The New Owner of a Beauty Shop Is Trying to Decide

question 22

Multiple Choice

The new owner of a beauty shop is trying to decide whether to hire one, two, or three beauticians. She estimates that profits next year (in thousands of dollars) will vary with demand for her services, and she has estimated demand in three categories, low, medium, and high. $$\begin{array} { | l | l | l | l | } \hline { \begin{array} { l } \text { NUMBER } \\\text { OF } \\\text { BEAUTICIANS }\end{array} } & { \text { DEMAND } } \\\hline & \text { LOW } & \text { MEDIUM } & \text { HIGH } \\\hline \text { One } & 50 & 75 & 100 \\\hline \text { Two } & 0 & 100 & 100 \\\hline \text { Three } & - 100 & 70 & 300 \\\hline\end{array}$$ If she uses the minimax regret criterion, how many beauticians will she decide to hire?

• A) one
• B) two
• C) three
• D) either one or two
• E) either two or three

Understand the basic principles and steps involved in the ANOVA analysis.

Identify and apply the correct type of ANOVA test based on the experimental design.

Calculate the number of treatments and observations in factorial experiments.

Determine the degrees of freedom for various components in two-factor ANOVA.

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Definitions:

High Blood Pressure

A condition where the force of the blood against the artery walls is too high, often leading to health issues.

Clinical Trial

A research study conducted with human volunteers to evaluate the safety and effectiveness of medical treatments, drugs, or devices.

Probability

A numerical value between 0 and 1 that signifies the probability of an event happening.

King of Spades

A playing card in the standard deck, ranking as the highest card in the suit of Spades.