Physics homework help. Question 1 1. Probability trees are used only to compute conditional probabilities. AnswerTrueFalse2 pointsQuestion 2 Seventy two percent of all observations fall within 1 standard deviation of the mean if the data is normally distributed. AnswerTrueFalse2 pointsQuestion 3 If two events are not mutually exclusive, then P(A or B) = P(A) + P(B)AnswerTrueFalse2 pointsQuestion 4 The Hurwicz criterion is a compromise between the minimax and minimin criteria. AnswerTrueFalse2 pointsQuestion 5 Using the minimax regret criterion, we first construct a table of regrets. Subsequently, for each possible decision, we look across the states of nature and make a note of the maximum regret possible for that decision. We then pick the decision with the largest maximum regret.AnswerTrueFalse2 pointsQuestion 6 The equal likelihood criterion assigns a probability of 0.5 to each state of nature, regardless of how many states of nature there are. AnswerTrueFalse2 pointsQuestion 7 Both maximin and minimin criteria are optimistic.AnswerTrueFalse2 pointsQuestion 8 The chi-square test is a statistical test to see if an observed data fit a _________.Answer Normal probability distributioncontinuous probability distributionparticular probability distributionAll of the above2 points Question 9 Assume that it takes a college student an average of 5 minutes to find a parking spot in the main parking lot. Assume also that this time is normally distributed with a standard deviation of 2 minutes. Find the probability that a randomly selected college student will take between 2 and 6 minutes to find a parking spot in the main parking lot.Answer 0.19500.47720.43320.62472 points Question 10 A professor would like to utilize the normal distribution to assign grades such that 5% of students receive A’s. If the exam average is 62 with a standard deviation of 13, what grade should be the cutoff for an A? (Round your answer.)Answer 808390932 points Question 11 A business owner is trying to decide whether to buy, rent, or lease office space and has constructed the following payoff table based on whether business is brisk or slow.
The maximax strategy is:Answer RentBuyBriskSlow2 points Question 12 The maximin criterion results in theAnswer minimum of the maximum payoffsmaximum of the maximum payoffsmaximum of the minimum payoffsminimum of the minimum payoffs2 points Question 13 A group of friends are planning a recreational outing and have constructed the following payoff table to help them decide which activity to engage in. Assume that the payoffs represent their level of enjoyment for each activity under the various weather conditions. WeatherCold Warm RainyS1 S2 S3Bike: A1 10 8 6Hike: A2 14 15 2Fish: A3 7 8 9What is the conservative decision for this situation?Answer A1A2A3Any of the above2 points Question 14 A group of friends are planning a recreational outing and have constructed the following payoff table to help them decide which activity to engage in. Assume that the payoffs represent their level of enjoyment for each activity under the various weather conditions. WeatherCold Warm RainyS1 S2 S3Bike: A1 10 8 6Hike: A2 14 15 2Fish: A3 7 8 9If the group chooses to minimize their maximum regret, what activity will they choose?Answer A1A2A3Any of the above2 points Question 15 A brand of television has a lifetime that is normally distributed with a mean of 7 years and a standard deviation of 2.5 years. What is the probability that a randomly chosen TV will last more than 8 years? Note: Write your answers with two places after the decimal, rounding off as appropriate. Answer2 points Question 16 A life insurance company wants to update its actuarial tables. Assume that the probability distribution of the lifetimes of the participants is approximately a normal distribution with a mean of 71 years and a standard deviation of 3.5 years. What proportion of the plan participants are expected to see their 75th birthday? Note: Write your answers with two places after the decimal, rounding off as appropriate. Answer2 points Question 17 Consider the following decision tree.
What is the expected value for the best decision? Round your answer to the nearest whole number.Answer2 points Question 18 A manager has developed a payoff table that indicates the profits associated with a set of alternatives under 2 possible states of nature. Alt S1 S21 10 22 -2 83 8 5Compute the expected value of perfect information assuming that the probability of S2 is equal to 0.4. AnswerQuestion 19 The quality control manager for ENTA Inc. must decide whether to accept (a1), further analyze (a2) or reject (a3) a lot of incoming material. Assume the following payoff table is available. Historical data indicates that there is 30% chance that the lot is poor quality (s1), 50 % chance that the lot is fair quality (s2) and 20% chance that the lot is good quality (s3). What is the numerical value of the maximin?Answer2 points Question 20 A business owner is trying to decide whether to buy, rent, or lease office space and has constructed the following payoff table based on whether business is brisk or slow. If the probability of brisk business is .40, what is the numerical maximum expected value?Answer2 points
