Description
if you draw two cards from a bridge desk what is the probability of drawing a jack on the first card
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Explanation & Answer
Hello!
The probability of drawing a jack on the first card is obviously
the number of jacks / the entire number of cards = 4/52 = 1/13 = approx. 0.077.
I suppose that you didn't write the end of the sentence (about the second card).
Please give it and I'll answer.
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Rasmussen College The Mathematics of Games Questions
I am looking for help on this question for questions 5, 6 and 7. (Please see attached 'Mathematics of Games Questions' fil ...
Rasmussen College The Mathematics of Games Questions
I am looking for help on this question for questions 5, 6 and 7. (Please see attached 'Mathematics of Games Questions' file-I couldn't get the tables to show up). I have attached the previous assignments as well in the zipped file if they are helpful. I got them all finished but then I fell behind and I can't seem to catch up. :(Thank you so much for your help!5. Use the payoff matrix from number 1 to determine the optimum strategy for your client (the challenger).Show all of your work. 6. The market research team working on this project creates this payoff matrix that represents the scaled values that customers give to the different levels of service and the corresponding payoffs for the telecom company: You recognize that the payoff matrix is not the best way to analyze this scenario.You will construct a game tree to model the scenario and perform backwards induction to find the optimum strategy, explaining all of your reasoning along the way. Slide 1 Explain why a game tree must be used in this scenario instead of a payoff matrix.Identify who will go first in the gameCalculate the probability of getting a satisfied client based off of your prior work history at G& B Consulting.Show all work.Explain how you found your solution. Slide 2 Draw the game tree that represents the scenario using the payoff matrix given above.Identify and explain any non-credible threats.Using your prior work history, calculate the probability of getting at least 85% of clients giving you high customer satisfaction ratings.Explain how you found your solution. Slide 3 Redraw the game tree with any non-credible threats removed.Identify and explain where the first step of backwards induction will occur.Interpret your results from slide 2 and use them to make an argument on why you would be good for the position. Slide 4 Using the game tree from slide 3, perform the first step of backwards induction.Explain your reasoning behind the step you took.Using the payoff matrix shown above, determine if the manufacturer has a dominant strategy.Show and explain all steps.Using the payoff matrix shown above, determine if the competitor has a dominant strategy.Show and explain all steps. Slide 5 Redraw the game tree after the first step of backwards induction.Identify where the next step of backwards induction occurs.Find all Nash equilibrium points.Show and explain all steps.Identify the optimum strategy of the game. Slide 6 Using the game tree from slide 5, perform the next step of backwards induction.Explain your reasoning behind the step you took.Do your results match those of your coworkers?Explain why you agree or disagree Slide 7 Redraw the game tree after the step you took in slide 6.Identify the optimum strategy of the game. Use the mixed strategy algorithm to find the optimum strategy for the manufacturer.Show all of your steps.Use the mixed strategy algorithm to find the optimum strategy for the competitor.Show all of your steps.Do your results match those of your coworker’s?Explain why you agree or disagree.Create the game tree for this scenario, exclude any non-credible threats.Explain how you identified the non-credible threat. 7. Part 1 The first item you want to highlight is your customer satisfaction record. Over the past 18 months of employment you have worked with 25 clients, and according to the customer satisfaction surveys all clients are asked to take after their contract is completed, 22 of them rated you with the highest level of satisfaction. Use this information to find the best predicted probability of having a new client give the highest level of satisfaction. However, having a single satisfied customer is not enough. It is very important to G & B Consulting that they maintain high ethical standards and continue to receive the highest rating from the Better Business Bureau consistently. In order to maintain this rating, the company must maintain at least 85% or higher of customers giving you high customer satisfaction ratings. Internal projections predict that G&B Consulting will serve 60 clients over the next year. If you become the project manager and use your prior record as an indicator, find the probability that 85% or more of new clients will give the highest level of customer satisfaction rating. Show all calculations and formulas used. If you use Excel for your calculations include that along with your submission. Use this information to make a convincing argument that you are a good choice for the position. Slide 1Calculate the probability of getting a satisfied client based off of your prior work history at G& B Consulting.Show all work.Explain how you found your solution. Slide 2Using your prior work history, calculate the probability of getting at least 85% of clients giving you high customer satisfaction ratings.Explain how you found your solution. Slide 3Interpret your results from slide 2 and use them to make an argument on why