The answer is: There were about 169 principals in attendance.
what is proportion?
In mathematics, a proportion is an equation that states that two ratios or fractions are equal. A proportion can be written in the form of a/b = c/d, where a, b, c, and d are numbers or variables.
Proportions are used to compare two or more quantities or to find an unknown value. For example, if we know that the ratio of the length of a rectangle to its width is 2:1, and we also know that the length is 6 feet, we can use a proportion to find the width. We set up the proportion as 2/1 = 6/w, where w is the width of the rectangle, and then solve for w by cross-multiplying and simplifying the equation.
Proportions are also used in many real-world applications, such as cooking, finance, and science.
To make a prediction about the number of principals in attendance at the conference, we need to use the given information and make some assumptions.
We know that in one exhibit room of 80 people, there were 15 principals. Let's assume that this exhibit room is representative of the entire conference, and that the proportion of principals to attendees in this room is the same as the proportion of principals to attendees in the entire conference.
Using this assumption, we can set up a proportion:
15 principals / 80 attendees = x principals / 900 attendees
To solve for x, we can cross-multiply and simplify:
15 * 900 = 80 * x
x = (15 * 900) / 80 = 168.75
So our prediction is that there were about 169 principals in attendance at the conference.
Therefore, the answer is: There were about 169 principals in attendance.
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Can someone explain to me what co sin and tan are and how i solve questions that involve them
Answer:
Cosine, sine, and tangent are trigonometric functions used in mathematics and geometry to calculate angles and sides in right triangles.
Here is a brief explanation of each:
Cosine (cos): The cosine of an angle in a right triangle is defined as the adjacent side length divided by the hypotenuse length. In other words, it represents the ratio of the length of the adjacent side to the angle to the length of the hypotenuse. It is usually abbreviated as cos.
Sine (sin): The sine of an angle in a right triangle is defined as the opposite side length divided by the hypotenuse length. In other words, it represents the ratio of the length of the opposite side to the angle to the length of the hypotenuse. It is usually abbreviated as sin.
Tangent (tan): The tangent of an angle in a right triangle is defined as the opposite side length divided by the adjacent side length. In other words, it represents the ratio of the length of the opposite side to the angle to the length of the adjacent side. It is usually abbreviated as tan.
To solve questions that involve these functions, you need to know at least two values of a right triangle, such as the lengths of two sides or one side and an angle. Then you can use the trigonometric function and the given values to calculate the missing side or angle.
For example, if you know the length of the hypotenuse and one acute angle of a right triangle, you can use the sine or cosine function to calculate the length of one of the other sides. If you know the length of one side and one acute angle, you can use the tangent function to calculate the length of the other side.
There are also trigonometric identities and equations that can be used to simplify or solve more complex problems involving these functions.
Step-by-step explanation:
Need help!! 25 points
The amount of people infected after t weeks is modeled by the function presented as follows:
[tex]f(t) = \frac{675000}{1 + 4000e^{-t}}[/tex]
When the epidemic began, we have that t = 0, hence the number of people is given as follows:
f(0) = 675,000/(1 + 4000)
f(0) = 169 people.
Six weeks after the epidemic began, we have that t = 6, hence the number of people is given as follows:
f(6) = 675,000/(1 + 4000 x e^(-6))
f(6) = 61,841 people.
The limiting size of the infected population is the numerator of the fraction, which is 675,000, as the denominator goes to zero when t goes to infinity.
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Please answer with explanation.
Answer:
Step-by-step explanation:
Trigonometry can be used to find the value of x
15cos35=x
x=15*0.8192
x=15*.8192
x= 12.288
x≈12.29cm
if a cartesian join is used to link table a which contains two rows to table b which contains eight rows, there will be sixteen rows in the results.T/F
True. A cartesian join, also known as a cross join, returns all possible combinations of rows between two tables. In this scenario, since table a contains two rows and table b contains eight rows, there will be 2 x 8 = 16 possible combinations or rows in the result set.
