(Note: Choices given in the dropdown list are rounded.)SciTool is now bidding for another contract. From historical data, there's a 15% chance that there are no otherfirms bidding for the contract. We also know if there are competitors, their bidding prices follow the followingdistribution.Competitor's bidpriceprobabilitybetween $1.1M and<$1M$1.4Mbetween $2.1M and$2.4M0.10between $1.6M and>$2.6M$1.9M0.25 0.300.30.05Suppose SciTool bids $1.05M. What is the winning probability of SciTool? [Select]If SciTool wins, they get a payoff of (bid price - $0.5M), while if they lose, they incur a payoff of -0.2M. What istheir expected payoff? [Select )

Answered: Image /qna-images/answer/cf9e3e27-a497-4360-81bf-515fc292cd53.jpg

Answered: (Note: Choices given in the dropdown…

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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A friend who lives in Los Angeles makes frequent consultingtrips to Washington, D.C.; 50% of the time shetravels on airline #1, 30% of the time on airline #2, and the remaining 20% of the time on airline #3. For airline#1, flights are late into D.C. 30% of the time and late intoL.A. 10% of the time. For airline #2, these percentagesare 25% and 20%, whereas for airline #3 the percentagesare 40% and 25%. If we learn that on a particular trip shearrived late at exactly one of the two destinations, whatare the posterior probabilities of having flown on airlines#1, #2, and #3? Assume that the chance of a late arrival inL.A. is unaffected by what happens on the flight to D.C.[Hint: From the tip of each first-generation branch on atree diagram, draw three second-generation brancheslabeled, respectively, 0 late, 1 late, and 2 late.]
The National Highway Association is studying the relationship between the number of bidders on a highway project and the winning (lowest) bid for the project. Of particular interest is whether the number of bidders increases or decreases the amount of the winning bid. Bidders Price 9.0 5.1 9.0 8.0 3.0 9.7 10.0 7.8 5.0 7.7 10.0 5.5 7.0 8.3 11.0 5.5 6.0 10.3 6.0 8.0 4.0 8.8 7.0 9.4 7.0 8.6 7.0 8.1 6.0 7.8 Given: Correlation of Coefficient: 0.7064 (This is correct) Coefficient of determination: 49.90% (This is correct) ŷ = 11.2360 + (-0.4667)x (This is correct) Create a scatter plot of the data Complete a regression analysis of the relationship. Slope = ______ Estimate the winning bid if there were seven bidders. Winning bid cost ______ millions. Compute the 95% prediction interval for a winning bid if there are seven bidders. [ _____________, ______________]
The National Highway Association is studying the relationship between the number of bidders on a highway project and the winning (lowest) bid for the project. Of particular interest is whether the number of bidders increases or decreases the amount of the winning bid. Bidders Price 9.0 5.1 9.0 8.0 3.0 9.7 10.0 7.8 5.0 7.7 10.0 5.5 7.0 8.3 11.0 5.5 6.0 10.3 6.0 8.0 4.0 8.8 7.0 9.4 7.0 8.6 7.0 8.1 6.0 7.8 GIVEN: correlation coefficient: - 0.7064 Slope: -0.4667 Coefficient of determination: 49.90% regression equation: ŷ= 11.2360 + (-4467)x FIND: Estimate the winning bid if there were seven bidders. Winning bid cost _________ millions. Explain. Compute the 95% prediction interval for a winning bid if there are seven bidders. [ _______________ , _______________ ] (Explain).
Avicenna, an insurance company, offers five-year commercial property insurance policies to small businesses. If the holder of one of these policies experiences property damage in the next five years, the company must pay out $26,500 to the policy holder. Executives at Avicenna are considering offering these policies for $497 each. Suppose that for each holder of a policy there is a 2% chance they will experience property damage in the next five years and a 98% chance they will not.(If necessary, consult a list of formulas.) If the executives at Avicenna know that they will sell many of these policies, should they expect to make or lose money from offering them? How much? To answer, take into account the price of the policy and the expected value of the amount paid out to the holder. Avicenna can expect to make money from offering these policies. In the long run, they should expect to makedollars on each policy sold. Avicenna can…
