Draw decision tree for Part A. Problem 4: Sophie is studying for a qualifying exam which costs $100 to retake if she fails. Shecan delay the exam for a cost of $70, and will pass if she does so. She thinks the probability ofher passing the exam if she takes it now is 0.4, but she has the option of taking a mock exam for$10. If she were to pass the real exam, her probability of passing the mock exam is 0.9. If shewere to fail the real exam, her probability of passing the mock exam is 0.2.a) Using a decision tree, determine what Sophie should do to minimize her expected totalcost.b) How much should the cost of the mock exam increase or decrease to make Sophieindifferent between taking the mock exam and the next best option?c) What is the EVPI?

a) Using a decision tree, Sophie's options are: take the exam now, delay the exam, or take the mock…

Answered: $10. If she were to pass the real exam,…

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter7: Systems Of Equations And Inequalities

Section7.2: Systems Of Linear Equations: Three Variables

Problem 61SE: Last year, at Haven's Pond Car Dealership, for a particular model of BMW, Jeep, and Toyota, one...

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Last year, at Haven's Pond Car Dealership, for a particular model of BMW, Jeep, and Toyota, one could purchase all three cars for a total of $140,000. This year, due to inflation, the same cars would cost $151,830. The cost of the BMW increased by 8%, the Jeep by 5%, and the Toyota by 12%. If the price of last year's Jeep was $7,000 less than the price of last year's BMW, what was the price of each of the three cars last year?
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Greg works as a carpenter. There is a 3 percent chance he loses a finger which they value at $200000. His job makes him $250000. What would the fair premium per $ for Greg to insure against losing his fingers be if his is risk adverse?
Suppose that the chances of rain this weekend in Monterey are 14% and the chances of rain this weekend in Buenos Aires are 33%. If we assume that the weather in those two locations is independent, what are the chances that it will rain in both locations? Write your answer as a decimal rounded to 3 decimal places.
Suppose an oil company is thinking of buying some land for $950,000. There is a 60% chance of economic growth and a 40% chance of recession. The probability of discovering oil is 46% when there is economic growth and 34% when there is a recession. If there is economic growth and the oil company discovers oil, the value of the land will triple. If they do not discover oil, the value of the land will decrease by 10%. If there is a recession and the company discovers oil, the value of the land will increase by 50%. If they do not discover oil, the land will decrease in value by 75%. What is the expected value of the investment? Give your answer to the nearest dollar. Avoid rounding within calculations.
Iron man before meeting Thanos did an attempt to create Iron avengers (bots which look and has same powers as that of avengers). He was trying to make a bot for Hawkeye and found a mathematical problem. Ever since he was stuck trying to solve it. Could you help him? The bot has 100 arrows. First time he hits the target and the second time, he misses it. For the next following shots, the probability of him hitting the target is equal to the number of times he hit the target before this try divided bythe number of arrows he used before this try. Now what is the probability that he hits exactly half the targets.
If the score of 3 courses for a student who studied at a university are 81, 62, 74 with credit hours are 2, 2, and 1, respectively. His average grade will be...?
Problem 1. The probability that a shopper in a certain boutique will buy a blouse is 0.35, that she will buy a pair of pants is 0.30, and that she will buy a skirt is 0.27. The probability that she will buy both a blouse and a skirt is 0.15, the probability that she will buy both a skirt and a pair of pants is 0.19, and the probability that she will buy both a blouse and a pair of pants is 0.12. Finally, the probability that she will buy all three items is 0.08. What is the probability that a customer selected at random will buy: a. Exactly one of these items? b. None of these items?
The probability that divon cannot solve a question is 5/9 and the problem that Suzy solves same question is 3/7. What can the probability be such that both them solve the same problem. Note:- Suzy and Divon are independent of each other.
Problem 4. Mike and John take the same math class. The probability that Mike will attend the class today is 0.9. The probability that John will attend the class today is 0.7. Find the probability that both Mike AND John will attend the class today.
Suppose an oil company is thinking of buying some land for $11,000,000. There is a 60% chance of economic growth and a 40% chance of recession. The probability of discovering oil is 46% when there is economic growth and 34% when there is a recession. If there is economic growth and the oil company discovers oil, the value of the land will triple. If they do not discover oil, the value of the land will decrease by 11%. If there is a recession and the company discovers oil, the value of the land will increase by 50%. If they do not discover oil, the land will decrease in value by 80%. What is the expected value of the investment? Give your answer to the nearest dollar. Avoid rounding within calculations. Select the correct interpretation of the expected value. O The expected value represents the mean investment value for a $11,000,000 land purchase. The oil company should invest in the land because, on average, the investment is profitable. O The expected value provides the total cost of…
A local club plans to invest 10,000 php to host a baseball game. They expect to sell tickets worth 15,000 php. But if it rains on the day of the game, they won't sell any tickets and the club will lose all the money invested. If the weather forecast for the day of the game is a 20% possibility of rain, is this a good investment? Refer to the table below and write your answers on the space provided for the missing values (in red font). X P(X) X: P(X) ... Amount of Gains A C E Amount of Loss B H = E(X) = G Additional Instructions: Don't include php' in your answers. For letters C and D, round off your answers to 2 decimal places. A = Blank 1 B = Blank 2 C= Blank 3 D = Blank 4 E = Blank 5 F = Blank 6 G = Blank 7 %3!

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