is a 3/4 chance the entrant is strong.a) Compute prob(challenge). That is, compute the unconditional probability that the entrant challenges.b) Compute prob(don't challenge weak). That is, compute the probability that the entrant doesn'tchallenge, conditional on the entrant being weak.c) Is the event "the entrant challenges" statistically independent from the event "the entrant is strong?"Explain why or why not.

The conditional probability, PA|B, is the probability of an event A provided the event B has already…

Answered: 8. An entrant firm may make a…

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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docs.google.com AChapter 6 Test Chapter 6 Test Your disk is almost full Save space by optimizing storage. Microsoft AutoUpdate Up Update is ready to be installed. 11) Re 11. A principal wants to determine if the students like the new healthy choices offered to the students. The cafeteria manager believes that 70% of the students like the healthy menu options. To test this claim, the principal asks 150 randomly selected students and finds that 98 of the students approve of the new healthy choices. a. Identify the population, the parameter, the sample, and the statistic in context. Use correct notation. b. Using the cafeteria manager's claim, the statistics students at the school simulated 50 SRSS from a population in which p = 70%. The results of the simulation are shown here. 0.7 Simulated sample proportion of like the choices One of the dots on the graph is p 0.6267. Explain what this dot represents. 0.6 0.65 0.75 0.8 c. Based on the simulation, is there convincing evidence that the…
Is the national crime rate really going down? Some sociologists say yes! They say that the reason for the decline in crime rates in the 1980s and 1990s is demographics. It seems that the population is aging, and older people commit fewer crimes. According to the FBI and the Justice Department, 70% of all arrests are of males aged 15 to 34 years†. Suppose you are a sociologist in Rock Springs, Wyoming, and a random sample of police files showed that of 33arrests last month, 25were of males aged 15 to 34 years. Use a 1%level of significance to test the claim that the population proportion of such arrests in Rock Springs is different from 70%. a. What is the level of significance? answer .01 b.State the null and alternate hypotheses. Which one? Its the third. H0: p< 0 .7; H1: p= 0.7 H0: p≠0.7; H1: p= 0.7 H0: p= 0.7; H1: p≠0.7 H0: p= 0 .7; H1: p< 0.7 H0: p= 0.7; H1: p> 0.7 c. What sampling distribution will you use? Its the last one. The Student's t, since np> 5 and…
1) The PGA (Professional Golfers Association) performed a survey of 1,000 golf fans. 30% play once per month, 40% play once per week, and 30% play more than once per week. Agolfer who plays once per week is four times more likely than a golfer who plays once per month to have scored below par in a round in the past year, but half as likely as one who plays more than once per week. A randomly selected golfer from the survey has scored below par in a round in the last year. What is the probability that this golfer plays once per month?
right handedness is an individual’s preference to use the right hand as the dominant hand to perform various tasks. A random sample of 500 people were survey whether they are right handed. The researcher performed a hypothesis test to test the claim that the proportion of right handed people are more than 0.1. The population proportion of right-handed people is 0.10. The researcher concluded that there is enough evidence that the proportion of right handed people are more than 0.1. Identify whether the researcher's decision is a Type I error, Type II error, or correct decision.
Dace is a political analyst for a presidential candidate (Aspirant A) with two strong competitors (Aspirants B and C). She analyzed that B and C have exactly the same chance of winning a seat while A has twice the chance of either B and C. With the given information, what is the chance of A in winning.
An advertisement firm is making a new marketing strategy and selling rates are being considered. Samples of selling rates are taken from both the existing strategy (A) and the new strategy (B) to determine if the new marketing 8 - strategy results in an improvement. If 800 of 3200 items were being sold with the existing strategy, and 365 of 1400 items are being sold with the new one. We want to test that whether the new strategy is superior to the existing one. According to the hypothesis testing, what is the correct hypothesis along with its result at 90% confidence level? a) Hypothesis: H_0: p_A=p_B: H_1: p_A> p_B: Result: Fail to reject H_0 b) Hypothesis: H_0: p_A=p_B: H_1: p_A< p_B; Result: Reject H_0 c) Hypothesis: H_0: p_A=p_B: H_1: p_A
Westminster Financial has released a summary of investor and investment package information from the past fiscal year. During this time, Westminster provided a choice among 12 pre-designed investment packages. The investment packages were classified according to two variables: riskiness of investment package chosen ("Risky", "Moderate/mixed", and "Conservative") and age of investor ("Under 35", "35-49", or "50+"). Suppose that we're interested in the possible relationship between the age of the investor and the riskiness of the investment package the investor chose. The following contingency table gives a summary of the information released by Westminster regarding age and riskiness of investment package for 150 investors. In the cells of the table are the respective observed frequencies, and three of the cells also have blanks. Fill in these blanks with the frequencies expected if the two variables, riskiness of investment package chosen and age of investor, are independent. Round…
Two players are given an opportunity to play a game. They have identical, complete information about how the game works. Player A, seeing the game for the first time, decides not to play, because the expected value is slightly negative. Player B, who has already played one round, decides to play again, in hopes of winning back money lost in the first round. The difference between the two players' thinking can be explained by which concept?
The PR team at Bruno conducts their hiring process in two stages. For applicants who are classified as A, B, and G in the first stage, the chances of getting hired full-time after the second stage are 74%, 43% and 26% respectively. If an applicant is not hired full-time, they are either put on a probation list, or rejected. Unselected applicants of all categories (A, B, and G) are half as likely to be put on the probation list as being rejected. During the first stage of the most recent hiring, 22% of the applicants were rated A, 39% were rated B, and the rest were rated G. If a randomly chosen applicant was rejected by three out of eight individual interviewers, what is the probability that they were rated A?
25. An egg company is studying the effects of artificial lighting on egg production of chickens. A brood of chicks were separated at random into two groups, both raised in windowless coops with artificial lighting. One group followed a natural 24-hour per day light/dark cycle while the second group experienced an accelerated 20- hour day. The weekly egg productions for the two groups are summarized in the table below. Conduct a hypothesis test to determine whether egg production is higher with a 20-hour day as compared to a 24-hour day. The level of significance is 1%. Wnat is the conclusion of the hypothesis test? Sample size Mean number of eggs Standard Deviation 24-hour day (Group 2) 20-hour day (Group 1) 45 5.2 1.8 42 6.1 2.9 A. We have enough evidence to conclude that the sample mean egg production with artificial lighting at a 20-hour day is higher than that at a 24-hour day. B. We do NOT have enough evidence to conclude that the sample mean egg production with artificial…

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