After going inside for a midnight snack, you and your friends go back outdoors for a...
After going inside for a midnight snack, you and your friends go back outdoors for a 25-minute sky-gazing session. The probability that you observe no more than 50 meteors during the sky-gazing session is
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After going inside for a midnight snack, you and your friends go
back outdoors for a...
Q2. Bayesian Rule and Conditional Probability (50 points): You are hosting a group of friends for...
Q2. Bayesian Rule and Conditional Probability (50 points): You are hosting a group of friends for your Birthday party today and as you wake up early in the morming to start preparing the food, the sky is cloudy. In general, 50% of all rainy days start cloudy, but cloudy mornings are common (about 40% of the days start cloudy. This is usually a dry month (which means typically only 10% of the days tend to be rainy). If this cloudy...
You want to go on vacation with your family. By going on vacation, you will have...
You want to go on vacation with your family. By going on vacation, you will have to miss five days of work where you earn $100 per day. a. What is the opportunity cost of going on vacation? b. What is the opportunity cost of staying home and working (instead of going onivacation)? Determine which logical fallacy is being committed in each of the following situations. Your choices are: "good intentions do not guarantee desirable outcomes," "association is not causation,"...
You go to the doctor and he gives you 12 milligrams of radioactive dye. After 12...
You go to the doctor and he gives you 12 milligrams of radioactive dye. After 12 minutes, 4.5 milligrams of dye remain in your system. To leave the doctor's office, you must pass through a radiation detector without sounding the alarm. If the detector will sound the alarm if more than 2 milligrams of the dye are in your system, how long will your visit to the doctor take, assuming you were given the dye as soon as you arrived?...
In the previous question, suppose that you decided not to 30 quit your job and go back to school. Instead, you deci...
In the previous question, suppose that you decided not to 30 quit your job and go back to school. Instead, you decide to put S65,000 (your tuition books and foregone wages) into the bank at the end of the first year and another $65,000 at the end of the second year at 7% interest. Right after making your second deposit, how much money would you have in the bank at the end of the second year? a. b. You want...
TASK 3: TRUE LOVE! BUDGETING A WEDDING You and your college sweetheart are going to get...
TASK 3: TRUE LOVE! BUDGETING A WEDDING You and your college sweetheart are going to get married after graduation! You want to set the date, knowing you two with your awesome jobs lined up after going to such an amazing college, can save $2,500 per month. But when will you have enough money for the wedding? How much will it take? Your wedding planner has said that the mean price of weddings in the northeast is normally distributed and $25,000...
5. After graduating from MSU, you and a couple of your friends started a house-flipping business,...
5. After graduating from MSU, you and a couple of your friends started a house-flipping business, where you buy a house on the market, do some repairs-remodeling and resell the house within a year, hoping to make profit. Given that you are a small business, you can only work on one house project at a time. You are currently trying decide between two houses: one in East Lansing and another in Okemos, for your next buy-resell project. East Lansing houses...
After many hours of studying for your statistics test, you believe that you have a 90%...
After many hours of studying for your statistics test, you believe that you have a 90% probability of answering any given question correctly. Your test includes 50 true/false questions. Assuming that your estimate is the true probability that you will answer a question correctly, use a normal distribution to estimate the probability that you will miss no more than 4 questions
Who Knows You Better? This discussion session will be closed at midnight in July 26. Who...
Who Knows You Better? This discussion session will be closed at midnight in July 26. Who Knows You Better: Your Credit Card Company or Your Spouse? When the cashier at the checkout counter asks for your zip code, you might assume that there's no harm in answering her question -- it's just a zip code, after all. However, that cashier isn't just interested in sending you the store's catalog. Instead, she's building a profile of your spending habits for her...
During a spate of stop-and-go traffic on the highway, you are twiddling your thumbs, waiting for...
During a spate of stop-and-go traffic on the highway, you are twiddling your thumbs, waiting for the traffic to start moving when a truck rear-ends you, boosting your car's speed to 5 mi/hr. The truck's speed is 1.75 mi/hr after the collision. What was the truck's speed before it collided with you? Assume that the truck is about 4 times more massive than your car. Also, assume that you can neglect effects like friction.
ease note that you will not be able to go back after answering a question. As...
ease note that you will not be able to go back after answering a question. As such, think carefully before submitting your answers. If you have ay issues with the exam, please reach out to me via email immediately. Question 102 10 pts The money market model shows how the interaction of Select] and (Select] determines the [Select] in the economy. The [Select ] 7 curve is downward sloping because people want to hold more money when the interest rate...
Q2. Bayesian Rule and Conditional Probability (50 points): You are hosting a group of friends for your Birthday party today and as you wake up early in the morming to start preparing the food, the sky is cloudy. In general, 50% of all rainy days start cloudy, but cloudy mornings are common (about 40% of the days start cloudy. This is usually a dry month (which means typically only 10% of the days tend to be rainy). If this cloudy...
You want to go on vacation with your family. By going on vacation, you will have to miss five days of work where you earn $100 per day. a. What is the opportunity cost of going on vacation? b. What is the opportunity cost of staying home and working (instead of going onivacation)? Determine which logical fallacy is being committed in each of the following situations. Your choices are: "good intentions do not guarantee desirable outcomes," "association is not causation,"...
You go to the doctor and he gives you 12 milligrams of radioactive dye. After 12 minutes, 4.5 milligrams of dye remain in your system. To leave the doctor's office, you must pass through a radiation detector without sounding the alarm. If the detector will sound the alarm if more than 2 milligrams of the dye are in your system, how long will your visit to the doctor take, assuming you were given the dye as soon as you arrived?...
In the previous question, suppose that you decided not to 30 quit your job and go back to school. Instead, you decide to put S65,000 (your tuition books and foregone wages) into the bank at the end of the first year and another $65,000 at the end of the second year at 7% interest. Right after making your second deposit, how much money would you have in the bank at the end of the second year? a. b. You want...
TASK 3: TRUE LOVE! BUDGETING A WEDDING You and your college sweetheart are going to get married after graduation! You want to set the date, knowing you two with your awesome jobs lined up after going to such an amazing college, can save $2,500 per month. But when will you have enough money for the wedding? How much will it take? Your wedding planner has said that the mean price of weddings in the northeast is normally distributed and $25,000...
5. After graduating from MSU, you and a couple of your friends started a house-flipping business, where you buy a house on the market, do some repairs-remodeling and resell the house within a year, hoping to make profit. Given that you are a small business, you can only work on one house project at a time. You are currently trying decide between two houses: one in East Lansing and another in Okemos, for your next buy-resell project. East Lansing houses...
ease note that you will not be able to go back after answering a question. As such, think carefully before submitting your answers. If you have ay issues with the exam, please reach out to me via email immediately. Question 102 10 pts The money market model shows how the interaction of Select] and (Select] determines the [Select] in the economy. The [Select ] 7 curve is downward sloping because people want to hold more money when the interest rate...
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