The management is faced with the problem of choosing one of the productsfor manufacturing. The probability matrix after market research for the two products was asfollows:State of natureActsGoodFairРoorProduct 'A'0.750.150.10Product 'B'0.600.300.10The profits that the management can make for different levels of market acceptability of theproducts are as follows :Profit (in USD) if market isActsGoodFairРoorProduct 'A'35,00015,0005,000Product 'B'-1,00020,000Loss 3,000Calculate expected value of the choice of alternative and advise the management.

Answered: Image /qna-images/answer/b3b98cd7-83fa-415a-a3c6-8dfc0d7c79a7.jpg

Answered: The management is faced with the…

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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A company buys microchips from three suppliers I, II and III. Supplier I has a record of providing microchips that contain 10% defective; supplier a defective rate of 5% and supplier III has a defective rate of 3%. Suppose 10%, 40% and 50% of the current supply came from suppliers I, II and III, respectively. If a randomly selected microchip is defective, what is the probability that it came from supplier II? Express your answer accurate to two decimal places. O 48 O..40 O something else O 44 O 41
Two machines turn out all the paper bags produced in the plant. Machine A produces 38% of the bags and machine B produces 62% of the bags. Machine A produces defective bags 1.9% of the time and machine B produces defective bags 3.8% of the time. Given a defective bag, what is the probability that it came from machine B?
The purchase patterns for two brands of toothpaste can be expressed as aMarkov process with the following transition probabilities: Which brand appears to have the most loyal customers? Explain.
An insurance company calculates car insurance premiums based on the age of the policyholder according to three age groups: Group A consists of drivers younger than 22 years old; Group B consistsof drivers 22—33 years old, and Group C consists of drivers older than 33 years.Its portfolio consists of 10% Group A policyholders, 38% Group B policyholdersand 52% Group C policyholders.The probability of a claim in any 12 month period for a policy belonging to GroupA, B or C is 13%, 3% and 2%, respectively.(i) Calculate the probability that a randomly chosen policy holder from thisportfolio will make a claim during a 12 month period. One of the company’s policyholders has just made a claim(ii) Calculate the probability that the policy holder is younger than 22 years.
The vast majority of European vehicles sold in the world (BMW, Audi, Mercedes- Benz, etc...) receive their transmissions from either ZF Friedrichshafen AG or Continental AG. After the acquisition of TRW by ZF, ZF AG supplied 69% of transmissions, and Continental AG supplied 31%. If three European cars are randomly selected, what is the probability that 2 of the cars use ZF transmissions and 1 use Continental AG transmission? Enter your answer in percent terms (for example 12.5% must be entered as 12.5).
Of the students in the college, 60% of the students reside in the hostel and 40% of the students are day scholars. Previous year result reports that 30% of all students who stay in the hostel scored A Grade and 20% of day scholars scored A grade. At the end of the year, one student is chosen at random and found that he/she has an A grade. What is the probability that the student is a hostlier?
An insurance company calculates car insurance company calculates car insurance premiums based on the age of the policyholder according to three age groups: Group A consists of drivers younger than 22 years old; Group B consists of drivers 22—33 years old, and Group C consists of drivers older than 33 years.Its portfolio consists of 10% Group A policyholders, 38% Group B policyholders and 52% Group C policyholders. The probability of a claim in any 12 month period for a policy belonging to Group A, B or C is 13%, 3% and 2%, respectively. (i) Calculate the probability that a randomly chosen policy holder from this portfolio will make a claim during a 12 month period. One of the company’s policyholders has just made a claim(ii) Calculate the probability that the policy holder is younger than 22 years.
The accidents that occur in a manufacturing company were classified by severity (strong, moderate and mild) and by sex with the following characteristics: 40% of the accidents were strong and 30% were moderate. Women suffered 20% of the accidents. Of the total number of serious accidents, men suffered 85.5% of the accidents. Similarly, of the total moderate accidents, women suffered 45% of the accidents. Calculate the following probabilities:- If a woman suffered an accident, what is the probability that it was minor?- If a man suffered an accident, what is the probability that he is strong?
A social event allows free entrance to those with Aim High credit card or those with the car Elite. The probabilities of having Aim High and Elite among the employees of a company are 0.10 and 0.05, respectively. Having Aim High is found to be independent of owning Elite. If 1,000 invitations are sent randomly to employees of the company, estimate the number who will be given free entrance.

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