A contractor is considering whether he should take on a project that promises a profit of $8800 with a probability of 0.83 or a loss (due to bad weather, strikes, etc.) of $2900 with a probability of 0.17. What is the expected profit for the contractor

Answers

Answer 1

Answer: 6811

Step-by-step explanation:

in this problem the values are 8800 and -2900 and the respective probabilities are 0.83 and 0.17

--

so the expected profit o# sum = (x*P(x))=8800*(0.83)+(-2900)*(0.17)=6811


Related Questions


someone pls help me! ❤️❤️❤️

Answers

Answer:

(x-1) ( x -i) (x+i)

Step-by-step explanation:

x^3 -2x^2 +x-2

Factor by grouping

x^3 -2x^2      +x-2

x^2(x-2)      +1(x-2)

Factor out (x-2)

(x-2) (x^2+1)

Rewriting

(x-1) ( x^2 - (-1)^2)

(x-1) ( x -i) (x+i)

Answer:

Should be b

Step-by-step explanation:

Since it's a multiple choice question you know that -2 or 2 has to be a root for the cubic.

You can test both -2 and 2 and see that replacing x for 2 has the expression evaluate to 0.

Then, since you know the imaginary roots have to be conjugates, you get B.


Find the LCM of the set of algebraic expressions.
28x2,49xy, 28y
Answer

Answers

Answer:

196x^2y

Step-by-step explanation: The least common multiple (LCM) of two or more non-zero whole numbers is the smallest whole number that is divisible by each of those numbers. In other words, the LCM is the smallest number that all of the numbers divide into evenly.

Find f(x) - g(x) when f(x) = 2x^2 - 4x g(x) = x^2 + 6x
3x^2

x^2 + 2x


x^2 - 10x


3x^2 + 2x

Answers

the last one 3x^ + 2x

Answer:

x^2 - 10x

Step-by-step explanation:

2x^2 - 4x - x^2 +6x

You subtract x^2 from 2x^2 and you get x^2

Then you add 6x and 4x together and get 10x

So then you have x^2 - 10x

(plus I took the test and this was the correct answer.)

1/5divided by (-5/7)

Answers

Answer:

-0.28

Step-by-step explanation:

(1/5) : (-5/7)=(1*5)/(5*(-5))=-(7/25)=-0.28

Answer:

[tex]-7/25[/tex]

Step-by-step explanation:

[tex]1/5 \div -5/7[/tex]

Do the reciprocal of the second fraction.

[tex]1/5 \times 7/-5[/tex]

Multiply the first fraction by the reciprocal of the second fraction.

[tex]7/-25=-0.28[/tex]

The answer in decimal form is -0.28.

The sum of a number and its reciprocal is 41/20. Find the numbers. smaller value larger value

Answers

Answer:

The numbers are 5/4 and 4/5The smaller value is 4/5The larger value is 5/4

Step-by-step explanation:

Let the number be x.

The reciprocal of the number will be 1/x

If the sum of the number and its reciprocal is 41/20, this can be represented as;

[tex]x+\frac{1}{x} = 41/20\\\frac{x^{2}+1}{x} = \frac{41}{20} \\20x^{2} +20 = 41x\\20x^{2} -41x+20 = 0\\[/tex]

Uisng the general formula to get x

x = -b±√b²+4ac/2a

x = 41±√41²-4(20)(20)/2(20)

x = 41±√1681-1600/40

x = 41±√81/40

x = 41±9/40

x = 50/40 or 32/40

x = 5/4 or 4/5

if the value is 5/4, the other value will be 4/5

The numbers are 5/4 and 4/5

The smaller value is 4/5

The larger value is 5/4

Answer:

a=5/4 or 4/5

Therefore, the smaller value = 4/5

The larger value = 5/4

Step-by-step explanation:

Let the number be represented by a

And it's reciprocal be represented by 1/a

So we have

a + 1/a = 41/20

Cross Multiply

20( a +1/a) = 41

20a +20/a =41

Find the LCM which is a

20a² + 20 = 41a

20a² + 20 - 41a =0

20a² - 41a +20 = 0

20a²-25a - 16a + 20 =0

5a(4a - 5) -4( 4a - 5) = 0

(5a - 4)(4a - 5) = 0

5a - 4 = 0

5a = 4

a = 4/5

or

4a - 5 = 0

4a =5

a = 5/4

Therefore, the number which is represented by a is

1) a = 4/5 while it's reciprocal which is 1/a is 5/4

or

2) a = 5/4 which it's reciprocal which is 1/a = 4/5

Therefore, the smaller value = 4/5

The larger value = 5/4

SOMEONE PLEASE HELP ME ASAP PLEASE!!!​

Answers

Answer:

38 units

Step-by-step explanation:

We can find the perimeter of the shaded figure be finding out the number of unit lengths we have along the boundary of the given figure.

