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Get Full Access to Applied Statistics And Probability For Engineers - 3 Edition - Chapter 3-2 - Problem 3-23
Get Full Access to Applied Statistics And Probability For Engineers - 3 Edition - Chapter 3-2 - Problem 3-23

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# 3-23. The distributor of a machine for cytogenics has developed a new model. The company

ISBN: 9780471204541 346

## Solution for problem 3-23 Chapter 3-2

Applied Statistics and Probability for Engineers | 3rd Edition

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Problem 3-23

3-23. The distributor of a machine for cytogenics has developed a new model. The company estimates that when it is introduced into the market, it will be very successful with a probability 0.6, moderately successful with a probability 0.3, and not successful with probability 0.1. The estimated yearly profit associated with the model being very successful is \$15 million and being moderately successful is \$5 million; not successful would result in a loss of \$500,000. Let X be the yearly profit of the new model. Determine the probability mass function of X.

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Test Statistic  measures how far the sample data diverge from what we would expect should the null hypothesis be true  So, a test statistic with a high magnitude would show that the date is not consistent with H o P-values  the probability (when H0 I true) that the test statistic takes a value that is as extreme or more extreme than what is observed...

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