You have drawn a painting that you want to sell to an anonymous buyer, but you do not know exactly how much they are willing to pay. Based on past experiences, you estimate that the buyer will be willing to pay in monetary units where a random variable is evenly distributed continuously over the interval [200, 500]. Let's assume that your assessment regarding the random variable is correct, i.e., that it is indeed evenly distributed continuously over the interval [200, 500]. What price �p will you choose if you want to maximize your expected profit? What will be your expected profit?

Halsen, a marketing manager at Business X, has determined four possible strategies (X1, X2, X3, and X4) for promoting the Product X in London. She also knows that major competitor Product Y has 4 competitive actions (Y1, Y2, Y3 and Y4) it’s using to promote its product in London, too. Ms. Halsen has no previous knowledge that would allow her to determine probabilities of success of any of the four strategies. She formulates the matrix below to show the various Business X strategies and the resulting profit, depending on the competitive action used by Business Y. Determine which strategy Ms. Halsen should select using. Maximax, maximin or minimax regret?     Business X Strategy                Business Y Strategy     Y1 Y2 Y3 Y4 X1 25 57 21 26 X2 17 29 20 34 X3 47 31 32 37 X4 35 27 30 35

Halsen, a marketing manager at Business X, has determined four possible strategies (X1, X2, X3, and X4) for promoting the Product X in London. She also knows that major competitor Product Y has 4 competitive actions (Y1, Y2, Y3 and Y4) it’s using to promote its product in London, too. Ms. Halsen has no previous knowledge that would allow her to determine probabilities of success of any of the four strategies. She formulates the matrix below to show the various Business X strategies and the resulting profit, depending on the competitive action used by Business Y. Determine which strategy Ms. Halsen should select using, the following decision criteria. Please explain your answer for each strategy. a)Maximax;    b)Maximin;  c)Minimax regret      Business X Strategy                Business Y Strategy     Y1 Y2 Y3 Y4 X1 25 57 21 26 X2 17 29 20 34 X3 47 31 32 37 X4 35 27 30 35

Two identically able agents are competing for a promotion. The promotion is awarded on the basis of output (whomever has the highest output, gets the promotion). Because there are only two workers competing for one prize, the losing prize=0 and the winning prize =P. The output for each agent is equal to his or her effort level times a productivity parameter (d). (i.e. Q2=dE1 , Q2=dE2). If the distribution of “relative luck” is uniform, the probability of winning the promotion for agent 1 will be a function of his effort (E1) and the effort level of Agent 2 (E2). The formula is given by...Prob(win)=0.5 + α(E1-E2), where α is a parameter that reflects uncertainty and errors in measurement. High measurement errors are associated with small values of α (think about this: if there are high measurement errors, then the level of an agent’s effort will have a smaller effect on his/her chances of winning). Using this information, please answer the following questions. Both workers have a…

A factory production process produces a small number of defective parts in its daily production. Is the number of defective parts a discrete or continuous random variable?

You are modeling a qualitative variable that takes on two classes (classes 1 and 2). In trying to classify observation 11 (out of 20) you compute the conditional probability for class 1 as 0.51. How would you classify this observation?

Please give solution in correct and step by step answer format thanku Explaniation Please!!! Five people go to the supermarket to buy milk. Each person is equally likely to select (independently) from ten different brands available. Find the probability that they each select: (a) A different brand. (b) The same brand.

You hold an oral, or English, auction among three bidders. You estimate that each bidder has a value of either $40 or $50 for the item, and you attach probabilities to each value of 50%. The winning bidder must pay a price equal to the second highest bid. The following table lists the eight possible combinations for bidder values. Each combination is equally likely to occur. On the following table, indicate the price paid by the winning bidder. Combination Number Bidder 1 Value Bidder 2 Value Bidder 3 Value Probability Price ($) ($) ($) 1 $40 $40 $40 0.125      2 $40 $40 $50 0.125      3 $40 $50 $40 0.125      4 $40 $50 $50 0.125      5 $50 $40 $40 0.125      6 $50 $40 $50 0.125      7 $50 $50 $40 0.125      8 $50 $50 $50 0.125        The expected price paid is   .   Suppose that bidders 1 and 2 collude and would be willing to bid up to a maximum of their values, but the two bidders would not be willing to bid against each…

What is sampling? Explain the differences between probability and nonprobability samples and identify the various typesof each

The score obtained on an emotional intelligence test is normally distributed,with an average score (μ) of 112 and a standard deviation (σ) of 8.5. What is the probability that a randomly selected person will:Q.6.3.1 Obtain a score between 111 and 116? Interpret your answer. Q.6.3.2 Obtain a score between 107 and 110? Interpret your answer.