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- Question #1 A venture capitalist, willing to invest $1,000,000, has three investments to choose from. The first investment, a software company, has a 5% chance of returning $8,000,000 profit, a 30% chance of returning $1,000,000 profit, and a 65% chance of losing the million dollars. The second company, a hardware company, has a 15% chance of returning $3,000,000 profit, a 50% chance of returning $1,000,000 profit, and a 35% chance of losing the million dollars. The third company, a biotech firm, has a 20% chance of returning $7,000,000 profit, a 25% of no profit or loss, and a 55% chance of losing the million dollars. Order the expected values from smallest to largest.Question 3 Two software consulting firms V and W consider bidding on a large programmingproject, which may or may not be awarded depending on the amounts of the bids. Firm Vsubmits a bid and the probability is 3/4 that it will get the project provided that firm W does notbid. The probability is 3/4 that W will bid, and if it does, the probability that V will get theproject is 1/3.(a) What is the probability that V will get the project?(b) If V gets the project, what is the probability that W did not bid?Question 3 Shoprite is a busy center for residents in East Legon and its surrounding community. Assume that 2 customers arrive every 12 minutes and 3 customers are served every 15 minutes and that currently, there is only one cashier. (i).Determine the average waiting time in minutes before service begins. (ii). Advice the management the proportion of the time that a customer has to wait. (B). Management perceives that the waiting time computed in (ii) above is not acceptable and is faced with two options. Management can either employ an assistant for the cashier or open a second cash machine. The former, if implemented, will enable 4 requests to be served every 15 minutes and the assistant will receive a monthly salary of GH₵160. The latter, if implemented will improve the arrival rate to 1 customer every 12 minutes. However, it requires an initial capital outlay of GH₵3000 and the cashier who will operate the cash machine will receive a monthly salary of GH₵250. The shop…
- The National Highway Association is studying the relationship between the number of bidders on a highway project and the winning (lowest) bid for the project. Of particular interest is whether the number of bidders increases or decreases the amount of the winning bid. Bidders Price 9.0 5.1 9.0 8.0 3.0 9.7 10.0 7.8 5.0 7.7 10.0 5.5 7.0 8.3 11.0 5.5 6.0 10.3 6.0 8.0 4.0 8.8 7.0 9.4 7.0 8.6 7.0 8.1 6.0 7.8 Given: Correlation of Coefficient: 0.7064 (This is correct) Coefficient of determination: 49.90% (This is correct) ŷ = 11.2360 + (-0.4667)x (This is correct) Create a scatter plot of the data Complete a regression analysis of the relationship. Slope = ______ Estimate the winning bid if there were seven bidders. Winning bid cost ______ millions. Compute the 95% prediction interval for a winning bid if there are seven bidders. [ _____________, ______________]The National Highway Association is studying the relationship between the number of bidders on a highway project and the winning (lowest) bid for the project. Of particular interest is whether the number of bidders increases or decreases the amount of the winning bid. Bidders Price 9.0 5.1 9.0 8.0 3.0 9.7 10.0 7.8 5.0 7.7 10.0 5.5 7.0 8.3 11.0 5.5 6.0 10.3 6.0 8.0 4.0 8.8 7.0 9.4 7.0 8.6 7.0 8.1 6.0 7.8 GIVEN: correlation coefficient: - 0.7064 Slope: -0.4667 Coefficient of determination: 49.90% regression equation: ŷ= 11.2360 + (-4467)x FIND: Estimate the winning bid if there were seven bidders. Winning bid cost _________ millions. Explain. Compute the 95% prediction interval for a winning bid if there are seven bidders. [ _______________ , _______________ ] (Explain).