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Author Question: The board of directors of Bidwell Valve Company has made the following estimates for the upcoming ... (Read 68 times)

cmoore54

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on: Jun 24, 2018
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.


jharrington11

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Reply #1 on: Jun 24, 2018
Answer to Question 1

a. .20
b. .02
c. .455

Answer to Question 2

d


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