Statistical Techniques in Business and Economics
18th Edition
ISBN: 9781260788785
Author: Lind, Douglas
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Chapter 20, Problem 18CE
a.
To determine
Find the total number of cars needed in order to maximize profit.
b.
To determine
Obtain the
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K
The mean height of women in a country (ages 20-29) is 63.7 inches. A random sample of 65 women in this age group
is selected. What is the probability that the mean height for the sample is greater than 64 inches? Assume σ = 2.68.
The probability that the mean height for the sample is greater than 64 inches is
(Round to four decimal places as needed.)
In a survey of a group of men, the heights in the 20-29 age group were normally distributed, with a mean of 69.6 inches
and a standard deviation of 4.0 inches. A study participant is randomly selected. Complete parts (a) through (d) below.
(a) Find the probability that a study participant has a height that is less than 68 inches.
The probability that the study participant selected at random is less than 68 inches tall is 0.4. (Round to four decimal
places as needed.)
20
2
PEER REPLY 1:
Choose a classmate's Main Post and review their decision making process.
1. Choose a risk level for each of the states of nature (assign a probability
value to each).
2. Explain why each risk level is chosen.
3. Which alternative do you believe would be the best based on the maximum
EMV?
4. Do you feel determining the expected value with perfect information
(EVWPI) is worthwhile in this situation? Why or why not?
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Statistical Techniques in Business and Economics
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