When a Cartesian join is used to link two tables, it creates a combination of all possible rows between the two tables. In this case, table A has 2 rows and table B has 8 rows. To calculate the number of rows in the result, you simply multiply the number of rows in each table:
2 rows (table A) x 8 rows (table B) = 16 rows
So, when a Cartesian join is used to link table A with 2 rows to table B with 8 rows, there will be 16 rows in the result.
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The statement "if a cartesian join is used to link table a which contains two rows to table b which contains eight rows, there will be sixteen rows in the results" is a true statement.
What is a Cartesian join?
A Cartesian join, also known as a cross join or a cross product, generates a result set that combines every row from the first table with every row from the second table, with no requirements or limits.
If table A has two rows and table B has eight rows, a Cartesian join between the two tables will yield a result set with 16 rows (the product of the number of rows in each table).
So the statement "if a Cartesian join is used to link table A with two rows to table B with eight rows, the results will have sixteen rows" is valid.
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Joel wants to fence off a triangle portion of his yard for his chickens. The three pieces of fencing he has measured 8 ft, 15 ft, and 20 ft. will Joel be able to make a right triangle with the current lengths of fencing? why or why not?
Joel cannot make a right triangle with the current lengths of fencing.
What is right triangle?A right triangle is a triangle that has one angle that measures exactly 90 degrees (a right angle). This means that the other two angles of the triangle are acute (measuring less than 90 degrees). The side opposite the right angle is called the hypotenuse, and it is always the longest side of the triangle. The other two sides are called the legs of the triangle.
To check if Joel can make a right triangle with the current lengths of fencing, we can use the Pythagorean theorem, which states that in a right triangle, the sum of the squares of the lengths of the two shorter sides (legs) is equal to the square of the length of the longest side (hypotenuse).
So, let's check if the measurements satisfy the Pythagorean theorem:
8² + 15² = 64 + 225 = 289
20² = 400
According to the Pythagorean theorem, a triangle with sides of length 8 ft, 15 ft, and 20 ft would be a right triangle if it satisfies the equation a² + b² = c² , where a and b are the shorter sides (legs) and c is the longest side (hypotenuse). However, in this case, we can see that the sum of the squares of the shorter sides (8² + 15² ) is not equal to the square of the longest side (20² ), so the measurements cannot form a right triangle.
Therefore, Joel cannot make a right triangle with the current lengths of fencing.
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when a biased coin is tossed, heads is three times as likely to come up as tails. rearrange the following procedure in the correct order to find the probability that should be assigned to the outcome of heads and tails?
The probability of heads is 3 times that of tails, so the probability of heads is 0.75 and the probability of tails is 0.25.
Assign a probability of 0.5 to heads
Assign a probability of 0.25 to tails
When a biased coin is tossed the probability of heads is three times as likely to come up as tails.
To find the probability that should be assigned to the outcome of heads and tails the first step is to calculate the probability of heads.
Once this is done,
The probability of heads can be assigned a value of 0.5 and the probability of tails can be assigned a value of 0.25.
After that,
The probability of heads and tails can be calculated accordingly.
The probability of heads and tails when a biased coin is tossed, the first step is to calculate the probability of heads.
Once this is done the probability of heads can be set to 0.5 and the probability of tails can be set to 0.25.
With these probabilities assigned the probability of heads is three times that of tails.
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20 POINTS!!!!!!
4. Find the value of x and y.
3y - 5
x =
y =
y+1
2x+6
II
work:
Answer:
x = 8, y = 3
Step-by-step explanation:
Assuming the figure is a parallelogram, opposite sides on a parallelogram are equal.
This means that 3x-2 = 2x+6 and 3y-5 = y+1.
To solve these equations:
3x-2 = 2x+6 (collect like terms)
3x-2x = 6+2
x = 8
3y-5 = y+1 (collect like terms)
3y-y = 1+5
2y = 6 (divide both sides by 2)
y = 3
∴ x = 8, y = 3
PLEASE HELP DUE TODAY!!!!!!!
