(f) If we have two sets A, BCR, A and B are both spottily decreasing, then AUB is also spottily decreasing. This statement is True False
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- Suppose a company charges a premium of $150 per year for an insurance policy for storm damage to roofs. Actuarial studies show that in case of a storm, the insurance company will pay out an average of $8000 for damage to a composition shingle roof and an average of $12,000 for damage to a shake roof. They also determine that out of every 10,000 policies, there are 7 claims per year made on composition shingle roofs and 11 claims per year made on shake roofs. What is the company’s expected value (i.e., expected profit) per year of a storm insurance policy? What annual profit can the company expect if it issues 1000 such policies? Determine the probability of a composition shingle roof claim out of 10,000 = ______ Determine the probability of a shake roof claim out of 10,000 = ______ How many claims are made out of 10,000? = _______ What is the probability of no claims out of 10,000? = _______ How much does each shingle roof claim cost the company, don’t forget each person pays $150…Suppose that a consumer cannot vary hours of work as he or she chooses. In particular, he or she must choose between working q hours and not working at all, where q > 0. Suppose that dividend income is zero, and that the consumer pays a tax T if he or she works, and receives a benefit b when not working, interpreted as an unemployment insurance payment. a. If the wage rate increases, how does this affect the consumer’s hours of work? What does this have to say about what we would observe about the behavior of actual consumers when wages change? Explained also with the graph b. Suppose that the unemployment insurance benefit increases. How will this affect hours of work? Explain the implications of this for unemployment insurance programs. Explained also with the graphIf F at the degree of freedom (2, 12), LaTeX: \alpha\:=0.01α = 0.01 and then the number of groups I is ……….......… and the total number of data N is
- In his doctoral thesis, L. A. Beckel (University of Minnesota, 1982) studied the social behavior of river otters during the mating season. An important role in the bonding process of river otters is very short periods of social grooming. After extensive observations, Dr. Beckel found that one group of river otters under study had a frequency of initiating grooming of approximately 1.7 for each 10 minutes. Suppose that you are observing river otters for 30 minutes. Let r = 0, 1, 2, ... be a random variable that represents the number of times (in a 30-minute interval) one otter initiates social grooming of another. a) What is ?? b) Write out the formula for the probability distribution of the random variable r. P(r) = _________ c) Find the probability that one otter will initiate social grooming four or more times during the 30-minute observation period. (Round your answer to four decimal places.)In his doctoral thesis, L. A. Beckel (University of Minnesota, 1982) studied the social behavior of river otters during the mating season. An important role in the bonding process of river otters is very short periods of social grooming. After extensive observations, Dr. Beckel found that one group of river otters under study had a frequency of initiating grooming of approximately 1.7 for each 10 minutes. Suppose that you are observing river otters for 30 minutes. Let r = 0, 1, 2, ... be a random variable that represents the number of times (in a 30-minute interval) one otter initiates social grooming of another. a) Find the probabilities that in your 30 minutes of observation, one otter will initiate social grooming four times, five times, and six times. (Round your answers to four decimal places.) P(4) = P(5) = P(6) = b) Find the probability that one otter will initiate social grooming less than four times during the 30-minute observation period. (Round your answer…In his doctoral thesis, L. A. Beckel (University of Minnesota, 1982) studied the social behavior of river otters during the mating season. An important role in the bonding process of river otters is very short periods of social grooming. After extensive observations, Dr. Beckel found that one group of river otters under study had a frequency of initiating grooming of approximately 1.7 for each 10 minutes. Suppose that you are observing river otters for 40 minutes. Let r = 0, 1, 2, ... be a random variable that represents the number of times (in a 40-minute interval) one otter initiates social grooming of another. Lambda = 6.8 (b) Find the probabilities that in your 40 minutes of observation, one otter will initiate social grooming four times, five times, and six times. (Round your answers to four decimal places.) P(4) = P(5) = P(6) =
- An experimenter is studying the effects of temperature,pressure, and type of catalyst on yield from a certainchemical reaction. Three different temperatures, fourdifferent pressures, and five different catalysts are underconsideration.a. If any particular experimental run involves the use ofa single temperature, pressure, and catalyst, howmany experimental runs are possible?b. How many experimental runs are there that involve useof the lowest temperature and two lowest pressures?c. Suppose that five different experimental runs are tobe made on the first day of experimentation. If thefive are randomly selected from among all the possibilities,so that any group of five has the same probabilityof selection, what is the probability that adifferent catalyst is used on each run?A decision maker has a utility function for monetarygains x given by u(x) (x 10,000)1/2. a Show that the person is indifferent between the sta-tus quo and L: With probability 13, he or she gains $80,000 L: With probability 23, he or she loses $10,000b If there is a 10% chance that a painting valued at$10,000 will be stolen during the next year, what is themost (per year) that the decision maker would be willingto pay for insurance covering the loss of the painting?A certain market has both an express checkout line and a superexpress checkout line. Let X1 denote the number of customers in line at the express checkout at a particular time of day, and let X2 denote the number of customers in line at the superexpress checkout at the same time. Suppose the joint pmf of X1 and X2 is as given in the accompanying table. x2 0 1 2 3 x1 0 0.09 0.07 0.04 0.00 1 0.05 0.15 0.05 0.04 2 0.05 0.03 0.10 0.06 3 0.01 0.02 0.04 0.07 4 0.00 0.02 0.05 0.06 (a) What is P(X1 = 1, X2 = 1), that is, the probability that there is exactly one customer in each line?P(X1 = 1, X2 = 1) = (b) What is P(X1 = X2), that is, the probability that the numbers of customers in the two lines are identical?P(X1 = X2) = (c) Let A denote the event that there are at least two more customers in one line than in the other line. Express A in terms of X1 and X2. A = {X1 ≥ 2…
- Determine the set of prices that would satisfy the condition of each the three markets using Gauss-Jordan method. Given following below in the picture.In a bag of 340 chocolate candies, 35 of them are brown. The candy company claims that 13% of its plain chocolate candies are brown. For the following, assume that the claim of 13% is true, and assume that a sample consists of 340 chocolate candies. Complete parts (a) through (e) below a. For the 340 chocolate candies, use the range rule of thumb to identify the limits separating numbers of brown chocolate candies that are significantly low and those that are significantly high.Values of brown candies or fewer are significantly low. (Round to one decimal place as needed.)Resistors labeled as 100 Ω are purchased from two different vendors. The specification for this type of resistor is that its actual resistance be within 5% of its labeled resistance. In a sample of 180 resistors from vendor A, 150 of them met the specification. In a sample of 270 resistors purchased from vendor B, 233 of them met the specification. Vendor A is the current supplier, but if the data demonstrate convincingly that a greater proportion of the resistors from vendor B meet the specification, a change will be made. a) State the appropriate null and alternate hypotheses. b) Find the P-value. c) Should a change be made?