you would be good for the position. Part 2 The other item you wish to highlight comes from some work done for a local manufacturer. They believed that a competitor was illegally using one of their patents in their own manufacturing process and were considering litigation. This competitor's product were directly cutting into the manufacturer's profit, so they wanted to prevent the competitor's product from being made and recoup those lost profits. Of course, the litigation process is long and costly, and the outcome is not guaranteed and would likely result in a countersuit brought by the competitor. Before continuing with costly legal counsel, the manufacturer hired G&B Consulting to help them determine their best strategy. This was potentially a very lucrative contract, and a high profile one too since the manufacturer is one of the biggest employers in the area. Therefore, several analysts at G&B Consulting, including you, were asked to tackle the problem independently to help ensure the best possible results. Before compiling a final report to give to the manufacturer, the results were presented to the project lead: The first solution brought up was given by one of your coworkers. Using the manufacturer's projections of profits solely, he was able to create the following payoff matrix where each entry is in millions of dollars annually: This coworker concluded that the manufacturer should always do the opposite of the competitor chooses making this a strictly competitive game. Slide 4Using the payoff matrix shown above, determine if the manufacturer has a dominant strategy.Show and explain all steps.Using the payoff matrix shown above, determine if the competitor has a dominant strategy.Show and explain all steps. Slide 5Find all Nash equilibrium points.Show and explain all steps.Identify the optimum strategy of the game. Slide 6Do your results match those of your coworkers?Explain why you agree or disagree Part 3 The second solution was brought by a different coworker. She also created a payoff matrix for the scenario but did some independent research to estimate the competitor's profits in each outcome independent of the manufacturer's profits and came up with the following payoff matrix, again, the values represent millions of dollars in annual profits. This coworker concludes that under these circumstances, the manufacturer should sue 50% of the time and not sue the other 50% of the time, and they should expect their competitor to do the same. Slide 7Use the mixed strategy algorithm to find the optimum strategy for the manufacturer.Show all of your steps. Slide 8Use the mixed strategy algorithm to find the optimum strategy for the competitor.Show all of your steps. Slide 9Do your results match those of your coworker’s?Explain why you agree or disagree. Part 4 You present your own solution that is based on a non-simultaneous game where the manufacturer first has to decide whether or not they wish to pursue litigation. If they do so choose, then their competitor will also have to decide if the wish to file a counter-suit. You utilized the same payoff matrix that the second coworker provided that contains information about both companies' projected profits Slide 10Create the game tree for this scenario, exclude any non-credible threats.Explain how you identified the non-credible threat.
·
Perform the
first step of backwards induction. Shown
and explain your work.Slide 11Perform the second step of backwards induction.Show and explain all your work.Slide 12Identify the optimum strategy for the game.
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Week 3 Project - STAT 3001 Student Name: <Type your name here> Date:<Enter the date on which you began workin ...
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Week 3 Project - STAT 3001 Student Name: <Type your name here> Date:<Enter the date on which you began working on this assignment.> Instructions:To complete this project, you will need the following materials: STAT DISK User Manual (found in the classroom in Doc Sharing)Access to the Internet to download the STATDISK program. Part I.Analyze Data Instructions Answers Open the file Car Measurements using menu option Datasets and then Elementary Stats, 13th Edition.This file contains information on a number of measurements related to cars. How many observations are there in this file? 2-5 Analyze the data in this file and complete the following table, indicating for each variable what type of data it represents. Variable Qualitative/ Quantitative Discrete/ Continuous/ Neither Level of Measurement Size Braking (distance) City (MPG) Car 6. Would you consider this data to represent a sample or a population? Why? Part II. ScatterPlots 7. Create a scatterplot for the data in the Length (inches) and Braking distance (feet) columns.Paste it here.You may need to resize the plot once it is in this file. 8. Explain the visual relationship between Length and Braking distance. 9. Create a scatterplot for the data in Displacement (liters) and Highway (MPG) columns. Paste it here. You may need to resize the plot once it is in this file. 10. Explain the visual relationship between Displacement and Highway MPG. Part III.Correlation 11.Using Stat Disk, calculate the linear correlation between the data in the Length and Braking distance columns. List the steps used for the calculation and give the resulting correlation coefficient. 12.Explain the mathematical relationship between Length and Braking distance based on the linear correlation coefficient.Be certain to include comments about the magnitude and the direction of the correlation. 