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Question
A market research firms conducts studies regarding the success of new products. The company is not always perfect in predicting the success. Suppose that there is a 50% chance that any new product would be successful (and a 50% chance that it would fail). In the past, for all new products that ultimately were successful, 80% were predicted to be successful (and the other 20% were inaccurately predicted to be failures). Also, for all new products that were ultimately failures, 70% were predicted to be failures (and the other 30% were inaccurately predicted to be successes). What is the a priori probability that a new product would be a success?a) 0.50
b) 0.80
c) 0.70
d) 0.60
e) 0.95
Answer
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Related questions
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23
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Q:
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Q:
The mean square error (MSerr) is calculated by dividing the sum of squares error (SSerr) by the number of error degrees of freedom (dferr).
Q:
Annie Mikhail, market analyst for a national company specializing in historic city tours, is analyzing the relationship between the sales revenue from historic city tours and the size of the city. She gathers data from six cities in which the tours are offered. Annie's dependent variable is annual sales revenues and her independent variable is the city population. Regression analysis of the data yielded the following tables. Coefficients
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t Statistic
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3.550325
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4
0.224675
0.056169 Total
5
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Q:
Annie Mikhail, market analyst for a national company specializing in historic city tours, is analyzing the relationship between the sales revenue from historic city tours and the size of the city. She gathers data from six cities in which the tours are offered. Annie's dependent variable is annual sales revenues and her independent variable is the city population. Regression analysis of the data yielded the following tables. Coefficients
Standard Error
t Statistic
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-0.14156
0.292143
-0.48455
0.653331 x
0.105195
0.013231
7.950352
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df
SS
MS
F Se = 0.237 Regression
1
3.550325
3.550325
63.20809 r2 = 0.940483 Residual
4
0.224675
0.056169 Total
5
3.775 Annie's sample size is __________.
a) 2
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Q:
Annie Mikhail, market analyst for a national company specializing in historic city tours, is analyzing the relationship between the sales revenue from historic city tours and the size of the city. She gathers data from six cities in which the tours are offered. Annie's dependent variable is annual sales revenues and her independent variable is the city population. Regression analysis of the data yielded the following tables. Coefficients
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MS
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1
3.550325
3.550325
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0.224675
0.056169 Total
5
3.775 Annie's regression model can be written as: __________.
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Q:
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Q:
In the regression equation, y=2.164+1.3657x n=6, the mean of x is 8.667, Sxx=89.333 and Se=3.44. A 95% prediction interval for y when x=8 is _________
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Q:
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Q:
In a regression analysis if SST = 200 and SSR = 200, r 2 = _________.
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c) 0.00
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Q:
The proportion of variability of the dependent variable accounted for or explained by the independent variable is called the _______.
a) sum of squares error
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Q:
The numerical value of the coefficient of determination must be _______.
a) between -1 and +1
b) between -1 and 0
c) between 0 and 1
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Q:
A standard deviation of the error of the regression model is called the _______.
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Q:
The following residuals plot indicates _______________. a) a nonlinear relation
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c) the simple regression assumptions are met
d) the sample is biased
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