EBK OM
6th Edition
ISBN: 9781305888210
Author: Collier
Publisher: YUZU
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Chapter 4, Problem 9PA
Summary Introduction
Interpretation: Whether STE continue to search or accept the third part invitation and other criteria to be followed.
Concept Introduction:Signaling is a method used when there is incomplete information in market. It is a method when sellers attract buyers for selling their goods.
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Major League Baseball's World Series is a maximum of seven games, with the winner being the first team to win four games. Assume that the Atlanta Braves and the Minnesota Twins are playing in the World Series and that the first two games are to be played in Atlanta,
the next three games at the Twins' ballpark, and the last two games, if necessary, back in Atlanta. Taking into account the projected starting pitchers for each game and the home field advantage, suppose the probabilities of Atlanta winning each game are as follows.
Game
1
2
3
4
5
6
7
Probability of Win 0.61
0.56
0.47
0.44 0.47
0.54
0.49
Construct a simulation model in which whether Atlanta wins or loses each game is a random variable. Use the model to answer the following questions. (Use at least 1,000 trials.)
(a) What is the average number of games played regardless of winner? (Round your answer to one decimal place.)
games
(b) What is the probability that the Atlanta Braves win the World Series? (Round your answer to…
Model File Available: Download NBAGIMS.xlsx
The Iowa Wolves are scheduled to play against the Maine Red Claws in an upcoming game in the National Basketball Association (NBA) G League. Because a player in the NBA G League is still developing his skills, the number of points he scores in a game can vary
substantially. Develop a spreadsheet model that simulates the points scored by each team. Assume that each player's point production can be represented as an integer uniform variable with the ranges provided in the following table. (Use at least 1,000 trials.)
Player Iowa Wolves
Maine Red Claws
1
[5, 20]
[6, 12]
2
[7, 20]
[15, 20]
3
[5, 10]
[10, 20]
4
[10, 40]
[15, 30]
5
[7, 20]
[6, 10]
6
[2, 10]
[1, 20]
7
[2, 5]
[1, 4]
8
[2,4]
[2,4]
(a) Consider the points scored by the Iowa Wolves team. (Round your answers to two decimal places.)
What is the average of points scored?
What is the standard deviation?
What is the shape of the distribution?
O uniform
bell-shaped
skewed left
skewed right
The wedding date for a couple is quickly approaching, and the wedding planner must provide the caterer an estimate of how many people will attend the reception so that the appropriate quantity of food is prepared for the buffet. The following table contains information
on the number of RSVP guests for the 145 invitations. Unfortunately, the number of guests does not always correspond to the number of RSVPed guests.
Based on her experience, the wedding planner knows it is extremely rare for guests to attend a wedding if they notified that they will not be attending. Therefore, the wedding planner will assume that no one from these 50 invitations will attend. The wedding planner
estimates that the each of the 25 guests planning to come solo has a 74% chance of attending alone, a 20% chance of not attending, and a 6% chance of bringing a companion. For each of the 60 RSVPs who plan to bring a companion, there is a 90% chance that they
will attend with a companion, a 4% chance of attending…
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