Thus, see attachment below for the number of units of each length of the figure that we have counted.

The perimeter of the figure = sum of all the lengths = 7 + 7 + 10 + 2 + 2 + 6 + 2 + 2 = 38

Perimeter of the shaded figure = 38 units

i need help on this. anyone ?

Answers

Answer:

Read below

Step-by-step explanation:

To copy a segment, you have to open your compass to the length of the given segment. The instructions say to have an endpoint at R, so, with the compass open to the length of the given line segment, place one end of the compass at R and draw an arc that intersects the line that R lies on. This new segment is congruent to the given segment.

I hope this helps!

$5.60 is what perecentage of $17.50?

Answers

Answer:

To find it's percentage divide $5.60 by

$17.50 and multiply it by 100%

That is

5.60/ 17.50 × 100%

= 32%

Hope this helps you

Which of the following is a polynomial with roots: − square root of 3 , square root of 3, and −2? (6 points) Question 7 options: 1) x3 − 2x2 − 3x + 6 2) x3 − 3x2 − 5x + 15 3) x3 + 2x2 − 3x − 6 4) x3 + 3x2 − 5x − 15

Answers

Answer:

The polynomial is [tex]x^{3} - 1.46x^{2} - 3.93x + 6[/tex]

Step-by-step explanation:

A nth order polynomial f(x) has roots [tex]x_{1}, x_{2}, ..., x_{n}[/tex] such that [tex]f(x) = (x - x_{1})*(x - x_{2})*...*(x - x_{n}}[/tex],

Which of the following is a polynomial with roots: − square root of 3 , square root of 3, and −2?

So

[tex]x_{1} = x_{2} = \sqrt{3}[/tex]

[tex]x_{3} = -2[/tex]

Then

[tex](x - \sqrt{3})^{2}*(x - (-2)) = (x - \sqrt{3})^{2}*(x + 2) = (x^{2} -2x\sqrt{3} + 3)*(x + 2) = x^{3} + 2x^{2} - 2x^{2}\sqrt{3} - 4x\sqrt{3} + 3x + 6[/tex]

Since [tex]\sqrt{3} = 1.73[/tex]

[tex]x^{3} + 2x^{2} - 3.46x^{2} - 6.93x + 3x + 6 = x^{3} - 1.46x^{2} - 3.93x + 6[/tex]

The polynomial is [tex]x^{3} - 1.46x^{2} - 3.93x + 6[/tex]

Please answer this correctly

Answers

Answer:

13 students

Step-by-step explanation:

At least 30 and fewer than 67 makes it 30-66

So,

30-66 => 13 students

Answer:

16

Step-by-step explanation:

There are two columns in the diagram.

The column headed stem represents tens while the column headed leaf represents units. e.g. 2 3 = 23

So we just have to count how many of the numbers are less than 8 in the 6th Stem column and all the numbers below it, which are:

20, 23, 28, 31, 31, 34, 38, 40, 44, 50, 51, 53, 54, 65, 65, 66

Find the scale ratio for the map described below. 1 mm​(map) equals 500 m ​(actual) The scale ratio is 1 to ? .

Answers

Answer:

1 : 500,000

Step-by-step explanation:

The scale of a map scale refers to the relationship (or ratio) between the distance on a map and the corresponding distance on the ground.

In the given map:

1 mm​(map) = 500 m ​(actual)

1 meter = 1000 millimeter

Therefore:

500 meters = 1000 X 500 =500,000 millimeter

Therefore, the scale ratio of the map is:

1:500,000

What is the slope of a line that is perpendicular to the line 2y – 3x = 8?

Answers

Answer:

[tex] = \frac{3}{2} [/tex]

Step-by-step explanation:

[tex]y = mx + c[/tex]

Here,

m => slopec => intercept

In this equation ,

[tex]2y - 3x = 8[/tex]

to find the value of m or the value of slope we have to solve for y

Let's solve,

[tex]2y - 3x = 8 \\ 2y = 8 + 3x \\ \frac{2y}{2} = \frac{8 + 3x}{2} \\ y = 4 + \frac{3x}{2} \\ y = \frac{3x}{2} + 4[/tex]

So, the slope is,

[tex] = \frac{3}{2}[/tex]

Let x1 = 12, y1 = 15, and y2 = 3. Let y vary inversely with x. Find x2.

