A management is faced with the problem of choosing one of three productsfor manufacturing. The potential demand for each product may turn out to be good,moderate or poor. The probabilities for each of the state of nature wère estimated asfollows :Nature of DemandProductGoodModeratePoor0.70.20.1Y0.50.30.20.4.0.50.1The estimated profit or loss under the three states may be taken as :30,00020,00010,000Y60,00030,00020,00040,00010,000- 15,000 (loss)Prepare the expected value table and advise the management about the choice of product.

Answered: Image /qna-images/answer/5632fbec-6848-41ce-b9a5-f4c02c84f853.jpg

Answered: A management is faced with the problem…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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The owner of a chain of mini-markets wants to compare the sales performance of two of her stores, Store 1 and Store 2. Sales can vary considerably depending on the day of the week and the season of the year, so she decides to eliminate such effects by making sure to record each store's sales on the same 10 days, chosen at random. She records the sales (in dollars) for each store on these days, as shown in the table below. Day 1 3 4 6. 9 10 Store 1 557 829 733 531 454 634 409 726 769 329 Store 2 413 732 567 484 650 586 269 684 705 371 Difference 144 97 166 47 - 196 48 140 42 64 -42 (Store 1- Store 2) Send data to calculator Based on these data, can the owner conclude, at the 0.10 level of significance, that the mean daily sales of the two stores differ? Answer this question by performing a hypothesis test regarding u (which is u with a letter "d" subscript), the population mean daily sales difference between the two stores. Assume that this population of differences (Store 1 minus Store…
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The owner of a chain of mini-markets wants to compare the sales performance of two of her stores, Store 1 and Store 2. Sales can vary considerably depending on the day of the week and the season of the year, so she decides to eliminate such effects by making sure to record each store's sales on the same 8 days, chosen at random. She records the sales (in dollars) for each store on these days, as shown in the table below. Day 1 2 3 4 5 6 7 8 Store 1 889 699 534 398 432 213 252 929 Store 2 479 525 252 364 160 32 234 632 Difference(Store 1 - Store 2) 410 174 282 34 272 181 18 297 Send data to calculator Based on these data, can the owner conclude, at the 0.10 level of significance, that the mean daily sales of the two stores differ? Answer this question by performing a hypothesis test regarding μd (which is μ…
.A new, miracle diabetes drug that diminishes major symptoms of diabetes has been approved by the FDA. Health care professionals and researchers believe that the new drug will prolong lifespan of diabetes patients. If the population is in steady state and the incidence is constant, what will the effect of this new drug be on the prevalence of diabetes in the population? Explain.
Suppose you are a production manager for a small firm that manufactures designer phone cases. Your production facility utilizes three machines. Quality is binary — each phone case is either defective or it is not defective. Each hour, Machines 1, 2, and 3 produce 10, 10 and 20 phone cases, respectively. But because the machines differ slightly in their technology, data on past production has shown that they differ in terms of their rates of defective output — specifically, Machines 1, 2, and 3 have rates of defective production of 2%, 4%, and 5%, respectively. If one phone case is selected randomly from one hour’s total output, and that phone case is found to be defective, what is the probability that it was produced by Machine 1? Machine 2? Machine 3?
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