Attachment # 00008885 - Decision_Theory_First_Quiz_questions.docx
Decision_Theory_First_Quiz_questions.docx (16.38 KB)
Raw Preview of Attachment:
(refer to the detailed question and attachment below)
 Decision Theory – First QuizWhich of the following is not a valid representation of a probability? a. 35% b. 0 c. 1.04 d. 3/8 2. In the set of all past due accounts, let the event A mean the account is between 31 and 60 days past due and the event B mean the account is that of a new customer. The complement of A is a. all new customers. b. all accounts fewer than 31 or more than 60 days past due. c. all accounts from new customers and all accounts that are from 31 to 60 days past due. d. all new customers whose accounts are between 31 and 60 days past due. 3. In the set of all past due accounts, let the event A mean the account is between 31 and 60 days past due and the event B mean the account is that of a new customer. The union of A and B is a. all new customers. b. all accounts fewer than 31 or more than 60 days past due. c. all accounts from new customers and all accounts that are from 31 to 60 days past due. d. all new customers whose accounts are between 31 and 60 days past due. 4. In the set of all past due accounts, let the event A mean the account is between 31 and 60 days past due and the event B mean the account is that of a new customer. The intersection of A and B is a. all new customers. b. all accounts fewer than 31 or more than 60 days past due. c. all accounts from new customers and all accounts that are from 31 to 60 days past due. d. all new customers whose accounts are between 31 and 60 days past due. 5. The union of events A and B is the event containing  a. all the sample points common to both A and B b. all the sample points belonging to A or B c. all the sample points belonging to A or B or both d.  all the sample points belonging to A or B, but not both 6. If P(A) = 0.38, P(B) = 0.83, and P(A and B) = 0.27; then P(A or B) =  a. 1.21 b. 0.94 c. 0.72 d. 1.48       Part II. Problems. Answer all parts of the questions below. Twenty points each for questions (1,2,3). 1. The high school GPA of applicants for admission to a college program are recorded and relative frequencies are calculated for the categories. GPA f(x)  x < 2.0  .08  2.0 ≤ x < 2.5  0.12   2.5 ≤ x < 3.0  .35 3.0 ≤ x < 3.5  .30 3.5 ≤ x  ?   a. Complete the table to make this a valid probability distribution?  b. What is the probability an applicant's GPA will be below 3.0? c. What is the probability an applicant's GPA will be 2.5 or above?   2. There are two more assignments in a class before its end, and if you get an A on at least one of them, you will get an A for the semester. Your subjective assessment of your performance is  EventProbabilityA on paper and A on exam.25A on paper only.10A on exam only.30A on neither.35  a. What is the probability of getting an A on the paper?  b. What is the probability of getting an A on the exam? c. What is the probability of getting an A in the course? d. Are the grades on the assignments independent? Explain your answer.3. A medical research project examined the relationship between a subject’s weight and recovery time from a surgical procedure, as shown in the table below.  UnderweightNormal weightOverweightLess than 3 days0.0240.060.0123 to 7 days0.120.380.08Over 7 days0.0560.160.108 a. What is the probability a patient will recover in fewer than 3 days? b. Given that recovery takes over 7 days, what is the probability the patient is overweight?Part III. Break-even/target profit analysis. 5 points each for a and b.A firm has fixed cost of $100,000. It charges a price of $25 per unit, has variable cost per unit of $15, and seeks to make $50,000 in profit. What output must the firm produce and sell to achieve this profit?b. The firm in the above example wants to cut its fixed cost by enough to make $100,000 at the same quantity as found in your answer to part a. Its variable cost per unit and price remain the same as in part a. By how much must it cut its’ fixed cost?
Tutorials for this Question
  1. Cecil de Crenne
    Tutorial # 00182850 Posted By: Cecil de Crenne Posted on: 02/04/2016 04:12 PM
    Puchased By: 3
    Tutorial Preview
    The solution of General mathematics...
      Get the Solution
    Attachments
    Decision_Theory_First_Quiz_questions.docx (18.27 KB)
    first_quiz_fall15a.doc (28.5 KB)
Whatsapp Lisa