13.List the sample size and the degrees of freedom for this computation. 14.Using Stat Disk, calculate the linear correlation coefficient between the data in the Displacement and Highway MPG columns. 15.Compare and contrast these two relationships: Length and Braking distance Displacement and Highway MPG How are they similar? How are they different? [Hint: Read Page 290 “Types of Correlation”] Part IV.Simple Regression Let’s say that we wanted to be able to predict the city MPG of a car based on its Weight in pounds. Using this sample data, perform a simple-linear regression to determine the line-of-best fit. Use the Weight as your x (independent) variable and City MPG as your y (response) variable. Use 3 places after the decimal in your answer. Refer to page 13 in the Stat Disk User’s Manual. 16. Paste your results here: Answer the following questions related to this simple regression 17. What is the equation of the line-of-best fit?Insert the values for bo and b1 from above into y = bo + b1x. 18. What is the slope of the line?What does it tell you about the relationship between the Weight and City MPG data? Be sure to specify the proper units. 19.What is the y-intercept of the line?What does it tell you about the relationship between Weight and City MPG? 20. Using the regression equation, what would you predict for the City MPG of a car weighing 2250 pounds? Show your calculation and round to the nearest tenth. 21. Using the regression equation, let’s say you have a car with a City MPG of 29, what would the car weigh? Round to the nearest whole number. 22. Find the coefficient of determination (R2 value) for this data.What does this tell you about this relationship? [Hint:see definition on Page 311.] Part V.Multiple Regression Let’s say that we wanted to be able to predict the Highway MPG of a car based on DisplacementLengthBraking Using this sample data, perform a multiple-regression using Displacement, Length, Braking distance with Highway MPG as the dependent variable. Refer to page 14 in the Stat Disk User’s Manual. 23. Paste your results here: 24. What is the equation of the line-of-best fit?The form of the equation is Y = bo + b1X1 + b2X2 + b3X3 (fill in values for b0, b1, b2, and b3). [Round coefficients to 2 decimal places.] 25. Using the multiple regression equation, what would you predict for the Highway MPG of a car whose Length in inches is 184Braking distance in feet is 139Displacement in liters is 2.2 Round to the nearest tenth. 26. What is the R2 value for this regression?What does it tell you about the regression? Submit your final draft of your Word file by going to Week 3, Project, and follow the directions under Week 3 Assignment 2.Please use the naming convention "WK3Assgn2+first initial+last name" as the Submission Title.
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Rasmussen College The Mathematics of Games Questions
I am looking for help on this question for questions 5, 6 and 7. (Please see attached 'Mathematics of Games Questions' fil ...
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I am looking for help on this question for questions 5, 6 and 7. (Please see attached 'Mathematics of Games Questions' file-I couldn't get the tables to show up). I have attached the previous assignments as well in the zipped file if they are helpful. I got them all finished but then I fell behind and I can't seem to catch up. :(Thank you so much for your help!5. Use the payoff matrix from number 1 to determine the optimum strategy for your client (the challenger).Show all of your work. 6. The market research team working on this project creates this payoff matrix that represents the scaled values that customers give to the different levels of service and the corresponding payoffs for the telecom company: You recognize that the payoff matrix is not the best way to analyze this scenario.You will construct a game tree to model the scenario and perform backwards induction to find the optimum strategy, explaining all of your reasoning along the way. Slide 1 Explain why a game tree must be used in this scenario instead of a payoff matrix.Identify who will go first in the gameCalculate the probability of getting a satisfied client based off of your prior work history at G& B Consulting.Show all work.Explain how you found your solution. Slide 2 Draw the game tree that represents the scenario using the payoff matrix given above.Identify and explain any non-credible threats.Using your prior work history, calculate the probability of getting at least 85% of clients giving you high customer satisfaction ratings.Explain how you found your solution. Slide 3 Redraw the game tree with any non-credible threats removed.Identify and explain where the first step of backwards induction will occur.Interpret your results from slide 2 and use them to make an argument on why you would be good for the position. Slide 4 Using the game tree from slide 3, perform the first step of backwards induction.Explain your reasoning behind the step you took.Using the payoff matrix shown above, determine if the manufacturer has a dominant strategy.Show and explain all steps.Using the payoff matrix shown above, determine if the competitor has a dominant strategy.Show and explain all steps. Slide 5 Redraw the game tree after the first step of backwards induction.Identify where the next step of backwards induction occurs.Find all Nash equilibrium points.Show and explain all steps.Identify the optimum strategy of the game. Slide 6 Using the game tree from slide 5, perform the next step of backwards induction.Explain your reasoning behind the step you took.Do your results match those of your coworkers?Explain why you agree or disagree Slide 7 Redraw the game tree after the step you took in slide 6.Identify the optimum strategy of the game. Use the mixed strategy algorithm to find the optimum strategy for the manufacturer.Show all of your steps.Use the mixed strategy algorithm to find the optimum strategy for the competitor.Show all of your steps.Do your results match those of your coworker’s?Explain why you agree or disagree.Create the game tree for this scenario, exclude any non-credible threats.Explain how you identified the non-credible threat. 