1. An experiment consists of asking 3 women at random if they wash their dishes with brand X detergent. a. List the elements of a sample space S using the letter Y for “yes” and N for “no”. b. List the elements of S corresponding to event E that at least 2 of the women use brand X c. Define an event that has its elements the points {YYY, NYY, YYN, NYN}.
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1. An experiment consists of asking 3 women at random if they wash their dishes with brand
X detergent.
a. List the elements of a sample space S using the letter Y for “yes” and N for “no”.
b. List the elements of S corresponding to event E that at least 2 of the women use
brand X
c. Define an event that has its elements the points {YYY, NYY, YYN, NYN}.
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- ADVERSE SELECTIONSomet Health Insurance Company wants to sell a health insurance product for $700 permonth. There is no requirement for healthy people to have insurance coverage. Thecompany conducts a survey to see how different populations respond to the proposed cost.People with no illnesses and disabilities, generally the young and healthy, respond that theydo not spend $700 on healthcare in an entire year, and most feel they would not waste somuch money on premiums when the chance of needing surgery or expensive healthcaretreatments is so small. However, older, sicker people think that $700 per month is a greatdeal, as most of them spend far in excess of this amount on healthcare. It seems like agreat deal for them. What will happen to the costs of the health insurance if only the older, sicker peopleenroll?An experiment consists of asking 3 women at random if they wash their dishes with brand X detergent. List the elements of S corresponding to event E that at least 2 of the women use brand XSuppose that an individual is just willing to accept a gamble to win or lose $1000 if the probability ofwinning is 0.6. Suppose that the utility gained if the individual wins is 100 utils. How much utility does one lose if one loses the gamble?
- According to a recent Wall Street Journal article, about 2% of new US car sales are electric vehicles (data from Edison Electric Institute reported by Jinjoo Lee, "Peak Oil? Not This Year. Or This Decade," January 9, 2021 pg. B12). Suppose a company has 111 employees who drive new cars (separately) to work each day. What is the probability that at least one of them will drive an electric car? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.Suppose that a high school student is preparing to take the SAT exam. Explain why his or her eventual SAT score is properly viewed as a random variable.10. Ecological fallacy occurs when a researcher interprets the results of group-level data to the individual level. A. TrueB. FalseC. None of the above
- Define the Importance of Random Sampling?ONLY SOLVE D An investor with a total wealth of $100 is faced with the following opportunities. First, he may invest $100 now and receive $144 if there are good times, but receive $64 if there are bad times. The investor estimates that good times happen with 50% probability.He can also buy an investor newsletter whether good times or bad times will occur. (a) Draw the decision tree that illustrates the options available to the investor and the payoffs to the different options. Define P as the price of the newsletter. (b) If the investor is risk-neutral with U(M) = M, where M is income, how much would he be willing to pay for the subscription to the newsletter? (c) If the investor is risk-averse with utility U(M) = M0.5, where M is income, how much would this investor be willing to pay for the subscription to the newsletter? (d) Suppose that the owner of the newsletter estimates that there are 75 risk-averse investors like those of part (c) and 25 investors like those of part(b). If…Suppose that an individual is just willing to accept a gamble to win or lose $1000 if the probability ofwinning is 0.6. Suppose that the utility gained if the individual wins is 100 utils. What is expected gains/loss.
- Q9: Mr. Jasem has 30 fruits, 18 of them are apples and 12 are oranges. His friend Waseem has 20 fruits and Mohammed has 30 fruits, all of them are Windows All of them are either apples or oranges. Assume that the ratio of the apples to oranges is the same for Mohammed, Jasem and Waseem. a. find the number of oranges with Waseem and Mohammed b. find number of apples for all 3 friends c. find how many more oranges Jasem has than Waseem d. if ratio of apples to oranges is 2:1, how many apples Jasem will have? e. if Jasem wants to sell all the fruits at 60 OMR, what would be selling price of 1 apple?Ex 8. An airline's data indicate that 50 percent of people who begin the online process of booking a flight never complete the process and pay for the flight. To reduce this percentage, the airline is considering changing its website so that the entire booking process, including flight and seat selection and payment, can be done on two simple pages rather than the current four pages. A random sample of 300 customers who begin the booking process are exposed to the new system, and 117 of them do not complete the process. a. Formulate the null and alternative hypotheses needed to attempt to provide evidence that the new system has reduced the noncompletion percentage. b. Use critical values to perform the hypothesis test by setting α equal to .10, .05, .01, and .001Refer to Table 3.10.What is the joint probability of “middle income” and “never”?