Marketing estimates that a new instrument for the analysis of soil samples will be very successful, moderately successful, or unsuccessful, with probabilities 0.3, 0.6, and 0.1, respectively. The yearly revenue associated with a very successful, moderately successful, or unsuccessful product is $10 million, $5 million, and $1 million, respectively. Let the random variable X denote the yearly revenue of the product. Determine the mean and variance of the random variable

Marketing estimates that a new instrument for the analysis of soil samples will be very successful, moderately successful, or unsuccessful, with probabilities 0.3, 0.6, and 0.1, respectively. The yearly revenue associated with a very successful, moderately successful, or unsuccessful product is $10 million, $5 million, and $1 million, respectively. Let the random variable X denote the yearly revenue of the product. Determine the mean and variance of the random variable

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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Summary statistics for returns on two stocks X and Y are listed below. Mean 2.85% 5.91% Stock X Stock Y Variance 0.005000 0.006000 The covariance of returns on stocks X and Y is 0.002800. Consider a portfolio of 30% stock X and 70% stock Y. What is the variance of portfolio returns? Please round your answer to six decimal places.
To study the effect of temperature on yield in a chemical process, five batches were produced at each of three temperature levels. The results follow. 50°C 60°C 70°C Treatments Error Temperature Source of Variation Total 35 25 36 40 29 29 31 33 = 22 25 Construct an analysis of variance table. (Round your values for MSE and F to two decimal places, and your p-value to four decimal places.) 22 = 27 28 31 37 Sum Degrees of Squares of Freedom O Ho: H50°C 60°C = #70°C Ha: H50°C H60°C # H70°C Use a 0.05 level of significance to test whether the temperature level has an effect on the mean yield of the process. State the null and alternative hypotheses. O Ho: H50°C 60°C = μ70°C Ha: Not all the population means are equal. Mean Square O Ho: At least two of the population means are equal. H: At least two of the population means are different. O Ho: H50°C 60°C # H70°C # Ha: H50°C 60°C = 70°C O Ho: Not all the population means are equal. F p-value
p value, t test and conclusion
To study the effect of temperature on yield in a chemical process, five batches were produced at each of three temperature levels. The results follow. Temperature 50°C 60°C 70°C 34 29 23 24 30 28 36 33 28 39 22 30 32 26 31 a. Construct an analysis of variance table (to 2 decimals but p-value to 4 decimals, if necessary). Source of Variation Sum of Squares Degrees of Freedom Mean Square p-value Treatments Error Total b. Use a .05 level of significance to test whether the temperature level has an effect on the mean yield of the process. Calculate the value of the test statistic (to 2 decimals). The p-value is - select your answer - What is your conclusion? - Select your answer - 00
Part d answer choices are : first blank , reject or fail to reject . Second blank is , is it is not
To study the effect of temperature on yield in a chemical process, five batches were produced at each of three temperature levels. The results follow. Temperature 50°C 60°C 70°C 37 35 29 27 36 34 39 39 34 42 28 36 35 32 37 Construct an analysis of variance table (to 2 decimals but p-value to 4 decimals, if necessary). Source of Variation Sum of Squares Degrees of Freedom Mean Square p-value Treatments Error Total Use a 0.05 level of significance to test whether the temperature level has an effect on the mean yield of the process. Calculate the value of the test statistic (to 2 decimals). The p-value is - Select your answer- What is your conclusion? Select your answer -
A professor claims that exam scores for non-accounting majors are more variable than for accounting majors. Random samples of 29 non-accounting majors and 29 accounting majors are taken from a final exam. Test at the 1% level the null hypothesis that the two population variances are equal against the alternative that the true variance is higher for the non-accounting majors. Assume the populations are normally distributed. Non-Accounting Accounting H₁:0² = 0² H₁:0² > 0² C. H₂:0² = 0² H₁:0² #0² nx = 29 ny = 29 S The critical value is X 2 represented by Ho and the alternative hypothesis is represented by H₁. Choose the correct answer below. OB. Ho: 0²20² H₁:0² <0² = 1611.016 = 446.238 2 OD. H₂:0² = 0² o H₁:0² <0² The test statistic is F = 3.610. (Round to three decimal places as needed.) (Round to two decimal places as needed.)
The data below are from an independent-measures experiment comparing three different treatment conditions. Use an analysis of variance with an α=.05 to determine whether these data indicate any significant mean differences among the treatment conditions (there is no need to write the answer in APA style). Treatment 1 Treatment 2 Treatment 3 0 1 6 1 4 5 0 1 8 3 2 5
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A middle school teacher believes that a reading rewards program results in a higher number of pages read per year after the program is completed. The teacher chooses a simple random sample of students and records the number of pages read per year before starting the program and after the program is completed. The results of the study are below. What are the population parameters? Pick Mean Variance Observations Hypothesized Mean Difference df t Stat P(T<=t) one-tail t Critical one-tail P(T<=t) two-tail t Critical two-tail Confidence Level Before 813.25 192250.25 182875.22 100 100 0 198 1.497 0.068 1.653 0.136 1.972 95% After 904.95 What is the level of significance? Ex: 0.12 Is the two-sample hypothesis test a paired or unpaired t-test? Pick The null hypothesis is Ho: after Pick The alternative hypothesis is Ha : Mafter Pick Should Ho be rejected or does Ho fail to be rejected? Pick What conclusion can be drawn from the data? Pick Mbefore before ✓evidence exists to support the claim…
To study the effect of temperature on yield in a chemical process, five batches were produced at each of three temperature levels. The results follow. Temperature 50°C 60°C 70°C 31 28 27 21 29 32 33 32 32 36 21 34 29 25 35 a. Construct an analysis of variance table (to 2 decimals but p-value to 4 decimals, if necessary). Source of Variation Sum of Squares Degrees of Freedom Mean Square F p-value Treatments Error Total b. Use a 0.05 level of significance to test whether the temperature level has an effect on the mean yield of the process. Calculate the value of the test statistic (to 2 decimals). _________ The P-value is What is your conclusion? _____________