7. Part 1 The first item you want to highlight is your customer satisfaction record. Over the past 18 months of employment you have worked with 25 clients, and according to the customer satisfaction surveys all clients are asked to take after their contract is completed, 22 of them rated you with the highest level of satisfaction. Use this information to find the best predicted probability of having a new client give the highest level of satisfaction. However, having a single satisfied customer is not enough. It is very important to G & B Consulting that they maintain high ethical standards and continue to receive the highest rating from the Better Business Bureau consistently. In order to maintain this rating, the company must maintain at least 85% or higher of customers giving you high customer satisfaction ratings. Internal projections predict that G&B Consulting will serve 60 clients over the next year. If you become the project manager and use your prior record as an indicator, find the probability that 85% or more of new clients will give the highest level of customer satisfaction rating. Show all calculations and formulas used. If you use Excel for your calculations include that along with your submission. Use this information to make a convincing argument that you are a good choice for the position. Slide 1Calculate the probability of getting a satisfied client based off of your prior work history at G& B Consulting.Show all work.Explain how you found your solution. Slide 2Using your prior work history, calculate the probability of getting at least 85% of clients giving you high customer satisfaction ratings.Explain how you found your solution. Slide 3Interpret your results from slide 2 and use them to make an argument on why you would be good for the position. Part 2 The other item you wish to highlight comes from some work done for a local manufacturer. They believed that a competitor was illegally using one of their patents in their own manufacturing process and were considering litigation. This competitor's product were directly cutting into the manufacturer's profit, so they wanted to prevent the competitor's product from being made and recoup those lost profits. Of course, the litigation process is long and costly, and the outcome is not guaranteed and would likely result in a countersuit brought by the competitor. Before continuing with costly legal counsel, the manufacturer hired G&B Consulting to help them determine their best strategy. This was potentially a very lucrative contract, and a high profile one too since the manufacturer is one of the biggest employers in the area. Therefore, several analysts at G&B Consulting, including you, were asked to tackle the problem independently to help ensure the best possible results. Before compiling a final report to give to the manufacturer, the results were presented to the project lead: The first solution brought up was given by one of your coworkers. Using the manufacturer's projections of profits solely, he was able to create the following payoff matrix where each entry is in millions of dollars annually: This coworker concluded that the manufacturer should always do the opposite of the competitor chooses making this a strictly competitive game. Slide 4Using the payoff matrix shown above, determine if the manufacturer has a dominant strategy.Show and explain all steps.Using the payoff matrix shown above, determine if the competitor has a dominant strategy.Show and explain all steps. Slide 5Find all Nash equilibrium points.Show and explain all steps.Identify the optimum strategy of the game. Slide 6Do your results match those of your coworkers?Explain why you agree or disagree Part 3 The second solution was brought by a different coworker. She also created a payoff matrix for the scenario but did some independent research to estimate the competitor's profits in each outcome independent of the manufacturer's profits and came up with the following payoff matrix, again, the values represent millions of dollars in annual profits. This coworker concludes that under these circumstances, the manufacturer should sue 50% of the time and not sue the other 50% of the time, and they should expect their competitor to do the same. Slide 7Use the mixed strategy algorithm to find the optimum strategy for the manufacturer.Show all of your steps. Slide 8Use the mixed strategy algorithm to find the optimum strategy for the competitor.Show all of your steps. Slide 9Do your results match those of your coworker’s?Explain why you agree or disagree. Part 4 You present your own solution that is based on a non-simultaneous game where the manufacturer first has to decide whether or not they wish to pursue litigation. If they do so choose, then their competitor will also have to decide if the wish to file a counter-suit. You utilized the same payoff matrix that the second coworker provided that contains information about both companies' projected profits Slide 10Create the game tree for this scenario, exclude any non-credible threats.Explain how you identified the non-credible threat.