Consider the functions g(x) = 2x + 1 and h(x) = 2x + 2 for the domain 0 < x < 5
a. Without evaluating or graphing the functions, how do the ranges compare?
b. graph the 2 functions and describe each range over the given interval
a. The ranges of g(x) and h(x) differ by a constant value of 1, since h(x) is simply g(x) shifted upward by 1 unit. Therefore, the range unit.
b.
Graph of g(x) = 2x + 1 and h(x) = 2x + 2 over the interval 0 < x < 5:
![Graph of g(x) over the interval 0 < x < 5 is (1, 11), while the range of h(x) is (2, 12). This confirms that the range of h(x) is equal to the range of g(x) shifted upward by 1 unit.
g(x) = 2x+1 h(x) = 2x + 2
for the domain 0 < x < 5.
These are two parallel lines where h(x) is 1 unit above g(x) Then, the range of h(x) over the given domain will have endpoints 1 unit greater.
b. Evaluating g(x) when x = 0 :g(0) = 2(0) + 1 g(0) = 0 + 1 g(0) = 1
Evaluating g(x) when x = 5 :
g(5) = 2(5) + 1
g(5) = 10 + 1
g(5) = 11
Then, we can graph g(x) by connecting the points (0, 1) and (5, 11).
Evaluating h(x) when x = 0 :
h(0) = 2(0) + 2 h(0) = 0 + 2 h(0) = 2
Evaluating h(x) when x = 5 :
h(5) = 2(5) + 2
h(5) = 10 + 2
h(5) = 12
Then, we can graph h(x) by connecting the points (0, 2) and (5, 12).
See GraphFrom the graph, the range of g(x) over the given domain is (1, 11) and of h(x) is (2,12)
Chad drinks 64. 88 fluid ounces of water per day. How much water does he drink in 6 days
Chad drinks 389.28 fluid ounces of water in 6 days.
What is ounces?A unit of weight equal to ¹/₁₂ troy pound see Weights and Measures Table. : a unit of weight equal to ¹/₁₆ avoirdupois pound. : a small amount. an ounce of sense.
An ounce (oz) is a unit of weight that is equal to one-sixteenth of a pound. Items that weigh approximately one ounce include a slice of bread and a pencil. A fluid ounce is a unit of liquid volume that is equal to one-eighth of a cup. A medicine cup has a volume of approximately one fluid ounce.
given that,
chad drinks 64.88 fluid ounces of water per day,
so in 6 days
he will drink = 6 x water drink per day
= 6 x 64.88
= 389.28
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What does the correspondence of angles mean
Answer:
the angles which are formed in matching corners or corresponding corners with the transversal when two parallel lines are intersected by any other line
If 2 inches represents 75 miles on a map, then how many inches will represent 11 miles?
We can use proportions to solve this problem. If 2 inches represent 75 miles, then we can set up a proportion:
2 inches / 75 miles = x inches / 11 miles
To solve for x, we can cross-multiply:
2 inches * 11 miles = 75 miles * x inches
22 inches = 75 miles * x inches
Divide both sides by 75 miles:
22 inches / 75 miles = x inches
Simplify:
0.2933 inches = x inches
Therefore, 11 miles on the map would be represented by approximately 0.2933 inches.
Emilio has a bag of dog food. The bag contains 24 3/4cups of dog food. Emilio feeds his dog 2 3/4 cups of dog food each day.
What is the total number of days Emilio can feed his dog from this bag of dog food?
a production process produces 2.5% defective parts. a sample of five parts from the production process is selected. what is the probability that the sample contains exactly two defective parts? group of answer choices 0.2637 0.0058 0.0000 0.0250
The probability that the sample contains exactly two defective parts is 0.0058.
We may utilize the binomial probability formula to resolve this issue:
P(X = k) is equal to (n pick k) * p * k * (1-p) (n-k)
where n is the sample size, k denotes the number of successes, p denotes the likelihood that a success will occur, and (n pick k) denotes the binomial coefficient, which indicates the number of possible ways to select item k from n.
Here, n = 5, k = 2, and p = 0.025 (due to the fact that 2.5% of the pieces are flawed).
P(X = 2) therefore equals (5 pick 2)*0.025*2*(1 - 0.025)*3
We calculate P(X = 2) = 0.0058 using a calculator.
