Author Question: The board of directors of Bidwell Valve Company has made the following estimates for the upcoming ... (Read 69 times)

cmoore54

  • Hero Member
  • *****
  • Posts: 568
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

  • Sr. Member
  • ****
  • Posts: 365
Answer to Question 1

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

Answer to Question 2

d



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

Though methadone is often used to treat dependency on other opioids, the drug itself can be abused. Crushing or snorting methadone can achieve the opiate "rush" desired by addicts. Improper use such as these can lead to a dangerous dependency on methadone. This drug now accounts for nearly one-third of opioid-related deaths.

Did you know?

The ratio of hydrogen atoms to oxygen in water (H2O) is 2:1.

Did you know?

Medication errors are three times higher among children and infants than with adults.

Did you know?

The effects of organophosphate poisoning are referred to by using the abbreviations “SLUD” or “SLUDGE,” It stands for: salivation, lacrimation, urination, defecation, GI upset, and emesis.

Did you know?

Fungal nail infections account for up to 30% of all skin infections. They affect 5% of the general population—mostly people over the age of 70.

For a complete list of videos, visit our video library