A beam may have an internal crack in it. You are entrusted with the decision ofwhether tospend $5000 in repairs. You also have available the use of non-destructivetesting (NDT)techniques to determine if the crack exists. If there is a crack there is a 70%probability thatthe beam will fail causing damage to the order of $17000, otherwise thedamage is 0. The NDTtechnique is 99% accurate in determining that a crack exists when thereactually is one, and is80% accurate in determining that no crack exists when there actually is none.How much willyou pay for this test if your utility function isU(x)=1-e 7000and the NDT is 35% likely to say there is a crack present? Show allcalculations in answer submitted.

The given information is as followsThe cost of repair is The damage if the beam is fails is

Answered: A beam may have an internal crack in…

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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Problem Solving: Work Sampling 1. A motorcycle company uses a conveyor belt in an assembly of a scooter. During 400 observations, the time analyst is planning to conduct a work sampling to estimate the amount of time that were lost. observed that the machine was working for 75% of the time. If at 95% probability and margin of error of 10%. a. Determine the exact number of observation the analyst should perform. Express your final answer to whole numbers. (eq: 10 observations) b. How many excess observations were made in this study? Express your final answer to whole numbers. (eq: 10 excess observations) c. If the observations was reduced to 32 observations. What will be the new margin of error? Express your final answer to whole numbers. (eg: 10%)
You are a paranoid delusional statistician with far too much time on your hands. One day, you sit down to have a bowl of soup. This bowl of soup happens to be Tic-Tac-Toe themed, meaning that you stir have some noodles that are shaped like an X, and some that are shaped like an O. As your soup, you notice that this bowl seems to have a particularly high number of X- you shaped noodles in it. Being paranoid, you conclude that this has some meaning-like someone is trying to give you a message, possibly warning you of the dangers of x-rays. You jump out of your seat and run to get your x-ray-proof cape, and then you pause for a moment and think that you should calculate a chi-square statistic for the frequency of X-shaped noodles before freaking out. First, you carefully separate each of the noodles by shape and count them. Here is what you find: Frequency of Noodles X-shaped O-shaped 33 21 1. What type of chi-square design is this (check one box)? OTwo-cell ОThree-cell OTwo-by-two…
XYZ Computer Manufacturing Enterprise wishes to improve the quality of its laptops by reducing the disk drive and keyboard failures. At present, the disk-drive failures occur only one-third as often as keyboard failures. The probability of simultaneous disk drive and keyboard failure is 0.01. If the target quality passing rate is 90 percent (neither disk drive nor keyboard is failed), the probability of disk-drive failure probability must be as low as Select one: a. 0.0125 b. 0.01 c. 0.0275 d. 0.325
We are collecting data on the patients that have been vaccinated for the coronavirus, and the initial data shows a 90% success. We want the margin of error to be no more than 3%. We want to be extremely careful, so we are going to use a 99% confidence. Determine the smallest size of the sample to achieve this level of confidence. a 560 b 680 c 664 d 600 e 686
Determine the expected number and variance of male children.
Use the study below for Part A, Part B, and Part C. A soft drink company surveys 500 shoppers and finds that 61% of shoppers prefer diet soda to regular soda. Part A: With a confidence level of 90%, what is the margin of error? Show your work and round to the nearest hundredth.Part B: If the sample size would increase to 1,000 respondents while keeping the rest of the variables the same, what would happen to the margin of error?Part C: Support your answer to Part B by finding the margin of error if 1,000 shoppers were surveyed while keeping the rest of the variables the same. Show your
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The owner of a small firm has just purchased a personal computer, which she expects will serve her for the next two years The owner has been told that she "must" buy a surge suppressor to provide protection for her new hardware against possible surges or variations in the electrical current, which have the capacity to damage the computer The amount of damage to the computer depends on the strength of the surge. It has been estimated that there is a 1% chance of incurring 350 dollar damage, 4% chance of incurring 200 dollar damage, and 10% chance of incurring 125 dollar damage from a surge within the next two years. An inexpensive suppressor, which would provide protection for only one surge, can be purchased. How much should the owner be willing to pay if she makes decisions on the basis of expected value? Expected value = Preview My Answers Submit Answers You have attempted this problem 0 times. You have unlimited attempts remaining.
Phosphorous is a chemical that is found in many household cleaning products. Unfortunately, phosphorous also finds its way into surface water, where it can harm fish, plants, and other wildlife. Two methods of phosphorous reduction are being studied. At a random sample of 7 locations, both methods were used and the total phosphorous reduction (mg/L) was recorded. Note: For degrees of freedom d.f. not in the Student's t table, use the closest d.f. that is smaller. In some situations, this choice of d.f. may increase the P-value a small amount and thereby produce a slightly more "conservative" answer. Things that are labelled i underneath a b c, etc are all part of that part.
A poll found that 59% of a sample of 1020 teens in a certain large country go online several times a day. (Treat this sample as a simple random sample.) Complete parts a through e below. Find the margin of error for this poll if we want 90% confidence in our estimate of the percent of teens in the country who go online several times a day. Explain what the margin of error means. If instead we need to be 95% confident, will the margin of error be larger or smaller? Explain. Find that margin of error.
Find the confidence level and α for an 80% confidence interval.

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