Answers

Answer:

x2 = 60

Step-by-step explanation:

If the variables x and y are inversely proportional, the product x * y is a constant.

So using x1 and y1 we can find the value of this constant:

[tex]x1 * y1 = k[/tex]

[tex]12 * 15 = k[/tex]

[tex]k = 180[/tex]

Now, we can use the same constant to find x2:

[tex]x2 * y2 = k[/tex]

[tex]x2 * 3 = 180[/tex]

[tex]x2 = 180 / 3 = 60[/tex]

So the value of x2 is 60.

plz help me divide and simplify

Answers

Answer:

Step-by-step explanation:

A study conducted at a certain college shows that "53%" of the school's graduates find a job in their chosen field within a year after graduation. Find the probability that among 6 randomly selected graduates, at least one finds a job in his or her chosen field within a year of graduating. 0.989 0.978 0.927 0.167 0.530

Answers

Answer:

0.989

Step-by-step explanation:

For each graduate, there are only two possible outcomes. Either they find a job in their chosen field within a year after graduation, or they do not. The probability of a graduate finding a job is independent of other graduates. So we use the binomial probability distribution to solve this question.

Binomial probability distribution

The binomial probability is the probability of exactly x successes on n repeated trials, and X can only have two outcomes.

[tex]P(X = x) = C_{n,x}.p^{x}.(1-p)^{n-x}[/tex]

In which [tex]C_{n,x}[/tex] is the number of different combinations of x objects from a set of n elements, given by the following formula.

[tex]C_{n,x} = \frac{n!}{x!(n-x)!}[/tex]

And p is the probability of X happening.

A study conducted at a certain college shows that "53%" of the school's graduates find a job in their chosen field within a year after graduation.

This means that [tex]p = 0.53[/tex]

6 randomly selected graduates

This means that [tex]n = 6[/tex]

Probability that at least one finds a job in his or her chosen field within a year of graduating:

Either none find a job, or at least one does. The sum of the probabilities of these outcomes is 1. So

[tex]P(X = 0) + P(X \geq 1) = 1[/tex]

We want [tex]P(X \geq 1)[/tex]

So

[tex]P(X \geq 1) = 1 - P(X = 0)[/tex]

In which

[tex]P(X = x) = C_{n,x}.p^{x}.(1-p)^{n-x}[/tex]

[tex]P(X = 0) = C_{6,0}.(0.53)^{0}.(0.47)^{6} = 0.011[/tex]

So

[tex]P(X \geq 1) = 1 - P(X = 0) = 1 - 0.011 = 0.989[/tex]

The average lifetime of a set of tires is 3.4 years. The manufacturer will replace any set of tires failing within three years of the date of purchase. The lifetime of these tires is known to follow an exponential distribution. What is the probability that the tires will fail within three years of the date of purchase?

Answers

Answer: the probability that the tires will fail within three years of the date of purchase is 0.12

Step-by-step explanation:

The average lifetime of a set of tires is 3.4 years. It means that μ = 3.4

Decay parameter, m = 1/3.4 = 0.294

The probability density function is

f(x) = me^-mx

Where x is a continuous random variable representing the time interval of interest(the reliability period that we are testing)

Since x = 3 years,

Therefore, the probability that the tires will fail within three years of the date of purchase is

f(3) = 0.294e^-(0.294 × 3)

f(3) = 0.294e^- 0.882

f(3) = 0.12

f(x)
9 - 4x
8x - 1
INVERSE??

Answers

Answer:

(x+9)/(8x+4)

Step-by-step explanation:

A basketball coach is looking over the possessions per game during last season. Assume that the possessions per game follows an unknown distribution with a mean of 56 points and a standard deviation of 12 points. The basketball coach believes it is unusual to score less than 50 points per game. To test this, she randomly selects 36 games. Use a calculator to find the probability that the sample mean is less than 50 points. Round your answer to three decimal places if necessary.

