only a,b,c,or d option no explanation Three applicants are to be selected at random out of 4 boys and 6 girls. What is the probability of selecting, at least one girl? Answer Answer Option a) 0.5 b) 0.15 d) 0.366 c) 0.636
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only a,b,c,or d option
no explanation
Three applicants are to be selected at random out of 4 boys and 6 girls. What is the probability of selecting, at least one girl? |
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- The Gorman Manufacturing Company must decide whether to manufacture a component part at its Milan, Michigan, plant or purchase the component part from a supplier. The resulting profit is dependent upon the demand for the product. The following payoff table shows the projected profit (in thousands of dollars): state of nature low demand medium demnad high demand Decision alternative s1 s2 s3 manufacture d1 -20 40 100 purchase d2 10 45 70 The state-of-nature probabilities are P(s1) = 0.35, P(s2) = 0.35, and P(s3) = 0.30. a. A test market study of the potential demand for the product is expected to report either a favourable (F) or unfavourable (U) condition. The relevant conditional probabilities are as follows: P(F|S1)=0.10 P (U|S1)=0.90 P(F|S2)=0.40 P (U|S2)=0.60 P(F|S3)=0.60 P (U|S3)=0.40 What is the expected value of the market research information?…The Gorman Manufacturing Company must decide whether to manufacture a component part at its Milan, Michigan, plant or purchase the component part from a supplier. The resulting profit is dependent upon the demand for the product. The following payoff table shows the projected profit (in thousands of dollars): state of nature low demand medium demnad high demand Decision alternative s1 s2 s3 manufacture d1 -20 40 100 purchase d2 10 45 70 The state-of-nature probabilities are P(s1) = 0.35, P(s2) = 0.35, and P(s3) = 0.30. a. Use expected value to recommend a decision. b. Use EVPI to determine whether Gorman should attempt to obtain a better estimate of demand.The Gorman Manufacturing Company must decide whether to manufacture a component part at its Milan, Michigan, plant or purchase the component part from a supplier. The resulting profit is dependent upon the demand for the product. The following payoff table shows the projected profit (in thousands of dollars): state of nature low demand medium demnad high demand Decision alternative s1 s2 s3 manufacture d1 -20 40 100 purchase d2 10 45 70 The state-of-nature probabilities are P(s1) = 0.35, P(s2) = 0.35, and P(s3) = 0.30. a. A test market study of the potential demand for the product is expected to report either a favourable (F) or unfavourable (U) condition. The relevant conditional probabilities are as follows: P(F|S1)=0.10 P (U|S1)=0.90 P(F|S2)=0.40 P (U|S2)=0.60 P(F|S3)=0.60 P (U|S3)=0.40 A.Compute the probabilities by completing the table Sate of…
- VD A national sports network offers a community a chance to join a pro team The winner of the tryouts takes home the prize but the others (losers) gain nothing. There are 10 persons in the village that could tryout. Each person will decide to join the game if the expected value of the game is higher than $40,000. This type of problem is often called “the winner takes all.” Hint: complete the table first. Expected value of tryout = (Prize of the tryout) / (number of persons trying out) = expected prize Income to the community = prize money + income of all persons who did not try out Number of contestants prize if tryout is held Income to a person if they stay at home Expected prize for a person Income of persons who did not tryout Total Income to the community 0 $0.00 $40,000 $0 $400,000 $400,000 1 $180,000.00 $40,000 $180,000 $360,000 $540,000 2 $190,000.00 $40,000 3 $205,000.00 $40,000 4…Please no written by hand and no emage Suppose a company can select among two decisions (d1 and d2) and face three states of nature (s1, s2 and s3) with the following payoff table: Decision s1 s2 s3 d1 150 200 200 d2 50 200 500 The probabilities of s1, s2, and s3 are unknown. Using the optimistic approach, what is the optimal decision and what is the value of the payoff? Place the optimal decision in the first answer box and the maximum payoff used to arrive at this decision in the second.4) Data in the matrix below indicates COST expected from 3 alternatives under 4 states of nature. Determine which alternative is dominant using With and Without Probability (use a = 0.3 and probability of: 30%, ; 20%; 40% & 10% for S1, S2, S3, and S4 respectively): Alternatives s1 S2 S3 S4 A1 10 20 18 15 A2 12 15 25 20 АЗ 15 18 19 25
