A machine shop owner wants to decide whether to purchase a new drill press, new lathe, or new grinder. As shown in the following table, the profit from each purchase will vary depending on whether or not the owner wins a government contract, with the owner estimating a probability of .60 of winning the contract:

Before deciding which item to purchase, the owner needs to decide whether or not to hire a military consultant to assess whether the shop will get the government contract. The track record of the military consultant in predicting whether companies would win government contracts is as follows: For 90% of the companies that won contracts, the consultant had predicted they would win, and for 70% of the companies that lost contracts, the consultant had predicted they would lose. [adapted from Taylor (2004)]

(a) Assuming the consultant would not charge for his assessment, determine the optimal strategy based on the expected value criterion, and state its expected value. (Draw then solve the Decision Tree below)

(b) Determine EVSI (with the consultant regarded as the sample information).

(c) If the consultant were to charge $5,000 for his assessment, what would be the optimal strategy and its expected value?

The National Sleep Foundation used a survey to determine whether hours of sleeping per night are independent of age (Newsweek, January 19, 2004). The following show the hours of sleep on weeknights for a sample of individuals age 49 and younger and for a sample of individuals age 50 and older.

1. Conduct a test of independence to determine whether the hours of sleep on weeknights are independent of age. Use  = .05. Use Table 12.4.
   
   Compute the value of the  ² test statistic (to 2 decimals).
   
   
   The p value is Selectless than .005between .005 and .01between .01 and .025between .025 and .05between .05 and .10greater than .10Item 2
   
   What is your conclusion?
   SelectConclude age and hours of sleep are not independentCannot reject the assumption that age and hours of sleep are independentItem 3
   
2. Using the total sample of 500, estimate the percentage of people who sleep less than 6, 6 to 6.9, 7 to 7.9, and 8 or more hours on weeknights (to 1 decimal).
   

   Less than 6 hours	%
   6 to 6.9 hours	%
   7 to 7.9 hours	%
   8 or more hours	%

Article from that website address （copy the address and open it for read）, and finish those questions after read article. Thanks

The Hidden Cost of Vanilla

Use the article at https://www.danwatch.dk/en/undersogelse/thehiddencostofvanilla/ to answer the following questions.

1. According to the United Nations Development Programme (UNDP) what is the standard of living in Madagascar (what does the majority of the population live on per day?)

2. Who are the parties involved in producing and distributing vanilla from Madagascar?

3. Who has the most control over price? Why?

4. Why do farmers have no influence on pricing?

5. What type of market structure are vanilla farmers operating in? List some of the characteristics of this type of market structure.

6. What was the international price of vanilla in 2003-2004? In 2008-2010? In 2016?

7. Why does the price of vanilla fluctuate so much?

8. Why are children employed in vanilla farming, even though it is illegal for children under the age of 15 to work?

9. What are the “vanilla flower contracts” referred to in the article?

10. Why is the rampant theft of vanilla not addressed?

11. What steps are being taken to change the lives of vanilla farmers?

12. What else would you suggest to improve the situation?

Article from that website address （copy the address and open it for read）, and finish those questions after read article. Thanks

The Hidden Cost of Vanilla

Use the article at https://www.danwatch.dk/en/undersogelse/thehiddencostofvanilla/ to answer the following questions.

1. According to the United Nations Development Programme (UNDP) what is the standard of living in Madagascar (what does the majority of the population live on per day?)

2. Who are the parties involved in producing and distributing vanilla from Madagascar?

3. Who has the most control over price? Why?

4. Why do farmers have no influence on pricing?

5. What type of market structure are vanilla farmers operating in? List some of the characteristics of this type of market structure.

6. What was the international price of vanilla in 2003-2004? In 2008-2010? In 2016?

7. Why does the price of vanilla fluctuate so much?

8. Why are children employed in vanilla farming, even though it is illegal for children under the age of 15 to work?

9. What are the “vanilla flower contracts” referred to in the article?

10. Why is the rampant theft of vanilla not addressed?

11. What steps are being taken to change the lives of vanilla farmers?

12. What else would you suggest to improve the situation?

Article from that website address （copy the address and open it for read）, and finish those questions after read article. Thanks

The Hidden Cost of Vanilla

Use the article at https://www.danwatch.dk/en/undersogelse/thehiddencostofvanilla/ to answer the following questions.

1. According to the United Nations Development Programme (UNDP) what is the standard of living in Madagascar (what does the majority of the population live on per day?)