As a result, there is a 0.0058 percent chance that the sample has exactly two defective components.
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please help !!!!!!
MULTIPLY (3x + 4)(4x + 5)
Answer:
B. 12x^2 + 31x + 20
Step-by-step explanation:
Use FOIL (First, Outer, Inner, Last)
(3x + 4)(4x + 5)
12x^2 + 15x +16x + 20
12x^2 + 31x + 20
Answer:
B
Step-by-step explanation:
You are going to want to use the FOIL method. First outer inner last. Multiply 3x*4x to get 12x^2 then multiply 3x*5 to get 15x then multiply 4*4x to get 16x and last multiply 4*5 to get 20. Since 15x and 16x are like terms we add them together to get 31x
There are four times as many cows as horses on a farm. There are twice as many horses as pigs on the farm. Which list shows the number of each type of animal on this farm?
As per the unitary method, the list shows the number of each type of animal on this farm is
Number of pigs = x
Number of horses = 2x
Number of cows = 8x
Let us start by assigning variables to each type of animal on the farm. Let's say the number of pigs is "x".
From the problem statement, we know that there are twice as many horses as pigs. Therefore, the number of horses would be 2x.
Further, we know that there are four times as many cows as horses. So, the number of cows would be 4 times the number of horses. Mathematically, we can represent it as:
Number of cows = 4 * Number of horses
Or, Number of cows = 4 * (2x) = 8x
Therefore, we have the number of each type of animal on the farm as follows:
Number of pigs = x
Number of horses = 2x
Number of cows = 8x
This is the same ratio as we found using the unitary method.
Therefore, our solution is correct.
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What is the value of the y-coordinate of the ordered pair that reflects (2-12) over the x-axis?
I need help ASAP mean absolute deviation (mad)
The absolute deviation for the observation of 16 in the data-set is given as follows:
5.
How to calculate the mean of a data-set?The mean of a data-set is given by the sum of all observations in the data-set divided by the number of observations, which is also called the cardinality of the data-set.
Hence the mean of the data-set in this problem is given as follows:
(19 + 16 + 4 + 9 + 7)/5 = 11.
The absolute deviation of 16 is given by the difference between 16 and the mean of 11, hence:
16 - 11 = 5.
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Find the circumference of each circle with a diameter of 20.2 in. Use 3.14 for the value of Pi. Round your answer to the nearest tenth. IM IN 7TH
Answer:
3.14×10.1×10.1
3.14×102.01
320.311
=320.300
I NEED HELP ON THIS ASAP! i already filled in the table, I just need help with Question d
The proof that the table has a constant ratio is shown below
Proving that the table has a constant ratioFrom the table of values, we have the following parameters that can be used in our computation:
f(x + 1) = ab^(x + 1)
f(x + 2) = ab^(x + 2)
f(x + 3) = ab^(x + 3)
When divided, we get the ratio r
So, we have
r = f(x + 3)/f(x + 2) = f(x + 2)/f(x + 1)
This gives
ab^(x + 3)/ab^(x + 2) = ab^(x + 2)/ab^(x + 1)
Divide through by a
b^(x + 3)/b^(x + 2) = b^(x + 2)/b^(x + 1)
Using the law of indices, we have
b^(x + 3 - x - 2) = b^(x + 2 - x - 1)
Evaluate
b^0 = b^0
This gives
1 = 1
Hence, the table has a constant ratio
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Ages of 12 players on a basketball team: {11,10,11,11,8,11,12,11,9,10,11,12}
Best Center:
Why?:
The best center is the mean because there are no outliers
To determine the best center, we need to examing the ages of the player withing the range of age.
The ages of the players are: 11, 10, 11, 11, 8, 11, 12, 11, 9, 10, 11, 12
In the above list of age, we can seee that there are no outliers are
When there are no outliers in a dataset, the best center to use is the mean
Hence, the best center is the mean
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Steven has a bag of 20 pieces of candy. Five are bubble gum, 8 are chocolates, 5 are fruit chews, and the rest are peppermints. If he randomly draws one piece of candy what is the probability that it will be chocolate?