·
Perform the
first step of backwards induction. Shown
and explain your work.Slide 11Perform the second step of backwards induction.Show and explain all your work.Slide 12Identify the optimum strategy for the game.
6 pages
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statistics
Week 3 Project - STAT 3001 Student Name: <Type your name here> Date:<Enter the date on which you began workin ...
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Week 3 Project - STAT 3001 Student Name: <Type your name here> Date:<Enter the date on which you began working on this assignment.> Instructions:To complete this project, you will need the following materials: STAT DISK User Manual (found in the classroom in Doc Sharing)Access to the Internet to download the STATDISK program. Part I.Analyze Data Instructions Answers Open the file Car Measurements using menu option Datasets and then Elementary Stats, 13th Edition.This file contains information on a number of measurements related to cars. How many observations are there in this file? 2-5 Analyze the data in this file and complete the following table, indicating for each variable what type of data it represents. Variable Qualitative/ Quantitative Discrete/ Continuous/ Neither Level of Measurement Size Braking (distance) City (MPG) Car 6. Would you consider this data to represent a sample or a population? Why? Part II. ScatterPlots 7. Create a scatterplot for the data in the Length (inches) and Braking distance (feet) columns.Paste it here.You may need to resize the plot once it is in this file. 8. Explain the visual relationship between Length and Braking distance. 9. Create a scatterplot for the data in Displacement (liters) and Highway (MPG) columns. Paste it here. You may need to resize the plot once it is in this file. 10. Explain the visual relationship between Displacement and Highway MPG. Part III.Correlation 11.Using Stat Disk, calculate the linear correlation between the data in the Length and Braking distance columns. List the steps used for the calculation and give the resulting correlation coefficient. 12.Explain the mathematical relationship between Length and Braking distance based on the linear correlation coefficient.Be certain to include comments about the magnitude and the direction of the correlation. 13.List the sample size and the degrees of freedom for this computation. 14.Using Stat Disk, calculate the linear correlation coefficient between the data in the Displacement and Highway MPG columns. 15.Compare and contrast these two relationships: Length and Braking distance Displacement and Highway MPG How are they similar? How are they different? [Hint: Read Page 290 “Types of Correlation”] Part IV.Simple Regression Let’s say that we wanted to be able to predict the city MPG of a car based on its Weight in pounds. Using this sample data, perform a simple-linear regression to determine the line-of-best fit. Use the Weight as your x (independent) variable and City MPG as your y (response) variable. Use 3 places after the decimal in your answer. Refer to page 13 in the Stat Disk User’s Manual. 16. Paste your results here: Answer the following questions related to this simple regression 17. What is the equation of the line-of-best fit?Insert the values for bo and b1 from above into y = bo + b1x. 18. What is the slope of the line?What does it tell you about the relationship between the Weight and City MPG data? Be sure to specify the proper units. 19.What is the y-intercept of the line?What does it tell you about the relationship between Weight and City MPG? 20. Using the regression equation, what would you predict for the City MPG of a car weighing 2250 pounds? Show your calculation and round to the nearest tenth. 21. Using the regression equation, let’s say you have a car with a City MPG of 29, what would the car weigh? Round to the nearest whole number. 22. Find the coefficient of determination (R2 value) for this data.What does this tell you about this relationship? [Hint:see definition on Page 311.] Part V.Multiple Regression Let’s say that we wanted to be able to predict the Highway MPG of a car based on DisplacementLengthBraking Using this sample data, perform a multiple-regression using Displacement, Length, Braking distance with Highway MPG as the dependent variable. Refer to page 14 in the Stat Disk User’s Manual. 23. Paste your results here: 24. What is the equation of the line-of-best fit?The form of the equation is Y = bo + b1X1 + b2X2 + b3X3 (fill in values for b0, b1, b2, and b3). [Round coefficients to 2 decimal places.] 25. Using the multiple regression equation, what would you predict for the Highway MPG of a car whose Length in inches is 184Braking distance in feet is 139Displacement in liters is 2.2 Round to the nearest tenth. 26. What is the R2 value for this regression?What does it tell you about the regression? Submit your final draft of your Word file by going to Week 3, Project, and follow the directions under Week 3 Assignment 2.Please use the naming convention "WK3Assgn2+first initial+last name" as the Submission Title.
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