2. Who are the parties involved in producing and distributing vanilla from Madagascar?

3. Who has the most control over price? Why?

4. Why do farmers have no influence on pricing?

5. What type of market structure are vanilla farmers operating in? List some of the characteristics of this type of market structure.

6. What was the international price of vanilla in 2003-2004? In 2008-2010? In 2016?

7. Why does the price of vanilla fluctuate so much?

8. Why are children employed in vanilla farming, even though it is illegal for children under the age of 15 to work?

9. What are the “vanilla flower contracts” referred to in the article?

10. Why is the rampant theft of vanilla not addressed?

11. What steps are being taken to change the lives of vanilla farmers?

12. What else would you suggest to improve the situation?

The following data were recorded as part of a study on sustainable farming techniques that took place in Boone County, IA. (Davis, Adam S. et al. Increasing Cropping System Diversity Balances Productivity, Profitability and Environmental Health. PLOS ONE. October 10, 2012. DOI:10.1371/journal.pone.0047149) Means are for the April-November growing seasons.

(1): Construct a two-way scatter plot for “air temperature” against the “total precipitation” and on a separate graph construct a two-way scatter plot for “air temperature” against “log of total precipitation”. Looking at the two graphs you plotted, explain as to which of these two do you consider to be closest to a linear relationship?

(2): At the 0.05 level of significance, test the null hypothesis that the (“air temperature” and the “total precipitation”) population correlation coefficient [ρ] is equal to 0.

(3): Compute the equation of the linear regression relationship between the “air temperature” and “total precipitation”.

Sachs Brands' defined benefit pension plan specifies annual retirement benefits equal to: 1.5% × service years × final year's salary, payable at the end of each year. Angela Davenport was hired by Sachs at the beginning of 2004 and is expected to retire at the end of 2038 after 35 years' service. Her retirement is expected to span 18 years. Davenport's salary is $98,000 at the end of 2018 and the company's actuary projects her salary to be $320,000 at retirement. The actuary's discount rate is 8%.

1. What is the company's projected benefit obligation at the beginning of 2018 (after 14 years' service) with respect to Davenport?(Round your final answer to nearest whole dollar)

2.Estimate by the projected benefits approach the portion of Davenport's annual retirement payments attributable to 2018 service.

3.What is the company's service cost for 2018 with respect to Davenport?(Round your final answer to nearest whole dollar)

4.What is the company's interest cost for 2018 with respect to Davenport?(Round your final answer to nearest whole dollar)

5.Combine your answers to requirements 1, 3, and 4 to determine the company's projected benefit obligation at the end of 2018 (after 15 years' service) with respect to Davenport. (Round your final answer to nearest whole dollar)

Fruit flies, like almost all other living organisms, have built-in circadian rhythms that keep time even in the absence of external stimuli. Several genes have been shown to be involved in internal timekeeping, including per (period) and tim (timeless). Mutations in these two genes, and in other genes, disrupt timekeeping abilities. Interestingly, these genes have also been shown to be involved in other time-related behavior, such as the frequency of wingbeats in male courtship behaviors. Individuals that carry particular mutations of per and tim have been shown to copulate for longer than individuals that have neither mutation. But do these two mutations affect copulation time in similar ways? The following table summarizes some data on the duration of copulation for flies that carry either the tim mutation or the per mutation (Beaver and Giebultowicz 2004):

b) Do the populations carrying these mutations have different variances in copulation duration? Enter the calculated F-value.

c) Do the populations carrying these mutations have different variances in copulation duration? Finish this hypothesis test and describe your conclusion.

3.50

Passedix is a game of chance played with three fair dice. Players bet whether the sum of the faces shown on the dice will be above or below ten. During the late sixteenth century, the astronomer and mathematician Galileo Galilei was asked by the Grand Duke of Tuscany to explain why “the chance of throwing a 9 with three fair dice was less than that of throwing a 10.” (Interstat, Jan. 2004) The grand duke believed that the chance should be the same because “there are an equal number of partitions of the numbers 9 and 10.” Find the flaw in the Grand Duke’s reasoning and answer the question posed to Galileo. Hint: What the Grand Duke was saying is: There are six ways to get a 9: 1+2+6; 1+3+5; 1+4+4; 2+2+5; 2+3+4; 3+3+3. There are also six ways to get a 10: 1+3+6; 1+4+5; 2+2+6; 2+3+5; 2+4+4; 3+3+4. [10 pts] 3.56 Two fair dice are tossed, and the following events are defined: A: {Sum of the numbers showing is odd} B: {Sum of the numbers showing is 9, 11, or 12} Are events A and B independent? Why? [10 pts]