Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Statistics and Probability Expert

Jay Seago is suing manufacture of his car for $3.5 million because of the defect that he thinks caused him to have an accident. The accident kept him out of work for a year. The company has offered him the settlement of $700,000, of which Jay would get $600,000 after attorneys` fees. His attorney has advised him that he has the 50% chance of winning his case. If he loses, he will incur attorneys` fees and court costs of $75,000. If he wins, he isn't guarantee of his full requested settlement. His attorney believes that there is the 50% chance he could receive full settlement, in which case Jay would realize $2 million after his attorney takes her cut, and 50% chance that the jury will award him the lesser amount of $1 million, of which Jay would get $500,000. Using decision tree analysis, decide whether Jay must proceed with his law suit against the manufacturer.

Statistics and Probability, Statistics

  • Category:- Statistics and Probability
  • Reference No.:- M922677

Have any Question? 


Related Questions in Statistics and Probability

The amount of soda a dispensing machine pours into a 12

The amount of soda a dispensing machine pours into a 12 ounce can of soda follows a normal distribution with a standard deviation of 0.08 ounce. Every can that has more than 12.20 ounces of soda poured into it causes a s ...

A researcher studying correctional treatment on 192 sex

A researcher studying correctional treatment on 192 sex offenders composed of 10 females and 182 males finds that 11 males along with 1 female had reoffended. He then calculates the percentages and finds that 10% of fema ...

A car dealership has 8 red 13 silver and 5 black cars on

A car dealership has 8 red, 13 silver and 5 black cars on the lot. Ten cars are chosen randomly to be displayed in front of the dealership. Find the probability that 4 cars are red and the rest are silver. Find the proba ...

A philosophy professor assigns letter grades on a test

A philosophy professor assigns letter grades on a test according to the following scheme. A: Top 12% of scores B: Scores below the top 12% and above the bottom 63% C: Scores below the top 37% and above the bottom 22% D: ...

Islam and the other monotheistic religions write an essay

Islam and the other monotheistic religions: Write an essay discussing the relationship between Islam, Judaism and Christianity. What does the Qur'an say about the "Peoples of the Book," and how they are to be treated? Wh ...

Are memoirs a primary or a secondary source could they be

Are memoirs a primary or a secondary source? could they be considered both a primary and secondary source?

A sample of 19 school children was randomly selected and

A sample of 19 school children was randomly selected and their age, height and weight was recorded for each child. The results are given below. The goal is to predict the weight of the child by using the height and age. ...

Part 11 a polling firm conducted a poll of 1000 randomly

Part 1. 1. A polling firm conducted a poll of 1000 randomly selected Georgia Stat University students and discovered that 47% of them voted for Bush in 2004. Nationwide Bush received 51.2% of the popular vote. Using this ...

In a poll of 2003 adults within the united states for the

In a poll of 2,003 adults within the United States for the Wall Street Journal, 57% of adults said that public education needs to be improved. Construct a 95% confidence interval for the proportion of all U. S. adults wh ...

A new process is proposed for the manufacture of steel

A new process is proposed for the manufacture of steel shafts, Data are 6.38, 6.40, 6.41, 6.38, 6.39, 6.36 and 6.37. Target is 6.40. a. What is the expected loss? b. What is the standard deviation?

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro