Mat540 Strayer Quiz2 Week3 Answers

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Mat540 Strayer Quiz2 Week3 Answers

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- MAT540 Complete Course Week 1 to Week 11 Latest,MAT540 Homework Week 8 Page 1 of 4 MAT540 Week 8 Homework Chapter 4 1. Betty Malloy, owner of the Eagle Tavern in Pittsburgh, is preparing for Super Bowl Sunday, and she must determine how much beer to stock. Betty stocks three brands of beer- Yodel, Shotz, and Rainwater. The cost per gallon (to the tavern owner) of each brand is as follows: Brand Cost/Gallon Yodel $1.50 Shotz 0.90 Rainwater 0.50 The tavern has a budget of $2,000 for beer for Super Bowl Sunday. Betty sells Yodel at a rate of $3.00 per gallon, Shotz at $2.50 per gallon, and Rainwater at $1.75 per gallon. Based on past football games, Betty has determined the maximum customer demand to be 400 gallons of Yodel, 500 gallons of shotz, and 300 gallons of Rainwater. The tavern has the capacity to stock 1,000 gallons of beer; Betty wants to stock up completely. Betty wants to determine the number of gallons of each brand of beer to order so as to maximize profit. a. Formulate a l
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Content

Question 1

2 out of 2 points

Seventy two percent of all observations fall within 1 standard deviation of the mean if

the data is normally distributed.

Answer

Selected Answer:

False

Correct Answer:

False

Question 2

2 out of 2 points

If two events are not mutually exclusive, then P(A or B) = P(A) + P(B)

Answer

Selected Answer:

False

Correct Answer:

False

Question 3

2 out of 2 points

Probability trees are used only to compute conditional probabilities.

Answer

Selected Answer:

False

Correct Answer:

False

Question 4

2 out of 2 points

The maximin approach involves choosing the alternative with the highest or lowest

payoff.

Answer

Selected Answer:

False

Correct Answer:

False

Question 5

2 out of 2 points

The minimin criterion is optimistic.

Answer

Selected Answer:

True

Correct Answer:

True

Question 6

0 out of 2 points

Using the minimax regret criterion, we first construct a table of

regrets. Subsequently, for each possible decision, we look across the states of

nature and make a note of the maximum regret possible for that decision. We

then pick the decision with the largest maximum regret.

Answer

Selected Answer:

True

Correct Answer:

False

Question 7

2 out of 2 points

Both maximin and minimin criteria are optimistic.

Answer

Selected Answer:

False

Correct Answer:

False

Question 8

2 out of 2 points

The chi-square test is a statistical test to see if an observed data fit a _________.

Answer

Selected Answer:

All of the above

Correct Answer:

All of the above

Question 9

2 out of 2 points

Assume that it takes a college student an average of 5 minutes to find a parking spot in

the main parking lot. Assume also that this time is normally distributed with a standard

deviation of 2 minutes. Find the probability that a randomly selected college student will

take between 2 and 6 minutes to find a parking spot in the main parking lot.

Answer

Selected Answer:

0.6247

Correct Answer:

0.6247

Question 10

2 out of 2 points

The metropolitan airport commission is considering the establishment of limitations on

noise pollution around a local airport. At the present time, the noise level per jet takeoff

in one neighborhood near the airport is approximately normally distributed with a mean

of 100 decibels and a standard deviation of 3 decibels. What is the probability that a

randomly selected jet will generate a noise level of more than 105 decibels?

Answer

Selected Answer:

0.0475

Correct Answer:

0.0475

Question 11

2 out of 2 points

A business owner is trying to decide whether to buy, rent, or lease office space and has

constructed the following payoff table based on whether business is brisk or slow.

The maximin strategy is:

Answer

Selected Answer:

Lease

Correct Answer:

Lease

Question 12

2 out of 2 points

A business owner is trying to decide whether to buy, rent, or lease office space and has

constructed the following payoff table based on whether business is brisk or slow.

The maximax strategy is:

Answer

Selected Answer:

Buy

Correct Answer:

Buy

Question 13

2 out of 2 points

A group of friends are planning a recreational outing and have constructed the following

payoff table to help them decide which activity to engage in. Assume that the payoffs

represent their level of enjoyment for each activity under the various weather

conditions.

Weather

Cold Warm Rainy

S1 S2 S3

Bike: A1 10 8 6

Hike: A2 14 15 2

Fish: A3 7 8 9

What is the conservative decision for this situation?

Answer

Selected Answer:

A3

Correct Answer:

A3

Question 14

0 out of 2 points

The maximin criterion results in the

Answer

Selected Answer:

maximum of the maximum payoffs

Correct Answer:

maximum of the minimum payoffs

Question 15

2 out of 2 points

A brand of television has a lifetime that is normally distributed with a mean of 7 years and a

standard deviation of 2.5 years. What is the probability that a randomly chosen TV will last

more than 8 years? Note: Write your answers with two places after the decimal,

rounding off as appropriate.

Answer

Selected Answer:

0.34

Correct Answer:

Evaluation Method Correct Answer Case Sensitivity

Exact Match 0.34

Exact Match .34

Question 16

2 out of 2 points

A life insurance company wants to update its actuarial tables. Assume that the probability

distribution of the lifetimes of the participants is approximately a normal distribution with a

mean of 71 years and a standard deviation of 3.5 years. What proportion of the plan

participants are expected to see their 75th birthday? Note: Write your answers with two

places after the decimal, rounding off as appropriate.

Answer

Selected Answer:

0.13

Correct Answer:

Evaluation Method Correct Answer Case Sensitivity

Exact Match 0.13

Exact Match .13

Question 17

0 out of 2 points

A manager has developed a payoff table that indicates the profits associated with a set of

alternatives under 2 possible states of nature.

Alt S1 S2

1 10 2

2 -2 8

3 8 5

Compute the expected value of perfect information assuming that the probability of S2 is equal

to 0.4.

Answer

Selected Answer:

6.8

Correct Answer:

Evaluation Method Correct Answer Case Sensitivity

Exact Match 2.4

Question 18

2 out of 2 points

A group of friends are planning a recreational outing and have constructed the following

payoff table to help them decide which activity to engage in. Assume that the payoffs

represent their level of enjoyment for each activity under the various weather

conditions.

Weather

Cold Warm Rainy

S1 S2 S3

Bike: A1 10 8 6

Hike: A2 14 15 2

Fish: A3 7 8 9

If the probabilities of cold weather (S1), warm weather (S2), and rainy weather (S3) are 0.2,

0.4, and 0.4, respectively what is the EVPI for this situation?

Answer

Selected Answer:

2.8

Correct Answer:

Evaluation Method Correct Answer Case Sensitivity

Exact Match 2.8

Question 19

2 out of 2 points

Consider the following decision tree.

What is the expected value for the best decision? Round your answer to the nearest whole

number.

Answer

Selected Answer:

2100

Correct Answer:

Evaluation Method Correct Answer Case Sensitivity

Exact Match $2100

Exact Match $2,100

Exact Match 2100

Exact Match 2,100

Question 20

2 out of 2 points

The quality control manager for ENTA Inc. must decide whether to accept (a1), further

analyze (a2) or reject (a3) a lot of incoming material. Assume the following payoff table is

available. Historical data indicates that there is 30% chance that the lot is poor quality (s1), 50

% chance that the lot is fair quality (s2) and 20% chance that the lot is good quality (s3).

What is the numerical value of the minimax regret?

Answer

Selected Answer:

50

Correct Answer:

Evaluation Method Correct Answer Case Sensitivity

Exact Match 50

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