- The owner of Tastee Cookies needs to decide whether to lease a small, medium, or large new retail outlet. She estimates that monthly profits will vary with demand for her cookies as follows: SIZE OFOUTLET DEMAND LOW HIGH Small $ 1,000 1,000 Medium 500 2,500 Large 0 3,000 For what range of probability that demand will be high, will she decide to lease the medium facility?Happy Company is going to introduce one of the three new products (alternative) to the market: A, B and C or Do Nothing. Each of the market conditions (favourable, stable or unfavourable) affects the payoff of the products. The company estimates the following payoffs, probabilities and EMVS: Decision Table with Conditional Values for Happy Company: Product Market Condition and Payoff (RM) Favourable Stable Unfavourable A 8,000 5,000 7,000 6,000 -5,000 -1,200 В 3,000 6,000 -1,000 Do Nothing Probability 0.4 0.3 0.3 Opportunity loss table for Happy Company.: MARKET CONDITION AND PAYOFF (RM) MAXIMUM IN PRODUCT FAVOURABLE STABLE UNFAVOURABLE A ROW (RM) A 5,000 5,000 3,000 3,000 3,000 1,000 8,000 0.4 1,200 C 1,000 1,000 Do Nothing Probability 6,000 0.3 8,000 0.3 Based on the above data answer the following questions: (a) Construct the expected opportunity loss table for Happy Sdn. Bhd.Please no written by hand solution Kate recently invested in real estate with the intention of selling the property one year from today. She has modeled the returns on that investment based on three economic scenarios. She believes that if the economy stays healthy, then her investment will generate a 30 percent return. However, if the economy softens, as predicted, the return will be 10 percent, while the return will be -25 percent if the economy slips into a recession. If the probabilities of the healthy, soft, and recessionary states are 0.6, 0.2, and 0.2, respectively, then what are the expected return and the standard deviation of the return on Kate❝s investment? Calculate the coefficient of variation for this investment. (Round expected return to 3 decimal places, e.g. 0.125 and round intermediate calculations and standard deviation to 5 decimal places, e.g. 0.07680.)
- Marcus is an expected utility maximizer with the Bernoulli utility function u(w) = √w. He faces a gamble in his wealth. In a good state he gets 81 and in a bad state he gets 9. He can take out an insurance plan which will leave him with a wealth of 49 in each state. (a) (b) (c) state? Is Marcus risk averse? Will he purchase the insurance if the probability of the states is ½ for each Let p denote the probability of the good state. For what value(s) of p will Markus be just indifferent between taking out the insurance and not taking it out? Show your working.A bakery would like you to recommend how many loaves of its famous marble rye bread to bake at the beginning of the day. Each loaf costs the bakery $2.00 and can be sold for $7.00. Leftover loaves at the end of each day are donated to charity. Research has shown that the probabilities for demands of 25, 50, and 75 loaves are 30%, 20%, and 50%, respectively. Make a recommendation for the bakery to bake 25, 50, or 75 loaves each morning. Find the expected monetary value when baking 25 loaves. EMV=$(Type an integer or a decimal.) Find the expected monetary value when baking 50 loaves. EMV = $(Type an integer or a decimal.) Find the expected monetary value when baking 75 loaves. EMV = $ (Type an integer or a decimal.) Make a recommendation for the bakery to bake 25, 50, or 75 loaves each morning. The bakery should bake loaves of bread every morning. O 25 50 75 E3) Matrix below indicates PROFIT expected from 4 alternatives under 4 states of nature. Determine which alternative is dominant using With and Without Probability (use a = 0.3 and probability of: 30%, ; 20%; 40% & 10% for S1, S2, S3, and S4 respectively): Alternatives S1 S2 S3 S4 A1 10 20 18 15 A2 12 15 25 20 АЗ 15 18 19 25 A4 13 16 30 18