Bien Exel manages the campus flower shop. Flowers must be orderedthree days in advance from her supplier in Mexico. Although Valentine'sDay is fast approaching, sales are almost entirely last-minute, impulsepurchases. Advance sales are so small that Exel has no way to estimatethe probability of low (25 dozen), medium (60 dozen), or high (130 dozen)demand for red roses on the big day. She buys roses for $15 per dozenand sells them for $40 per dozen. Construct a payoff table. Whichdecision is indicated by each of the following decision criteria?a. Maximinb. Маximaxc. Laplaced. Minimax regret

Answered: Image /qna-images/answer/1d1bd34b-b543-4c62-983d-d9b1e2a5cc1f.jpg

Answered: en Exel manages the campus flower shop.…

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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For the experiment of rolling an ordinary pair of dice, find the probability that the sum will be less than 7 or greater than 11.
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Show all your work and explain each step. A laboratory blood test is 0.95 effective in detecting Corona virus, when it is, in fact, present. However, the test also yields a "false positive" result for 1 percent of the healthy persons tested. (That is, if a healthy person is tested, then, with probability 0.01, the result will imply s/he has the Corona virus.) If 0.5 percent of the population in King County has the virus, what is the probability a person has the virus given that his or her test result is positive?
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To generate leads for new business, Gustin Investment Services offers free financial planning seminars at major hotels in Southwest Florida. Gustin conducts seminars for groups of 25 individuals. Each seminar costs Gustin $3,400, and the commission for each new account opened is $4,900. Gustin estimates that for each individual attending the seminar, there is a 0.01 probability that he/she will open a new account. (a) Determine the equation for computing Gustin's profit per seminar, given static values of the relevant parameters. Profit = (New Accounts Opened x (b) What type of random variable is the number of new accounts opened? (Hint: Review Appendix 11.1 for descriptions of various types of probability distributions.) O uniform random variable O poisson random variable O hypergeometric random variable O binomial random variable O normal random variable (c) Construct a simulation model to analyze the profitability of Gustin's seminars. Would you recommend that Gustin continue…

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