0_22_AGBU 3385_Review for Exam 1

Mean:$62, STDEV:$18. What percentage of the population will pay less than $80?

Fixed cost $10,000. Variable cost $5. Price $15. What is the breakeven quantity?

You select a card from a deck. Event A: You get a red card. Event B: You get a black card. Event A and B are...

Mean:$62, STDEV:$18. What is the minimum cellphone bill a person in the highest 95% will be paying?

You took a card from a deck. What is the probability that it is either a red card or has an even number?

Mean:$62, STDEV:$18. What percentage of the population will pay between $44 and $62?

What is the best measure of central tendency for eye color of Texans?

Which of the following is a qualitative nominal variable?

What is the best decision if realistic criteria with an alpha of 0.6 is used for decision making?

Stock returns $20,000 in good (Pr. 0.4), $10,000 in average, and $5,000 on bad market(Pr. 0.3). What is the EMV?

Insurance charge $10/ acre. Pay $100/acre if crop fails & 0 if not. Prob. of crop failure 6%. What is the expected cost?

The statistical analysis that is aimed at making inferences about the population using sample data is known as

You toss a die, if 6 get $6, if 5 get $5, if 4 lose $4, if 3 lose $3, if 2 lose $2, if 1 lose $1. What is the EMV?

What is the best decision if optimistic criteria is used for decision making?

What is the best decision if pessimistic criteria is used for decision making?

You select a card from a deck. Event A: You get a red card. Event B: you get a 7. Event A and B are….

Prob. good market:0.4, average market:0.4. What is the Expected value given Perfect information?

Insurance charge $10/ acre. Pay $100/acre if crop fails & 0 if not. Prob. of crop failure 6%. What is expected profit?

Fixed cost $10,000. Variable cost $5. Price $15. What is the firm’s profit if they sell 2,000 shirts?

The following table shows the height of 8 people in a group. What is the best measure of central tendency for this data?

What is the best decision if equally likely criteria is used for decision making?

Mean:$62, STDEV:$18. What is the maximum cellphone bill a person in the lowest 5% will be paying?

You got heads on 300 out of 500 tosses with a loaded coin. What is the probability of getting heads with that coin?

Which of the following is a discrete quantitative variable?

What is the best decision if minimax regret criteria is used for decision making?

Prob. good market:0.4, average market:0.4. What is the EMV of Open 1?

Fixed cost $10,000. Variable cost $5. Price $15. How many should they sell to get a profit of $10,000?

What is the best decision if realistic criteria with an alpha of 0.4 is used for decision making?

Prob. good market:0.4, average market:0.4. What is the Expected value of Perfect information?