Answers

Answer:

The probability that the sample mean is less than 50 points = 0.002    

Step-by-step explanation:

Step(i):-

Given mean of the normal distribution = 56 points

Given standard deviation of the normal distribution = 12 points

Random sample size 'n' = 36 games

Step(ii):-

Let x⁻ be the random variable of normal distribution

Let x⁻ = 50

[tex]Z = \frac{x^{-}-mean }{\frac{S.D}{\sqrt{n} } }[/tex]

[tex]Z = \frac{50-56 }{\frac{12}{\sqrt{36} } }= -3[/tex]

The probability that the sample mean is less than 50 points

P( x⁻≤ 50) = P( Z≤-3)

                = 0.5 - P(-3 <z<0)

               = 0.5 -P(0<z<3)

               =  0.5 - 0.498

               = 0.002

Final answer:-

The probability that the sample mean is less than 50 points = 0.002

Answer:

56

2

.001

Step-by-step explanation:

The Central Limit Theorem for Means states that the mean of any sampling distribution of the means is equal to the mean of the population distribution. The standard deviation is equal to the standard deviation of the population divided by the square root of the sample size. So, the mean of this sampling distribution of the means with sample size 36 is 56 points and the standard deviation is 1236√=2 points. The z-score for 50 using the formula z=x¯¯¯−μσ is −3.

z 0.00 0.01 0.02 0.03 0.04 0.05 0.06 0.07 0.08 0.09

-3.0 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001

-2.9 0.002 0.002 0.002 0.002 0.002 0.002 0.002 0.001 0.001 0.001

-2.8 0.003 0.002 0.002 0.002 0.002 0.002 0.002 0.002 0.002 0.002

-2.7 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003

-2.6 0.005 0.005 0.004 0.004 0.004 0.004 0.004 0.004 0.004 0.004

-2.5 0.006 0.006 0.006 0.006 0.006 0.005 0.005 0.005 0.005 0.005

Using the Standard Normal Table, the area to the left of −3 is approximately 0.001. Therefore, the probability that the sample mean will be less than 50 points is approximately 0.001.

An insurance company examines its pool of auto insurance customers and gathers the following information: (i) All customers insure at least one car. (ii) 70% of the customers insure more than one car. (iii) 20% of the customers insure a sports car. (iv) Of those customers who insure more than one car, 15% insure a sports car. Calculate the probability that a randomly se

Answers

The question is incomplete! Complete question along with answer and step by step explanation is provided below.

Question:

An insurance company examines its pool of auto insurance customers and gathers the following information: (i) All customers insure at least one car. (ii) 70% of the customers insure more than one car. (iii) 20% of the customers insure a sports car. (iv) Of those customers who insure more than one car, 15% insure a sports car. Calculate the probability that a randomly selected customer insures exactly one car, and that car is not a sports car?

Answer:

P( X' ∩ Y' ) = 0.205

Step-by-step explanation:

Let X is the event that the customer insures more than one car.

Let X' is the event that the customer insures exactly one car.

Let Y is the event that customer insures a sport car.

Let Y' is the event that customer insures not a sport car.

From the given information we have

70% of customers insure more than one car.

P(X) = 0.70

20% of customers insure a sports car.

P(Y) = 0.20

Of those customers who insure more than one car, 15% insure a sports car.

P(Y | X) = 0.15

We want to find out the probability that a randomly selected customer insures exactly one car, and that car is not a sports car.

P( X' ∩ Y' ) = ?

Which can be found by

P( X' ∩ Y' ) = 1 - P( X ∪ Y )

From the rules of probability we know that,

P( X ∪ Y ) = P(X) + P(Y) - P( X ∩ Y )    (Additive Law)

First, we have to find out P( X ∩ Y )

From the rules of probability we know that,

P( X ∩ Y ) = P(Y | X) × P(X)       (Multiplicative law)

P( X ∩ Y ) = 0.15 × 0.70

P( X ∩ Y ) = 0.105

So,

P( X ∪ Y ) = P(X) + P(Y) - P( X ∩ Y )

P( X ∪ Y ) = 0.70 + 0.20 - 0.105

P( X ∪ Y ) = 0.795

Finally,

P( X' ∩ Y' ) = 1 - P( X ∪ Y )

P( X' ∩ Y' ) = 1 - 0.795

P( X' ∩ Y' ) = 0.205

Therefore, there is 0.205 probability that a randomly selected customer insures exactly one car, and that car is not a sports car.

A triangular window has an area of 594 square meters. The base is 54 meters. What is the height?

Answers

Answer:

  22 m

Step-by-step explanation:

Use the formula for the area of a triangle. Fill in the known values and solve for the unknown.