A. 0. 4
B. 0. 45
C. 0. 2
D. 0. 8
The opportunity of drawing a chocolate from the bag is 0.4, therefore, the answer is A. 0.4.
Steven has a bag of 20 pieces of candy, out of which 8 are chocolates. If he draws one piece of sweet at random, the opportunity of it being a chocolate may be calculated through dividing the wide variety of chocolates in the bag with the aid of the full quantity of chocolates inside the bag. In this situation, there are 8 chocolates out of 20 total candies.
The formulation to calculate the opportunity is:
P(chocolate) = number of candies / total range of candies
Substituting the given values, we get:
P(chocolate) = 8 / 20
Simplifying this fraction, we get:
P(chocolate) = 0.4
Consequently, the opportunity of drawing a chocolate from the bag is 0.4
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what is the proportional relationship between x 2 6 8 10 and y 6 18 24 30
The proportional relationship is y = 3x.
What is the proportional relationship?
If the corresponding elements of two sequences of numbers, frequently experimental data, have a constant ratio, known as the coefficient of proportionality or proportionality constant, then the two sequences of numbers are proportional or directly proportional.
Here, we have
Given:
x: 2, 6, 8, 10
y: 6, 18, 24, 30
We have to find the proportional relationship between x and y.
So, we can see from inspection and visual observation that there is a proportional relationship between x and y.
6 = 3 2, 18 = 3 6, 24 = 3 8, 30 = 3 10.
Hence, The proportional relationship is y = 3x.
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I need some help please
a student takes an exam containing 11 true or false questions. if a student randomly guesses on the entire exam, what is the standard deviation of the number of incorrect answers? round your answer to two decimal places.
The first step is to find the mean number of incorrect answers. Since there are 11 questions, and each question has a 50/50 chance of being answered incorrectly, we can expect the student to get 5.5 questions wrong on average.
Next, we need to calculate the variance. To do this, we can use the formula:
Variance = p(1-p)n
Where p is the probability of getting a question wrong (0.5), and n is the number of questions (11).
Variance = 0.5(1-0.5)11 = 1.375
Finally, we can find the standard deviation by taking the square root of the variance:
Standard deviation = sqrt(1.375) = 1.17 (rounded to two decimal places)
Therefore, the standard deviation of the number of incorrect answers on the exam is 1.17.
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greatest common factor of 14xy2 and 28x2y
Answer:
Step-by-step explanation:
Questions seven and eight please
The results are:
7a) Explicit = h(n) = [tex]0.87^{n-1}[/tex] * 200.
Recursive = h(0) = 200 and h(n) = 0.87 * h(n-1)
7b) Rebound height = 99.76 cm (rounded to the nearest hundredth).
8a) Explicit formula: A(n) = 575 + 47.50n
Recursive formula: A(0) = 575, A(n) = A(n-1) + 47.50
8b) 30 weeks to save $2000'
Step by step explanation:7a) Explicit: h(n) = [tex]0.87^{n-1}[/tex] * 200 (
where h(n) = height of the golf ball after n bounces,
0.87 is the rebound factor,
200 is the initial height)
h(n) = [tex]0.87^{n-1}[/tex] * 200
Recursive: h(0) = 200
h(n) = 0.87 * h(n-1)
where h(n) = the height after n bounces,
h(n-1) = height after (n-1) bounces,
0.87 = rebound factor.
Apply given values:
h(0) = 200
h(n) = 0.87 * h(n-1)
7b) Rebound height, using recursive formula:
h(0) = 200
h(1) = 0.87 * 200 = 174
h(2) = 0.87 * 174 = 151.38
h(3) = 0.87 * 151.38 = 131.70
h(4) = 0.87 * 131.70 = 114.71
h(5) = 0.87 * 114.71 = 99.76 (rounded to the nearest hundredth)
8a)Explicit: A(n) = 575 + 47.50n,
where A(n) = amount of money Jessica has after n weeks,
575 = initial amount given by grandfather,
47.50 = amount Jessica adds each week.