Avicenna, an insurance company, offers five-year commercial property insurance policies to small businesses. If the holder of one of these policies experiences property damage in the next five years, the company must pay out $23,600 to the policy holder. Executives at Avicenna are considering offering these policies for $791 each. Suppose that for each holder of a policy there is a 3% chance they will experience property damage in the next five years and a 97% chance they will not. (If necessary, consult a list of formulas.) If the executives at Avicenna know that they will sell many of these policies, should they expect to make or lose money from offering them? How much? To answer, take into account the price of the policy and the expected value of the amount paid out to the holder. O Avicenna can expect to make money from offering these policies. In the long run, they should expect to make dollars on each policy sold. O Avicenna can expect to lose money from offering these policies.…
XYZ company has designed a new lottery scratch-off game. The player is instructed to scratch off one spot: A, B, or C. A can reveal "loser," "win $1," or "win $50." B can reveal "loser" or "take a second chance." C can reveal "loser," or "win $500." On the second chance, the player is instructed to scratch off D or E. D can reveal "loser" or "win $1." E can reveal "loser" or "win $10." The probabilities at A are 0.9, 0.09, and 0.01 respectively. The probabilities at B are 0.8 and 0.2. The probabilities at Care 0.999 and 0.001. The probabilities at D are 0.95 and 0.05. The probabilities at E are 0.5 and 0.5. Calculate the expected value of the game and provide recommendations to a decision-maker
With the rise of online shopping and the incoming 11.11 sale of Lazada and Shopee, you also set up a promotion in your online store as follows. With any purchase worth of Php1000 or more, the customer gets the chance to play once the spin-the-wheel as shown below. If a number 1 comes up, the customer wins Php500. If the number 2 comes up, the customer wins Php250; and if the number 3 or 4 comes up, the customer wins a discount coupon. Find the following probabilities.a. The customer wins Php500b. The customer gets a discount couponc. The customer wins money
With the rise of online shopping and the incoming 11.11 sale of Lazada and Shopee, you also set up a promotion in your online store as follows. With any purchase worth of Php1000 or more, the customer gets the chance to play once the spin-the-wheel as shown below. If a number 1 comes up, the customer wins Php500. If the number 2 comes up, the customer wins Php250; and if the number 3 or 4 comes up, the customer wins a discount coupon. Find the following probabilities.a. The customer wins Php500b. The customer gets a discount couponc. The customer wins money
i am not sure why a and c are incorrect. please give a clear answer and solution.
The question is in the image
A concessions manager at the Tech versus A&M football game must decide whether to have the vendors sell sun visors or umbrellas. There is a 30% chance of rain, a 15% chance of overcast skies, and a 55% chance of sunshine, according to the weather forecast in College Junction, where the game is to be held. The manager estimates that the following profits will result from each decision, given each set of weather conditions: Weather Conditions Rain Sunshine Overcast .15 Decision .03 .55 Sun visors $-500 $-200 $1,500 Umbrellas 2,000 -900 a. Compute the expected value for each decision, and select the best one. b. Develop the opportunity loss table, and compute the expected opportunity loss for each decision.
Day traders typically buy and sell stocks (or other investment instruments) during the trading day and sell all investments by the end of the day. The following table shows the closing prices on September 22, 2015, of 12 stocks selected by your broker, Prudence Swift, as well as the change that day. Tech Stocks Close Change AAPL (Apple) $113.40 -1.81 ADBE (Adobe Systems) $84.66 1.34 EBAY (eBay) $25.61 -0.31 MSFT (Microsoft) $3.90 -0.21 S (Sprint) $4.40 0.02 WIFI (Boingo Wireless) $8.51 0.56 Non-Tech Stocks ANF (Abercrombie & Fitch) $21.81 -0.02 в (Воeing) $133.99 -2.03 F (Ford Motor Co.) $13.91 -0.40 GE (General Electric) $25.10 0.01 GIS (General Mills) $57.12 0.33 JNJ (Johnson & Johnson) $93.26 0.13 On the morning of September 22, 2015, Swift advised you to purchase a collection of three tech stocks and two non-tech stocks, all chosen at random from those listed in the table. You were to sell all the stocks at the end of the trading day. (a) How many possible collections are possible?…

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