Answered: The prior probabilities for s1 and s2…

The prior probabilities for s1 and s2 are P(s1)=0.8 and P(s2)=0.2. States of Nature Decision Alternative s1 s2 d1 15 10 d2 10 12 d3 8 20

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...

See similar textbooks

Related questions

Q: An education researcher claims that assistants. In a random sample of 600 working college students,…

A: Given: Sample size is N = 600 Hypothesized population proportion (p0) = 4 % = 0.04 Sample proportion…

Q: According to a recent survey of 1900 people, 61% feel that the president is doing an acceptable job.…

A: Note: We'll answer the first question since the exact one wasn't specified.Please submit a new…

Q: 2. Recall from the preceding example that in a recent year, the General Social Survey (GSS) found…

Q: 3. The production manager of a radio company learned about the kp rule. He used past inspection data…

Q: Suppose that the mean of the sampling distribution for the difference in two sample proportions is…

A: When the mean of the sampling distribution for the difference in two sample proportions is 0, that…

Q: Only need c) explained . (c) There is a filter that can reduce the variance of the noise to 1. If…

A: C) Ans - Do not buy the filter, but add redundant signals to achieve a margin of error of 0.2.There…

Q: A restaurant is interested to see how strong the correlation is between the number of table staff…

A: Solution: 15. From the given information,

Q: In the following problem, check that it is appropriate to use the normal approximation to the…

A: Given, 25% of ice cream sales are vanilla = P(Vanilla) = 0.25 Chocolate accounts for only 7% of ice…

Q: Pr(X%3х аnd Y-у), Pr(X = x|Y = y) = Pr(X=x)

A: We have given that the discrete conditional distribution formula.

Q: A local diner has determined that 20% of their customers spend $8.00, 35% spend $10.00, 40% spend…

A: x P(x) xP(x) 8 0.2 1.6 10 0.35 3.5 12 0.4 4.8 15 0.05 0.75 Total 1 10.65

Q: In the following problem, check that it is appropriate to use the normal approximation to the…

A: (d) The probability that between 50 and 60 customers will buy chocolate or vanilla ice cream is…

Q: In the following problem, check that it is appropriate to use the normal approximation to the…

A: Theoritical distribution is one of the main branches of frequency distribution. In theoretical…

Q: Market Researchers have become more interested in the potential of social networking sites. But they…

A: Given P=0.7333 n=30

Q: Given the following payoff table for profits, determine the Expected Value of Perfect Information if…

A: Given payoff table for profits is,States of nature (S1) States of nature (S2)Decision…

Q: In the following problem, check that it is appropriate to use the normal approximation to the…

A: (a) mean=n*p=179*0.28 =50.12 standard deviation =sqrt(179*0.28*(1-0.28)) =6.0072 So the probability…

Q: (a) What is the probability that more than 180 will take your free sample? (b) What is the…

A: As per our guidelines, we are allowed to answer three subpart. Please post part d again. Thanks…

Q: with other products, Fisher-Price faces the decision of how many Weather Teddy units to order for…

A: *answer:

Q: Q19. Labor trends were recently studied using a survey of respondents who were either unemployed (A)…

Q: What is the probability that more than 180 will take your free sample? (b) What is the probability…

A: As PER POLICY I HAVE CALCULATED FIRST 3 subpart plz REPOST FOR the remaining About 60% of all…

Q: A shipment of 8 television sets contains 3 defective sets. A hotel makes a random purchase of 4…

A: Dear students as per guidelines we answer the first three subparts only when multiple different…

Q: Tiffany is a manager who needs to fire the worst performing 3% of employees. At her organization,…

A: Given that, Employee performance is a normally distributed variable. Tiffany is a manager who needs…

Q: A local diner has determined that 20% of their customers spend $8.00, 35% spend $10.00, 40% spend…

Concept explainers

Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.

Question

Consider the following profit payoff table.

The prior probabilities for s1 and s2 are P(s1)=0.8 and P(s2)=0.2.

		States of Nature
Decision Alternative	s1	s2
d1	15	10
d2	10	12
d3	8	20

a. What is the optimal decision?

b. Find the EVPI.

c. Suppose that sample information I is obtained, with P(I|s1)=0.20 and P(I|s2)=0.75. Find the posterior probabilities P(s1|I) and P(s2|I). Recommend a decision alternative based on these probabilities.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

Step 2

Step 3

Step 4

Trending now

This is a popular solution!

Step by step

Solved in 4 steps with 7 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

$Point Estimation, Limit Theorems, Approximations, and Bounds$

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, probability and related others by exploring similar questions and additional content below.

