The following payoff table shows profit for a decision analysis problem with two decision alternatives and three states of nature.DecisionAlternative=States of Nature51 52 53d₁d₂Suppose that the decision maker obtained the probabilities P(s₁) = 0.65, P(5₂) = 0.15, and P(53) = 0.20. Use the expected value approach to determine the optimal decision.EV(d₁)EV(d₂) =The optimal decision is? .240 90901590 65

Given To determine the optimal decision using the expected value approach, we need to calculate the…

Answered: Decision Alternative d₁ d₂ States of…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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A6 Assume that least squares regression is used to fit a regression line y = â + 3x to data (xi, yi) for i=1,2,..., n. The sample means of the x, and yi are and y, respectively. The variability of the y, about the regression line equals 2. Which of the following expressions would be a suitable estimate for o²? A: 1 n-1 n i=1 (Yi - y)² D: 1 n - 2 B: 0² Σ=1(x − x)2 n Σ(y - a - βα;)2 i=1 0² n
The cumulative distribution function of random variable X Is x 1. Fx (x) = II 1 Find: P(Xs1)And P(X=1) Select one: O a. 0.5 and 0.25 O b. 1 and 0.5 Ocl and 1 O d.0.5 and 0 Oe. 0.25 and 04 Clear my choice
How hot is the air in the top (crown) of a hot air balloon? Information from Ballooning: The Complete Guide to Riding the Winds, by Wirth and Young (Random House), claims that the air in the crown should be an average of 100°C for a balloon to be in a state of equilibrium. However, the temperature does not need to be exactly 100°C. What is a reasonable and safe range of temperatures? This range may vary with the size and (decorative) shape of the balloon. All balloons have a temperature gauge in the crown. Suppose that 57 readings (for a balloon in equilibrium) gave a mean temperature of x = 97°C. For this balloon, σ ≈ 16°C. (a) Compute a 95% confidence interval for the average temperature at which this balloon will be in a steady-state equilibrium. (Round your answers to one decimal place.) lower limit °C upper limit °C (b) If the average temperature in the crown of the balloon goes above the high end of your confidence interval, do you expect that the balloon will…
How hot is the air in the top (crown) of a hot air balloon? Information from Ballooning: The Complete Guide to Riding the Winds, by Wirth and Young (Random House), claims that the air in the crown should be an average of 100°C for a balloon to be in a state of equilibrium. However, the temperature does not need to be exactly 100°C. What is a reasonable and safe range of temperatures? This range may vary with the size and (decorative) shape of the balloon. All balloons have a temperature gauge in the crown. Suppose that 58 readings (for a balloon in equilibrium) gave a mean temperature of x = 97°C. For this balloon, σ ≈ 17°C. (a) Compute a 95% confidence interval for the average temperature at which this balloon will be in a steady-state equilibrium. (Round your answers to one decimal place.) lower limit °C upper limit °C
(c) Find the expected value of Y and the variance of Y.
How hot is the air in the top (crown) of a hot air balloon? Information from Ballooning: The Complete Guide to Riding the Winds, by Wirth and Young (Random House), claims that the air in the crown should be an average of 100°C for a balloon to be in a state of equilibrium. However, the temperature does not need to be exactly 100°C. What is a reasonable and safe range of temperatures? This range may vary with the size and (decorative) shape of the balloon. All balloons have a temperature gauge in the crown. Suppose that 56 readings (for a balloon in equilibrium) gave a mean temperature of x = 97°C. For this balloon, ? ≈ 16°C. (a) Compute a 95% confidence interval for the average temperature at which this balloon will be in a steady-state equilibrium. (Round your answers to one decimal place.) lower limit °C upper limit °C (b) If the average temperature in the crown of the balloon goes above the high end of your confidence interval, do you expect that the balloon will…
How hot is the air in the top (crown) of a hot air balloon? Information from Ballooning: The Complete Guide to Riding the Winds, by Wirth and Young (Random House), claims that the air in the crown should be an average of 100°C for a balloon to be in a state of equilibrium. However, the temperature does not need to be exactly 100°C. What is a reasonable and safe range of temperatures? This range may vary with the size and (decorative) shape of the balloon. All balloons have a temperature gauge in the crown. Suppose that 60 readings (for a balloon in equilibrium) gave a mean temperature of x = 97°C. For this balloon, σ ≈ 15°C.
Give solution
An engineer working for a large agribusiness has developed two types of soil additives he calls Add1 and Add2. The engineer wants to test whether there is any difference between the two additives in the mean yield of tomato plants grown using these additives. The engineer studies a random sample of 11 tomato plants grown using Add1 and a random sample of 13 tomato plants grown using Add2. (These samples are chosen independently.) The plants grown with Add1 have a sample mean yield of 139 tomatoes with a sample variance of 510. The plants grown with Add2 have a sample mean yield of 151.2 tomatoes with a sample variance of 2178.8. Assume that the two populations of yields are approximately normally distributed. Can the engineer conclude, at the 0.05 level of significance, that there is a difference between the population mean of the yields of tomato plants grown with Add1 and the population mean of the yields of tomato plants grown with Add2? Perform a two-tailed test. Then complete the…
How hot is the air in the top (crown) of a hot air balloon? Information from Ballooning: The Complete Guide to Riding the Winds, by Wirth and Young (Random House), claims that the air in the crown should be an average of 100°C for a balloon to be in a state of equilibrium. However, the temperature does not need to be exactly 100°C. What is a reasonable and safe range of temperatures? This range may vary with the size and (decorative) shape of the balloon. All balloons have a temperature gauge in the crown. Suppose that 56 readings (for a balloon in equilibrium) gave a mean temperature of x = 97°C. For this balloon, σ ≈ 14°C. (a) Compute a 95% confidence interval for the average temperature at which this balloon will be in a steady-state equilibrium. (Round your answers to one decimal place.) lower limit °C upper limit °C (b) If the average temperature in the crown of the balloon goes above the high end of your confidence interval, do you expect that the balloon will…
Could you solve (i), (ii)? Thank you.
In statistical terms how do we determine whether or not the model is significant? O The t tests and the F-tests are statistically insignificant O The F-tests are significant while the t tests are not. The t tests and the F-tests hypotheses are rejected O The standard error is low

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Decision Alternative d₁ d₂ States of Nature 51 52 53 240 90 90 15 90 65 Suppose that the decision maker obtained the probabilities P(S₁) = 0.65, P(S₂) = 0.15, and P(S3) = 0.20. Use the expected value approach to determine the optimal decision. EV(d₂) = EV(d₂) = The optimal decision is