* Question 1
2 out of 2 points
 
 Probability trees are used only to compute conditional probabilities.
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
 
 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 
 ...view middle of the document...
If the exam average is 62 with a standard deviation of 13, what grade should be the cutoff for an A? (Round your answer.)Answer    
 Selected Answer:  83 
Correct Answer:  83 
   
* Question 9
2 out of 2 points
 
 The chisquare 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 10
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 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
 
 The maximin criterion results in theAnswer    
 Selected Answer:  maximum of the minimum payoffs 
Correct Answer:  maximum of the minimum payoffs 
   
* Question 13
0 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 group chooses to minimize their maximum regret, what activity will they choose?Answer    
 Selected Answer:  A2 
Correct Answer:  Any of the above 
   
* Question 14
0 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...