The manager of a bakery knows that the number of chocolate cakes he can sell on any given day is a random variable with probability mass function Px (0) 12 Px(1) = %3D 12 3 Px(2) = %3D 12 4 Px(3) = 12 2 Px(4) = 12 1 Px(5) = %3D 12 He also knows that there is a profit of $1.00 on each cake that he sells and a loss (due to spoilage) of $0.30 on each cake that he does not sell. Assuming that each cake can be sold only on the day it is made, how many chocolate cakes should he bake to maximize his expected profit? Windows buiü I| ||

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Types of Bias

Statistics is the study of data collection, organization, analysis, interpretation, and presentation. Statistical bias is a characteristic of a statistical technique or its findings in which the expected value deviates from the actual root quantitative parameter being estimated. According to the actual definition of bias, it refers to the tendency of a statistic to overestimate or underestimate a parameter.