Question 8 A professor would like to utilize the normal distribution to assign grades such that 5% of students receive A’s. If the exam average is 62 with a standard deviation of 13, what grade should be the cutoff for an A? (Round your answer.)Answer808390932 points Question 9 The chi-square test is a statistical test to see if an observed data fit a _________.AnswerNormal probability distributioncontinuous probability distributionparticular probability distributionAll of the above2 points Question 10 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?Answer0.02280.04750.04850.05002 points Question 11 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. .strayer.edu/courses/1/MAT540042VA016-1158-001/ppg/respondus/exam_Quiz_2/image0014ecbc6234ecbc623.jpg” alt=””> The maximax strategy is:AnswerRentBuyBriskSlow2 points Question 12 Determining the worst payoff for each alternative and choosing the alternative with the best worst is calledAnswermaximaxminiminmaximinminimax2 points Question 13 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 S3Bike: A1 10 8 6Hike: A2 14 15 2Fish: A3 7 8 9 What is the conservative decision for this situation?AnswerA1A2A3Any of the above2 points Question 14 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. .strayer.edu/courses/1/MAT540042VA016-1158-001/ppg/respondus/exam_Quiz_2/image0014ecbc6234ecbc623.jpg” alt=””> The maximin strategy is:AnswerBuyRentLeaseAll three tie.2 points Question 15 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.Answer2 points Question 16 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. Answer2 points Question 17 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 What is the highest expected value? Assume that the probability of S2 is equal to 0.4. Answer2 points Question 18 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). .strayer.edu/courses/1/MAT540042VA016-1158-001/ppg/respondus/exam_Quiz_2/image0034ecbc623.jpg” alt=””> What is the numerical value of the maximin?Answer2 points Question 19 Consider the following decision tree. .strayer.edu/courses/1/MAT540042VA016-1158-001/ppg/respondus/exam_Quiz_2/image0024ecbc623.jpg” alt=””> What is the expected value for the best decision? Round your answer to the nearest whole number.Answer2 points Question 20 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. .strayer.edu/courses/1/MAT540042VA016-1158-001/ppg/respondus/exam_Quiz_2/image0014ecbc6234ecbc623.jpg” alt=””> If the probability of brisk business is .40, what is the numerical maximum expected value?2 points 2 points 2 points 2 points 2 points 2 points 2 points 2 points 2 points 2 points 2 points 2 points