Recursive: A(0) = 575, A(n) = A(n-1) + 47.50,
where A(n) = the amount of money Jessica has after n weeks,
A(n-1) = amount Jessica has after (n-1) weeks
47.50 = amount Jessica adds each week.
8b) Weeks to save $2000:
A(n) = 575 + 47.50n = 2000
Solving for n:
575 + 47.50n = 2000
47.50n = 2000 - 575
47.50n = 1425
n = 1425 / 47.50
= 30 weeks.
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math please. its for a quiz
The quotient function of f(x) and g(x) is given as follows:
(f/g)(x) = 3x^(3/4).
How to obtain the quotient function?The functions in the context of this problem are defined as follows:
f(x) = 3x.g(x) = x^(1/4).When we want to divide two functions, we just divide each other, hence:
(f/g)(x) = f(x)/g(x) = 3x/x^(1/4).
When we divide two terms with the same base and different exponents, we keep the base and subtract the exponents, hence:
x/x^(1/4) = x^(1 - 1/4) = x^(3/4).
Hence the function is:
(f/g)(x) = 3x^(3/4).
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If a monopolistic firm takes over a perfectly competitive market, we would expect to see market price of the good to rise and the quantity sold to increase. Fall as the monopolist tries to increase sales. Fall because demand is perfectly elastic. Rise and quantity sold to fall
In the event that a monopolistic firm takes over superbly competitive advertising, we would anticipate seeing the advertising cost of the great rise and the amount sold drop.
Be that as it may, when a monopolistic firm takes over the showcase, it picks up showcase control and the capacity to impact the cost. The monopolist can charge a better cost than the competitive advertising cost since there are no near substitutes for its item. As the monopolist raises the cost, the amount requested will drop, as customers switch to substitutes or decrease their utilization of the item.
we would anticipate seeing the advertising cost of the great rise and the amount sold fall as the monopolist tries to extend benefits by raising costs. This is often in differentiating from impeccably competitive advertising.
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There are 11 balls numbered 1 through 11 placed in a bucket. What is the probability of reaching into the bucket and randomly drawing three balls numbered 4, 9, and 7 without replacement, in that order? Express your answer as a fraction in lowest terms or a decimal rounded to the nearest millionth
The probability of reaching into the bucket and randomly drawing three balls numbered 4, 9, and 7 without replacement, in that order, is 1/990, which is a decimal rounded to the nearest millionth is 0.001.
The probability of drawing three balls numbered 4, 9, and 7 without replacement, in that order, can be found by multiplying the probabilities of drawing each ball in the correct order.
The probability of drawing the first ball, numbered 4, is 1/11, since there is only one ball numbered 4 out of 11 balls in the bucket.
After the first ball is drawn, there are 10 balls remaining in the bucket, and the probability of drawing the second ball, numbered 9, is 1/10, since there is only one ball numbered 9 remaining out of the 10 balls in the bucket.
After the first two balls are drawn, there are 9 balls remaining in the bucket, and the probability of drawing the third ball, numbered 7, is 1/9, since there is only one ball numbered 7 remaining out of the 9 balls in the bucket.