  A = (1/2)bh

  594 m^2 = (1/2)(54 m)h

  h = (594 m^2)/(27 m) = 22 m

The height of the window is 22 meters.

2x^2+8x = x^2-16
Solve for x

Answers

Answer:

x=-4

Step-by-step explanation:

[tex]2x^2+8x=x^2-16[/tex]

Move everything to one side:

[tex]x^2+8x+16=0[/tex]

Factor:

[tex](x+4)^2=0[/tex]

By the zero product rule, x=-4. Hope this helps!

Answer:

x=-4

Step-by-step explanation:

Move everything to one side and combine like-terms

x²+8x+16

Factor

(x+4)²

x=-4

Decide whether the method of undetermined coefficients together with superposition can be applied to find a particular solution of the given equation. Do not solve the equation Can the method of undetermined coefficients together with superposition be applied to find a particular solution of the given equation?
A. No, because the right side of the given equation is not the correct type of function
B, Yes °
C. No, because the differential equation is not linear.
D. No, because the differential equation does not have constant coefficients.

Answers

Answer:

D. No, because the differential equation does not have constant coefficients.

Step-by-step explanation:

The undetermined coefficient method cannot be applied to non homogeneous variables. The differential equation does not have constant variables therefore the method of undetermined superposition can not be applied. To complete a solution of non homogeneous equation the particular solution must be added to the homogeneous equation.

Insurance companies track life expectancy information to assist in determining the cost of life insurance policies. AIB Insurance randomly sampled 100 recently paid policies and determined the average age of clients in this sample to be 77.7 years with a standard deviation of 3.6. The 90% confidence interval for the true mean age of its life insurance policy holders is
A. (76.87, 80.33)
B. (72.5, 82.9)
C. (77.1, 78.3)
D. (74.1, 81.3)
E. (74.5, 80)

Answers

Answer:

[tex]77.7-1.66\frac{3.6}{\sqrt{100}} =77.102[/tex]    

[tex]77.7+1.66\frac{3.6}{\sqrt{100}} =78.30[/tex]    

And the best option would be:

C. (77.1, 78.3)

Step-by-step explanation:

Information given

[tex]\bar X=77.7[/tex] represent the sample mean

[tex]\mu[/tex] population mean (variable of interest)

s=3.6 represent the sample standard deviation

n=100 represent the sample size  

Confidence interval

The confidence interval for the mean is given by the following formula:

[tex]\bar X \pm t_{\alpha/2}\frac{s}{\sqrt{n}}[/tex]   (1)

The degrees of freedom are given by:

[tex]df=n-1=100-1=99[/tex]

Since the Confidence is 0.90 or 90%, the significance would be [tex]\alpha=0.1[/tex] and [tex]\alpha/2 =0.05[/tex], and the critical value for this case would be [tex]t_{\alpha/2}=1.66[/tex]

And replacing we got:

[tex]77.7-1.66\frac{3.6}{\sqrt{100}} =77.10[/tex]    

[tex]77.7+1.66\frac{3.6}{\sqrt{100}} =78.30[/tex]    

And the best option would be:

C. (77.1, 78.3)

combine like terms to create an equivalent expression -1/2(-3y+10)

Answers

Answer:

3/2y - 5

Step-by-step explanation:

-1/2(-3y+10)

Expand the brackets.

-1/2(-3y) -1/2(10)

Multiply.

3/2y - 5

Answer:

[tex]= \frac{ 3y}{2} - 5 \\ [/tex]

Step-by-step explanation:

we know that,

[tex]( - ) \times ( - ) = ( + ) \\ ( - ) \times ( + ) = ( - )[/tex]

Let's solve now,

[tex] - \frac{1}{2} ( - 3y + 10) \\ \frac{3y}{2} - \frac{10}{2} \\ = \frac{ 3y}{2} - 5[/tex]

hey guys please help ​

Answers

Answer:

[tex]7.98 \:m[/tex]

Step-by-step explanation:

Area of a triangle is base times height divided by 2.

[tex]A= \frac{bh}{2}[/tex]

[tex]69.6= \frac{b \times 17.45}{2}[/tex]

[tex]69.6 \times 2= b \times 17.45[/tex]

[tex]139.2=b \times 17.45[/tex]

[tex]\frac{17.45b}{17.45}=\frac{139.2}{17.45}[/tex]

[tex]b=\frac{2784}{349}[/tex]

[tex]b=7.97707[/tex]

The appropriate unit is meters.

