Question:

Assume you are the owner of TheBlues Inc., an international manufacturer of electronic products, and you are contemplating introducing a new type of Blue Ray player. After considering the potential market share for the product, your accountant estimated that after the first year of the new product on the market, TheBlues inc. may have a financial result ranging from a loss of AUD 280,000 to a profit of AUD 800,000. To take a decision in this situation, you need to assess your utility function over the expected financial outcomes.

you need to assess one of the quantiles of your utility function.

Last digit

2

Quantile index

0.25

Write in words the complete dialog to assess the uncertainty interval of the selected ?-quantile of utility, including:

Initial stage of the assessment process up till first indifference;

Elicitation of the lower bound of the ?-quantile of utility;

Elicitation of the upper bound of the ?-quantile of utility; and

Determination of the final uncertainty interval of the selected ?-quantile of

utility and its suggested point estimate.

A sample of size n is taken from a population with an unknown distribution, with mean // and standard deviation O. Which of the following statements about the sample mean distribution is true? Select one: a. Using the Central Limit Theorem, Xexactly followsX- Nu, n b. without Using the Central Limit Theorem, X approximately followsX - N H,- n O C. Using the Central Limit Theorem, X approximately followsX - Nu.- n O d. without Using the Central Limit Theorem, 02 Xexactly followsX - Nu,-Which of the following statements are TRUE regarding Central Limit Theorem? The range of values for the sampling distribution of means is larger than the range of values in the population. The central limit theorem only applies when the population distribution is normal. O The central limit theorem gives the exact probability of estimating the true population mean. The central limit theorem requires that all samples are randomly selected from a single population.Which of the following statements are TRUE regarding Central Limit Theorem? CCS The central limit theorem gives the exact probability of estimating the true population mean. Chart / Roll The central limit theorem only applies when the population distribution is normal. The range of values for the sampling distribution of means is larger than the range of values in the population. The central limit theorem requires that all samples are randomly selected from a single population.Question 21 4 If you don't know whether the frequency distribution is normally distributed. O You can use both the Empirical Rule and the Central Limit Theorem O You can't use the Empirical Rule, but you can use the Central Limit Theorem O You can't use the Central Limit Theorem, but you can use the Empirical Rule You can't use either the Empirical Rule or the Central Limit Theorem