If in Exercise 37, Jed Clampett rejected the use of decision theory, where would he drill if he were an optimist? What would he do if he were a pessimist?
37. The Black Gold Oil Co. is considering drilling either in Jed Clampett’s back yard or his front yard. After thorough testing and analysis, they estimate that there is a
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MATHEMATICS A PRACT ODYSSEY -WEBASSIGN
- A tv report conducted a survey of 681 people in Washington state and found that 26% of the population believe that Mt Saint Helen's will have a repeat eruption this year. In the accompanying dialogue, the reporter states, we are 91% confident that the true proportion of people in Washington state who believe that Mt saint Helen's wil have a repeat eruption this year lies between 20% and 32%. What does 91% represent in the report?arrow_forwardAs the price of oil rises, there is increased worldwide interest in alternate sources of energy. The Financial Times/Harris Poll surveyed people in six countries to assess attitudes toward a variety of alternate forms of energy. The data in the following table are a portion of the poll's findings concerning whether people favor or oppose the building of new nuclear power plants.arrow_forwardI am only given one attempt at this. I need help. A newspaper report conducted a survey of 753 people in New York City and found that 27% of the population believe that the Yankees will miss the playoffs this year. In the accompanying dialogue, the report states, we are 99% confident that the true proportion of people in New York City who believe that the Yankees will miss the playoffs this year lies between 23% and 31% . What does 4% represent in the report? A. a parameterB. a statisticC. a confidence intervalD. a margin of errorE. a confidence levelarrow_forward
- An executive for a large company is considering a change to health insurance plans offered to the employees. To assess employee satisfaction with the current plan, the executive sends an email to all company employees asking their opinion of the current plan. A summary of the results received shows that 27% of company employees are "highly satisfied" with the current health insurance plan. Which statement about the results is most likely to be true? O The results may suffer from undercoverage because the opinions of segments of employees may not be recorded, O The results provide an accurate representation of support because the opinion of all employees has been recorded. O The results may suffer from nonresponse bias because many satisfied employees may choose to not respond to the email survey. O The estimate of 27% for employee support of the health plan is likely accurate because all company employees were contacted via email. DellCommand Mark this and return Save and Exit Next…arrow_forwardWhich of the following is a research hypothesis? A. Liberals and conservatives have the same voting rates. B. The rates of that senior citizens receive moving violations are not different from rates of moving violations seen in teenagers. C. White and African Americans watch the same amount of TV. D. Men and women have different levels of income.arrow_forwardThe second slide is the first part of the question and the first slide is the second part of the question.arrow_forward
- Need ASAParrow_forwardIn a poll, 1,001 men in a country were asked whether they favor or oppose the use of "federal tax dollars to fund medical research using stem cells obtained from human embryos." Among the respondents, 47% said that they were in favor. Identify the population and the sample. What is the population in the given problem? Choose the correct answer below. A. 47% of the 1,001 men selected B. 47% of all men in the country C. All men in the country D. The 1,001 men selected Identify the sample for the given problem. Choose the correct answer below. A. 47% of all men in the country B. The 1,001 men selected C. 47% of the 1,001 men selected D. All men in the countryarrow_forwardPurchasing magazine reported the results of a survey in which buyers were asked a series of questions with regard to internet usage. One question asked was how they would use the internet if security and other issues could be resolved. Seventy-eight percent said they would use it for pricing information, 75% said they would use it to send purchase orders, and 70% said they would use it for purchase order acknowledgments. Assume that these percentages hold true for all buyers. A researcher randomly samples 20 buyers and asked them how they would use the internet if security and other issues could be resolved. What is the probability that all of the buyers would use the internet to send purchase orders?arrow_forward
- Morning Consult/Politico poll of 1997 registered voters in July 2020 asked a standard polling question of whether the United States was headed in the "Right Direction" or was on the "Wrong Track." 74.9% said that things are on the wrong rack vs. 25.1% who said "right direction." Complete parts a and b. a) Calculate the margin of error for the proportion of all U.S. adults who think things are on the wrong track for 99% confidence. ME= .025 (Round to three decimal places as needed.) b) Explain what this margin of error means. Select the correct choice below and fill in the answer box within your choice. (Round to three decimal places as needed.) OA. One is 99% confident that the observed proportion of adults that responded "Wrong Track" is within sample proportion. B. The probability that any given adult surveyed from the population will respond "Wrong Track" is C. One is 99% confident that the observed proportion of adults that responded "Wrong Track" is within population proportion.…arrow_forwardA. 10% ChanceB. 11% ChanceC. 12% ChanceD. 17% Chancearrow_forwardIndiana has a population of about 7 million people and Ohio about 12 million. Is it possible for there to be a poll where over 50% of Hoosiers say "yes", over 50% of Ohioans say "yes", but over 50% of all residents of both states say "no"? If no, explain why not. If yes, give an example of how that could happen.arrow_forward
- Glencoe Algebra 1, Student Edition, 9780079039897...AlgebraISBN:9780079039897Author:CarterPublisher:McGraw HillHolt Mcdougal Larson Pre-algebra: Student Edition...AlgebraISBN:9780547587776Author:HOLT MCDOUGALPublisher:HOLT MCDOUGAL