Warranty: You buy a cell phone for $100 and there is a 6% chance that it...
Warranty: You buy a cell phone for $100 and there is a 6% chance that it will fail. You can pay an additional $4 for the hassle free replacement warranty. This means that if it fails you will get a free replacement.
(a) Suppose you do not buy the warranty but will buy a second one if the first one fails(we will assume the second one does not fail.) and you will pay the full $100 for the second one. complete the following table to assist in calculating the expected cost for this phone. Enter probabilities to 2 decimal places.
outcomes
If it fails cost=x Probability= P(x)
It doesn't fail cost=x Probability= P(x)
(b) use the table to calculate the expected value of the cost of the phone. Round answer to the nearest penny
(c) considering the expected cost above and the price of the warranty($4) did you make the right decision to not buy the warranty and why?
Homework Answers
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Warranty: You buy a cell phone for $100 and there is a 6% chance
that it...
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The circled answer is wrong, make sure to show your work to arrive at different correct...
The circled answer is wrong, make sure to show your work to arrive
at different correct choice, will rate more points.
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Will rate!! Suppose 81% of all students taking a beginning programning course fail to get their...
Will rate!!
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Dr. Gebhardt just upgraded her phone to an iPhone Xs (she previously had an iPhone 6) and paid $1149 for the phone. She didn't know if she should purchase insurance for her phone. You need to help her Dr. Gebhardt has created a table similar to Table 5.2 or 5.3 in your text based on the following probabilities of damage or loss when she does not have insurance (see Probability Table 1) There is a 30% likelihood that Dr. Gebhardt...
The circled answer is wrong, make sure to show your work to arrive
at different correct choice, will rate more points.
U.T0 D) 0.11 C0.21 D) 0.26 E)0.34 (3) If an electric device fails within the first year of ownership, a warranty contract will rennburse the consumer for 100% of the original cost of the product. If the device fails during the second year, the warranty will cost 60% of the original cost of the prod one replacement per warranty...
3. Consider the monopoly's warranty problem under symmetric information analyzed in the lecture. The value of a product whose value to the consumer is V if the product is operative, and is 0 if the product is defective, where V > 0. The probability for a product to be functional is p, where 0 < p 1. But here let's assume that for some reason the monopoly cannot guarantee more than one product replacement in case the product purchased is...
Please solve and explain
steps
suppose 82% o all students aking a beginning p oaramming course fail to get her first program to run on firs subr his on. Con from the other and the chance each student fails on their first try is consistent. (Round answers to three decimal places.) er a group of such student nere e c students succes independent (a) If X is the number of students whose program fails on the first run, then X...
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Will rate!!
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