Similar questions

An individual's preferences can be expressed by the utility function U(w) = ws Knowing that the individual's net wealth (he can still borrow if necessary) is zero, what is the maximum price he would be willing to pay for a game of chance that offered $12 with 77% likelihood and $5 otherwise? O A. The most he would pay is $0.00. O B. The most he would pay is $2.50. O C. The most he would pay is $10.00. O D. The most he would pay is $5.00.
In the following problem, check that it is appropriate to use the normal approximation to the binomial. Then use the normal distribution to estimate the requested probabilities.Do you take the free samples offered in supermarkets? About 57% of all customers will take free samples. Furthermore, of those who take the free samples, about 37% will buy what they have sampled. Suppose you set up a counter in a supermarket offering free samples of a new product. The day you were offering free samples, 326 customers passed by your counter. (Round your answers to four decimal places.) (a) What is the probability that more than 180 will take your free sample? (b) What is the probability that fewer than 200 will take your free sample? (c) What is the probability that a customer will take a free sample and buy the product? Hint: Use the multiplication rule for dependent events. Notice that we are given the conditional probability P(buy|sample) = 0.37, while P(sample) = 0.57.(d) What is the…
(a)Consider a flight with a seating capacity of 160 seats. This flight is always full and there is a chance to be overbooked. The actual no-show rate (NSR) of the flight is 3.5% and the estimated NSR is 6.3%. If this flight is oversold according to the estimated NSR, what is the number of excess/extra passengers that will show up and there will be no seats for them on the day of departure? (b)Consider a flight with a seating capacity of 160 seats. This flight is always full and there is a chance to be overbooked. The actual no-show rate (NSR) of the flight is 3.5% and the estimated NSR is 6.3%. If the one-way fare of this flight is $300. If this flight is oversold according to the estimated NSR, what is the additional revenue that this flight will generate due to overbooking?
The table below gives beverage preferences for random samples of teens and adults. We are asked to test for independence between age (i.e., adult and teen) and drink preferences. This problem is an example of a Teens Adults Coffee 50 200 E!! Tea 100 150 Soft 200 200 Drink Other 50 50 Select one: O a. normally distributed variable O b. test for independence O c. binomial distributed variable O d. multinomial population
In the following problem, check that it is appropriate to use the normal approximation to the binomial. Then use the normal distribution to estimate the requested probabilities.Do you take the free samples offered in supermarkets? About 60% of all customers will take free samples. Furthermore, of those who take the free samples, about 35% will buy what they have sampled. Suppose you set up a counter in a supermarket offering free samples of a new product. The day you were offering free samples, 311 customers passed by your counter. (Round your answers to four decimal places.) (a) What is the probability that more than 180 will take your free sample?(b) What is the probability that fewer than 200 will take your free sample?(c) What is the probability that a customer will take a free sample and buy the product? Hint: Use the multiplication rule for dependent events. Notice that we are given the conditional probability P(buy|sample) = 0.35, while P(sample) = 0.60.(d) What is the…
Market Researchers have become more interested in the potential of social networking sites. Butthey need to understand the demographics of social networking users. A recent survey showed that22 of the 30 respondents who reported earning less than $30,000 per year said that they weresocial networking users. The mean salary of the 22 respondents was $21,500 with a standarddeviation of $200. On the other hand, 20 of the 30 respondents who reported earning more than$70,000 per year said that they were social networking users. The mean salary of the 20respondents was $90,000 with a standard deviation of $300. (a) Is there is enough evidence to infer that those who reported earning less than $30,000 per yearare more likely to be social networking users? Assume that the level of significance is 2.5%. (b) Estimate with 98% confidence the variance of salaries of the entire population of social networkusers earning more than $70,000 per year
The accompanying tree diagram represents a two-stage experiment. (Let x = 0.3, y = 0.7, r = 0.7, s = 0.3, t = 0.4, and w = 0.6.) Use the diagram to find the following probabilities. (Round your answers to three decimal places.) (a) Find P(A) · P(D | A).(b) Find P(B) · P(D | B).(c) Find P(A | D).
Given Y it = B 0 + B 1Treated i + B2After t + B3(Treated i*After t) + e it, the expected value of the dependent variable for those who in the control group after the treatment was administered is: A. B0 + B1 + B2 + B3 B. B0 + B2 C. B0 + B1 D. B0 + B1 + B3
i.20% of the response times are longer than how many minutes? iI.Find the IQR of the response times. Suppose that another “major city” claimed that its police force response times followed a normal model with a mean of 8 minutes. What is the SD of this model if 95% of the response times were at most 12 minutes? Show all steps in your solution.