Question

You ask your roommate to mail a letter for you. Suppose there is
a 0.24 probability your roommate will forget to mail it.

Should your roommate mail your letter, there is a 0.93 probability
that Canada Post will deliver the letter.

If the letter is never delivered, what is the probability that your
roommate mailed the letter?

Answer #1

Suppose you and your roommate use a coin-flipping app to decide
who has to take out the trash: heads you take out the trash, tails
your roommate does. After losing a number of flips, you start to
wonder if the coin-flipping app really is totally random, or if it
is biased in one direction or the other.
To be fair to your roommate, you wish to test whether the app is
biased in either direction, and thus a two-tailed test...

Suppose you purchased a non-refundable plane ticket but, at the
last minute, you have to cancel. You have the option to sell the
ticket. If you initially paid $700 for the ticket, overnighting the
ticket to someone through the mail would be $20, and you pay
someone $10 to take the ticket to the post office to be mailed.
What is the minimum price you should accept to purchase your
ticket? (Hint: think about sunk cost)
- 730
- 670...

You return from spring break, and your roommate tells you that
the U.S. government should take over Wegmans and other grocery
stores in order to make sure that everybody has enough to eat. What
kinds of effects would you expect from such a policy, and why?

Suppose that your roommate wants to borrow money from you. He
offers three repayment plans. According to plan A, you lend him
$800 now, and he repays you $1000 in two years. According to plan
B, you lend him $800 now, and he repays you $500 in one year, and
another $500 in two years. According to Plan C, you lend him $800
now, and he repays you $900 in one year. If you believe the
interest rate is 10%,...

Imagine that you ask for a raise and your boss says that you can
have one if you close at least half of your sales visits this
month. You have 6 accounts and in the past the probability of
closing one was 0.6. What is the probability that you get the
raise? Please answer in decimals

Suppose that your bank quotes Norwegian krone NOK8.1698/$ bid
and NOK8.1748/$ ask. You sold $10 million at bid price to your
bank. However, you changed your mind and sold your kroner (plural
of krone is "kroner") back to the bank. What is your gain/loss in
USD? What is bank's gain/loss in NOK?

Miss. Grace Bedell My dear little Miss. Your very agreeable
letter of the 15th. is received. I regret the necessity of saying I
have no daughters. I have three sons — one seventeen, one nine, and
one seven, years of age. They, with their mother, constitute my
whole family. As to the whiskers, having never worn any, do you not
think people would call it a piece of silly affection if I were to
begin it now? Your very sincere...

You want to mail a cylindrical package containing some gifts to
your friend in California. Postal regulations require that the
length plus circumference of the package be less than or equal to
80 inches.
(a) Draw a diagram of your package, clearly labeling all
dimensions.
(b) What dimensions should your cylindrical package have to
maximize its volume (and therefore the amount of gifts that you can
fit inside)?

Your mail-order company advertises that it ships 90% of its
orders within three working days. You select an SRS of 100 of the
5000 orders recieved in the past week for an audit. The audit
reveals that 86 of these orders were shipped on time.
(a) If the company really ships 90% of its orders on time, what
is the probability that 86 or fewer in an SRS of 100 orders are
shipped on time?
(b) A critic says "Aha!...

Question # 18 Suppose ECB officials ask your opinion about the
operational framework for monetary policy. You respond by
commenting on their success at keeping short-term interest rate
close to target but also express concern about the complexity of
their process for managing the supply of reserves. What specific
changes would you suggest the ECB make to its system in the
future.

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