Therefore, the probability of drawing the balls numbered 4, 9, and 7 without replacement, in that order, is:
(1/11) * (1/10) * (1/9) = 1/990
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A company has to decide whether to invest money in the development of a microbiological product. The company's research director has that there is a 60% chance that a successful development could be achieved in 2 years. However, if the product had not been successfully developed at the end of this period, the company would abandon the project, which would lead to a loss in present-value terms of $ 3 million. (Present value is designed to take the company's time preference for money into account. The concept is explained in Chapter 8) In the event of a successful development, a decision would have to be made on the scale of production. The returns generated would depend on the level of sales which could be achieved over the period of the product's life. For simplicity, these have been catorized as either high or low. If the company opted for large-volume production and high sales were achieved, then net returns with a present-value of $6 million would be obtained. However, large-scale production followed by low sales would lead to net returns with a present value of only $1 million.In contrast, if the company decided to invest only small-scale production facilities then high sales would generate net returns with a present value if facilities then high sales would generate net returns with a present value of $4 million and low sales would generate net returns with a present value of $2 million. The company's marketing manager estimates that there is a 75% chance that high sales could be achieved.(a) Construct a decision tree to represent the company's decision problem. (b) Assuming that the companys objective is to maximize its expected returns, determine the policy that it should adopt. (c) There is some debate in the company about the probability that was estimated by the research diretor. Assuming that allo other elements if the problem remain the same, determine how low this probility would have ti be before the option of not developing the product should be chosen. (d) before the final decision us nade the company us taken iver by a bew owner, who has the utilities shown below for the sums of money involved in the decision. (The owner has no ointerest in other attributes which may be associated with the decision, such as developing a prestige product or maintaining employment.) What implications does this have for the policy that you iidentified in (b) and why?Present value of net returns New owner's utility-$3m, $0m, $1m, $2m, $4m, $6m 0, 0.6, 0.75, 0.85, 0.95, 1.0
The optimal policy for the new owner is to invest in large-scale production. This decision branch has the highest expected utility of $4.285m.
The initial node represents the decision whether to invest in the development of the microbiological product.
The two possible outcomes are a successful development or failure after 2 years.
(b) To determine the policy that the company should adopt to maximize its expected returns, we need to calculate the expected value at each decision node.
Starting from the end nodes and working backwards, we have:
For large-scale production with high sales:
Expected value = 0.75 x $6m + 0.25 x $1m = $4.25m
For large-scale production with low sales:
Expected value = 0.75 x $1m + 0.25 x $6m = $1.75m
For small-scale production with high sales:
Expected value = 0.75 x $4m + 0.25 x $2m = $3.5m
For small-scale production with low sales:
Expected value = 0.75 x $2m + 0.25 x $4m = $1.75m
At the 2-year node, the expected value for a successful development is:
For large-scale production:
Expected value = 0.75 x $4.25m + 0.25 x $1.75m = $3.5m
For small-scale production:
Expected value = 0.75 x $3.5m + 0.25 x $1.75m = $2.81m
Finally, at the initial node, the expected value for investing in the development is:
Expected value = 0.6 x $3.5m + 0.4 x (-$3m) = $0.1m
Therefore, the policy that the company should adopt to maximize its expected returns is to invest in the development of the microbiological product, choose large-scale production if the development is successful, and choose small-scale production otherwise.
(c) If the probability of a successful development is lower than a certain threshold, the option of not developing the product should be chosen. Let p be this threshold probability. Then the expected value at the initial node is:
Expected value = p x $0m + (1-p) x (-$3m) = -$3m + $3mp
Setting this equal to zero and solving for p, we get:
p = 1
Therefore, if the probability of a successful development is lower than 100%, the company should not invest in the development of the microbiological product.
(d) The new owner's utilities represent their preferences for the sums of money involved in the decision.
The utilities are increasing and concave, indicating diminishing marginal utility of money.
This means that the new owner is risk-averse.
The policy identified in (b) may not be optimal for the new owner because their utilities are different from the present-value net returns.
To determine the optimal policy for the new owner, we need to use the new owner's utility values to calculate the expected utility of each decision branch in the decision tree.
If the company invests in large-scale production and high sales are achieved, the expected utility is 0.75 * 0.95 * 1.0 * $6m = $4.285m.
If the company invests in large-scale production and low sales are achieved, the expected utility is 0.75 * 0.95 * (1 - 0.0) * $1m = $712,500.
If the company invests in small-scale production and high sales are achieved, the expected utility is 0.75 * 0.05 * 1.0 * $4m = $150,000.
If the company invests in small-scale production and low sales are achieved, the expected utility is 0.75 * 0.05 * (1 - 0.0) * $2m = $75,000.
If the company decides not to invest in the product, the expected utility is 0.25 * (1 - 0.6) * $0m + 0.25 * 0.6 * (1 - 0.0) * -$3m = -$450,000.
Therefore, the optimal policy for the new owner is to invest in large-scale production. This decision branch has the highest expected utility of $4.285m.
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