Answer:

7.98 m

Step-by-step explanation:

Please answer this correctly

Answers

Answer:

1/2

Step-by-step explanation:

There is a 50/50 chance for the coin to land either heads or tails. Convert that to probability and it is 1/2.

The only time a coin would not be 50/50 chance is if the coin is weighted.

Answer:

1/2 is probability

becoz one side is head or one is tail

Given z = 4x – 6y, solve for y.​

Answers

Answer:

Step-by-step explanation:

-6y+4x=z

-6y=z-4x

y=(z-4x)/-6

Answer:

[tex]y=\frac{z-4x}{-6}[/tex]

Step-by-step explanation:

Can someone please help

Use the In key on your calculator to estimate
the logarithm.
In 44
Round your answer to the nearest thousandth.

Answers

Answer:

3.784

Step-by-step explanation:

Determine if the expressions are equivalent.

when w = 11:

2w + 3 + 4     4 + 2w + 3

2(11) + 3 + 4    4 + 2(11) + 3

22 + 3 + 4      4 + 22 + 3

25 + 4      26 + 3

29        29

Complete the statements.

Answers

Answer:

Determine if the expressions are equivalent.

when w = 11:

2w + 3 + 4     4 + 2w + 3

2(11) + 3 + 4    4 + 2(11) + 3

22 + 3 + 4      4 + 22 + 3

25 + 4      26 + 3

29        29

Complete the statements.

Now, check another value for the variable.

When w = 2, the first expression is  

11

.

When w = 2, the second expression is  

11

.

Therefore, the expressions are  

equivalent

.

Step-by-step explanation:

i did the math hope this helps

Answer:

Hii its Nat here to help! :)

Step-by-step explanation: A is 11 and b is 11.

C is Equal

Screenshot included.

An economist at Vanderbilt University devised a study to compare different types of online auctions. In one experiment he compared a Dutch auction to a first-place sealed bid auction. In the Dutch auction the item for sale starts at a very high price and is lowered gradually until someone finds the price low enough to buy. In the first-price sealed bid auction each bidder submits a single sealed bid before a particular deadline. After the deadline, the person with the highest bid wins. The researcher auctioned off collectible trading cards from the game Magic: The Gathering. He placed pairs of identical cards up for auction; one would go into Dutch auction and the other to the first-price sealed bid auction. He then looked at the difference in the prices he received on the pair. He repeated this for a total of 88 pairs.
[a] Explained why the data should be analyzed using paired samples as opposed to two independent samples.
[b] What makes a pair?
[c] What is the explanatory variable? Is it categorical or quantitative?
[d] What is the response variable? Is it categorical or quantitative?
[e] State the relevant hypotheses in words:
Null hypothesis:
Alternative hypothesis:
[f] Define the parameter of interest and give the symbol that should be assigned to it.
[g] State the relevant hypotheses in symbols (using a parameter):
Null hypothesis:
Alternative hypothesis:
[h] Assume the p-value is 0.17 (write a conclusion).

Answers

Answer:

Step-by-step explanation:

a. The data should be analyzed using paired samples because the economist made two measurements (samples) drawn from the same pair of identical cards. Each data point in one sample is uniquely paired to a data point in the second sample.

b. A pair is made up of two identical cards where one would go into Dutch auction and the other to the first-price sealed bid auction.

c. The explanatory variables are the types of online auction which are the Dutch auction and the first price sealed bid auction. The explanation variable here is categorical: the Dutch auction and the first price sealed bid auction.

d. The response variable which is also known as the outcome variable is prices for the 2 different auction for each pair of identical cards. This variable is quantitative.

e. Null Hypothesis in words: There is no difference in the prices obtained in the two different online auction.

Alternative hypothesis: There is a difference in the prices obtained in the two different online auction.

f. The parameter of interest in this case is the mean prices of pairs of identical cards for both auction and is assigned p.

g. Null hypothesis: p(dutch) = p(first-price sealed auction)

Alternative hypothesis: p(dutch) =/ p(first-price sealed auction)

h. Assuming the p-value is 0.17 at an assed standard 0.05 significance level, our conclusion would be to fail to reject the null hypothesis as 0.17 is greater than 0.05 or even 0.01 and we can conclude that, there is no statistically significant evidence to prove that there is a difference in the prices obtained in the two different online auction.

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