Practical Business Math Procedures with Business Math Handbook
12th Edition
ISBN: 9781259725067
Author: Jeffrey Slater, Sharon M. Wittry
Publisher: McGraw-Hill Education
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Chapter 9, Problem 3ECP
To determine
The total regular hours, total overtime hours, overtime rate and gross earnings of Blue.
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3. Bayesian Inference – Updating Beliefs
A medical test for a rare disease has the following characteristics:
Sensitivity (true positive rate): 99%
Specificity (true negative rate): 98%
The disease occurs in 0.5% of the population.
A patient receives a positive test result.
Questions:
a) Define the relevant events and use Bayes’ Theorem to compute the probability that the patient actually has the disease.b) Explain why the result might seem counterintuitive, despite the high sensitivity and specificity.c) Discuss how prior probabilities influence posterior beliefs in Bayesian inference.d) Suppose a second, independent test with the same accuracy is conducted and is also positive. Update the probability that the patient has the disease.
answer number 6
Chapter 9 Solutions
Practical Business Math Procedures with Business Math Handbook
Ch. 9.1 - Jill Foster worked 52 hours in one week for Delta...Ch. 9.1 - Matt Long had $180,000 in sales for the month....Ch. 9.1 - Bob Meyers receives a $1,000 monthly salary. He...Ch. 9.1 - Jill Foster worked 54 hours in one week for Delta...Ch. 9.1 - Matt Long had $210,000 in sales for the month....Ch. 9.1 - Bob Myers receives a $1,200 monthly salary. He...Ch. 9.1 - Fill in the missing amounts for each of the...Ch. 9.1 - Prob. 2AHCh. 9.1 - Calculate the gross wages of the following...Ch. 9.1 - Using the given differential scale, calculate the...
Ch. 9.1 - Calculate the following salespersons’ gross...Ch. 9.1 - Prob. 6AHCh. 9.1 - Prob. 7AHCh. 9.1 - Prob. 8AHCh. 9.1 - Prob. 9AHCh. 9.1 - Prob. 10AHCh. 9.1 - Prob. 11AHCh. 9.1 - Prob. 12AHCh. 9.2 - Calculate Social Security taxes, Medicare taxes,...Ch. 9.2 - Prob. 2PQCh. 9.2 - Prob. 1EPQCh. 9.2 - Jim Brewer, owner of Arrow Company, has three...Ch. 9.2 - Prob. 1AHCh. 9.2 - Prob. 2AHCh. 9.2 - Prob. 3AHCh. 9.2 - Prob. 4AHCh. 9.2 - Prob. 5AHCh. 9.2 - Prob. 6AHCh. 9.2 - Prob. 7AHCh. 9.2 - If Cynthia (Problem 7) earns $1,050 the following...Ch. 9.2 - Prob. 9AHCh. 9.2 - Nicole Mariotte is unmarried and claimed one...Ch. 9.2 - Gerald Knowlton had total gross earnings of...Ch. 9 - Prob. 1ECPCh. 9 - Complete the following table:
Ch. 9 - Complete the following table (assume the overtime...Ch. 9 - Complete the following table (assume the overtime...Ch. 9 - Calculate gross earnings:
Ch. 9 - Calculate gross earnings:
Ch. 9 - Calculate the gross earnings for each apple picker...Ch. 9 - Calculate the gross earnings for each apple picker...Ch. 9 - Calculate the end-of-month commission.
Ch. 9 - Ron Company has the following commission...Ch. 9 - Ron Company has the following commission...Ch. 9 - Complete the following table, given that A...Ch. 9 - Complete the following table, given that A...Ch. 9 - Calculate the Social Security and Medicare...Ch. 9 - Calculate the Social Security and Medicare...Ch. 9 - Calculate the Social Security and Medicare...Ch. 9 - Complete the following payroll register. Calculate...Ch. 9 - Complete the following payroll register. Calculate...Ch. 9 - Given the following, calculate the state (assume...Ch. 9 - Lai Xiaodong, a 22-year-old college-educated man,...Ch. 9 - Rhonda Brennan found her first job after...Ch. 9 - The Social Security Administration increased the...Ch. 9 - Calculate Social Security taxes, Medicare taxes,...Ch. 9 - Maggie Vitteta, single, works 38 hours per week at...Ch. 9 - Robin Hartman earns $600 per week plus 3% of sales...Ch. 9 - Pat Maninen earns a gross salary of $3,000 each...Ch. 9 - Richard Gaziano is a manager for Health Care. Inc....Ch. 9 - Larren Bullett is concerned after receiving her...Ch. 9 - Westway Company pays Suzie Chan $3,000 per week....Ch. 9 - Sarah Jones earns $525 per week selling life...Ch. 9 - Prob. 31ECPCh. 9 - Prob. 32ECPCh. 9 - Bill Rose is a salesperson for Boxes, Inc. He...Ch. 9 - Prob. 1PTCh. 9 - Prob. 2PTCh. 9 - Prob. 3PTCh. 9 - Prob. 4PTCh. 9 - Prob. 5PTCh. 9 - Jean Michaud pays his two employees $900 and...
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- answer number 2arrow_forward4. Linear Regression - Model Assumptions and Interpretation A real estate analyst is studying how house prices (Y) are related to house size in square feet (X). A simple linear regression model is proposed: The analyst fits the model and obtains: • Ŷ50,000+150X YBoB₁X + € • R² = 0.76 • Residuals show a fan-shaped pattern when plotted against fitted values. Questions: a) Interpret the slope coefficient in context. b) Explain what the R² value tells us about the model's performance. c) Based on the residual pattern, what regression assumption is likely violated? What might be the consequence? d) Suggest at least two remedies to improve the model, based on the residual analysis.arrow_forward5. Probability Distributions – Continuous Random Variables A factory machine produces metal rods whose lengths (in cm) follow a continuous uniform distribution on the interval [98, 102]. Questions: a) Define the probability density function (PDF) of the rod length.b) Calculate the probability that a randomly selected rod is shorter than 99 cm.c) Determine the expected value and variance of rod lengths.d) If a sample of 25 rods is selected, what is the probability that their average length is between 99.5 cm and 100.5 cm? Justify your answer using the appropriate distribution.arrow_forward
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