Statistics for Business & Economics
12th Edition
ISBN: 9781285528830
Author: David R. Anderson
Publisher: Cengage Learning US
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Question
Chapter 21.2, Problem 1E
a.
To determine
Construct a decision tree for the problem.
b.
To determine
Compute the optimal decision using 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?
Chapter 21 Solutions
Statistics for Business & Economics
Ch. 21.2 - Prob. 1ECh. 21.2 - A decision maker faced with four decision...Ch. 21.2 - Hudson Corporation is considering three options...Ch. 21.2 - Myrtle Air Express decided to offer direct service...Ch. 21.2 - The distance from Potsdam to larger markets and...Ch. 21.2 - Seneca Hill Winery recently purchased land for the...Ch. 21.2 - The Lake Placid Town Council has decided to build...Ch. 21.3 - Consider a variation of the PDC decision tree...Ch. 21.3 - A real estate investor has the opportunity to...Ch. 21.3 - Dante Development Corporation is considering...
Ch. 21.3 - Hales TV Productions is considering producing a...Ch. 21.3 - Martins Service Station is considering entering...Ch. 21.3 - Lawsons Department Store faces a buying decision...Ch. 21.4 - Suppose that you are given a decision situation...Ch. 21.4 - In the following profit payoff table for a...Ch. 21.4 - To save on expenses, Rona and Jerry agreed to form...Ch. 21.4 - The Gorman Manufacturing Company must decide...Ch. 21 - An investor wants to select one of seven mutual...Ch. 21 - Warren Lloyd is interested in leasing a new car...Ch. 21 - Hemmingway, Inc. is considering a 50 million...Ch. 21 - Embassy Publishing Company received a six-chapter...Ch. 21 - Lawsuit Defense Strategy John Campbell, an...
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