The board of directors of Bidwell Valve Company has made the following estimates for the upcoming year's annual earnings: P(earnings lower than this year) = .30 P(earnings about the same as this year) = .50 P(earnings higher than this year) = .20 After talking with union leaders, the human resources department has drawn the following conclusions: P(union will request wage increase lower earnings next year) = .25 P(union will request wage increase same earnings next year) = .40 P(union will request wage increase higher earnings next year) = .90
a. Calculate the probability that the company earns the same as this year and the union requests a wage increase.
b. Calculate the probability that the company has higher earnings next year and the union does not request a wage increase.
c. Calculate the probability that the union requests a wage increase.
Question 2
The practice of concluding do not reject H0 is preferred over accept H0 when we
a. are conducting a one-tailed test.
b. are testing the validity of a claim.
c. have an insufficient sample size.
d. have not controlled for the Type II error.
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