Draw a probability weighting function which exhibits the certainty effect but not overweighting of small probabilities. (d) Draw a probability weighting function which exhibits overweight- ing of small probabilities but not the certainty effect.
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- Draw a
probability weightingfunction which exhibits the certainty effect but not overweighting of small probabilities. - (d) Draw a probability weighting function which exhibits overweight- ing of small probabilities but not the certainty effect.
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- The television show Lost has been successful for many years. That show recently had a share of 24, meaning that among the TV sets in use, 24% were tuned to Lost. Assume that an advertiser wants to verify that 24% share value by conducting its own survey, and a pilot survey begins with 15 households have TV sets in use at the time of a Lost broadcast.Find the probability that none of the households are tuned to Lost.P(none) = Find the probability that at least one household is tuned to Lost.P(at least one) = Find the probability that at most one household is tuned to Lost.P(at most one) = If at most one household is tuned to Lost, does it appear that the 24% share value is wrong? (Hint: Is the occurrence of at most one household tuned to Lost unusual?) yes, it is wrong no, it is not wrongQ7 (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?The television show Pretty Betty has been successful for many years. That show recently had a share of 19, which means, that among the TV sets in use, 19% were tuned to Pretty Betty. An advertiser wants to verify that 19% share value by conducting its own survey, and a pilot survey begins with 14 households have TV sets in use at the time of a Pretty Betty broadcast. Find the probability that none of the households are tuned to Pretty Betty. P(none) = Find the probability that at least one household is tuned to Pretty Betty. P(at least one) - Find the probability that at most one household is tuned to Pretty Betty. P(at most one) - If at most one household is tuned to Pretty Betty, does it appear that the 19% share value is wrong? (Hint: Is the occurrence of at most one household tuned to Pretty Betty unusual?) no, it is not wrong O yes, it is wrong
- The television show Ghost Whistler has been successful for many years. That show recently had a share of 21, which means, that among the TV sets in use, 21% were tuned to Ghost Whistler. An advertiser wants to verify that 21% share value by conducting its own survey, and a pilot survey begins with 11 households have TV sets in use at the time of a Ghost Whistler broadcast.Find the probability that none of the households are tuned to Ghost Whistler.P(none) = Find the probability that at least one household is tuned to Ghost Whistler.P(at least one) = Find the probability that at most one household is tuned to Ghost Whistler.P(at most one) = If at most one household is tuned to Ghost Whistler, does it appear that the 21% share value is wrong? (Hint: Is the occurrence of at most one household tuned to Ghost Whistler unusual?) yes, it is wrong no, it is not wrongPeter oversees the electronics section of a large department store. He has noticed that the probability that a customer who is just browsing will buy something is 0.2. Suppose that 10 customers browse in the electronics section each hour. (i) What is the probability that no browsing customers will buy something during a specified hour? (ii) What is the probability that at least one browsing customer will buy something during a specified hour?An import–export firm has a 0.45 chance of concluding a deal to export agricultural equipment to a developing nation if a major competitor does not bid for thecontract, and a 0.25 probability of concluding the deal if the competitor does bid forit. It is estimated that the competitor will submit a bid for the contract with probability 0.40. What is the probability of getting the deal?
- For Part B. Options are Excellent, Good, Fair for each blank.The television show Lett3rs has been successful for many years. That show recently had a share of 19, which means, that among the TV sets in use, 19% were tuned to Lett3rs. An advertiser wants to verify that 19% share value by conducting its own survey, and a pilot survey begins with 10 households have TV sets in use at the time of a Lett3rs broadcast. Find the probability that none of the households are tuned to Lett3rs. P(none) = Find the probability that at least one household is tuned to Lett3rs. P(at least one) = Find the probability that at most one household is tuned to Lett3rs. P(at most one) = If at most one household is tuned to Lett3rs, does it appear that the 19% share value is wrong? (Hint: Is the occurrence of at most one household tuned to Lett3rs unusual?) O no, it is not wrong O yes, it is wrongThe television show Ghost Whistler has been successful for many years. That show recently had a share of 18, meaning that among the TV sets in use, 18% were tuned to Ghost Whistler. Assume that an advertiser wants to verify that 18% share value by conducting its own survey, and a pilot survey begins with 14 households have TV sets in use at the time of a Ghost Whistler broadcast.Find the probability that none of the households are tuned to Ghost Whistler.P(none) = Find the probability that at least one household is tuned to Ghost Whistler.P(at least one) = Find the probability that at most one household is tuned to Ghost Whistler.P(at most one) = If at most one household is tuned to Ghost Whistler, does it appear that the 18% share value is wrong? (Hint: Is the occurrence of at most one household tuned to Ghost Whistler unusual?)
- Suppose Emerson loses 26% of all checker games. (a) What is the probability that Emerson loses two checker games in a row? (b) What is the probability that Emerson loses five checker games in a row? (c) When events are independent, their complements are independent as well. Use this result to determine the probability that Emerson loses five checker games in a row, but does not lose six in a row. (a) The probability that Emerson loses two chockorOlive Construction Company is determining whether it should submit a bid for a new shoppingcenter. In the past, Olive's main competitor, Base Construction Company, has submitted bids70% of the time. If Base Construction Company does not bid on a job, the probability that OliveConstruction Company will get the job is 0.50. If Base Construction Company bids on a job, theprobability that Olive Construction Company will get the job is 0.25.A large chain retail store has "scratcher" cards that customers can scratch and win a discount at the register if the customer uses the store's credit card. The following is a table with the discount that a customer can scratch off and the corresponding probability of that discount being awarded. Note: the discount percentage IS NOT related to the probability. Do not use the discount percentage to calculate any of the probabilities below. Discount Probability 10% off 0.50 15% off 0.25 20% off 0.15 30% off 0.10 1. What is the probability a customer gets at least a 20% discount? 2. What is the probability that two customers in a row get a 10% discount? 3. What is the probability that three consecutive customers get all get 15% discounts? 4. What is the probability that none of the first four customers gets over a 20% discount? 5. What is the probability that the first person to get a 30% discount is the fifth person in line? 6. You the 7th person in line and notice that the 5 people…