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A manufacturer of industrial seals has production capacity of 1,000 units per day. Currently, the firm sells production capacity for $10 per unit. At this price, all production capacity gets booked about one week in advance. A group of customers have said that they would be willing to pay $15 per unit if capacity was available on the last day. About ten days in advance, demand for the high-price segment is normally distributed with a mean of 250 and a standard deviation of 100. How much production capacity should the manufacturer reserve for the last day?
Determine following probabilities where Z follows standard Normal distribution?
Which of the following assumptions for inference about a proportion using a confidence interval are violated,
Consumer products companies design different promotional activities to accomplish different goals. According to a spokesperson for General Mills, the company's cents-off coupon offers are designed to convince people to buy its products
Differentiate between descriptive statistics and inferential statistics. Provide an example for each. How does correlation analysis differ from regression analysis? What does a correlation coefficient reveal? Is correlation the same as causation?
Are the events "Republican" and "30-44" independent? Justify your answer. Are the events "Democrat" and "65+" independent? Justify your answer.
If probability of getting sample mean x less than unreported sample mean is 0.025, determine value of the unreported sample mean?
A population has mean 325 and variance 144. Suppose the distribution of sample means is generated by random samples of size 36.
The mean time to download an Google video is 1 minute 30 seconds. Suppose the download time is normally distributed with standard deviation of 20 seconds.
Find the probability that in a given month a) there are exactly 9 days with 0.01 inch or more precipitation, b) there are at most 9 days with 0.01 inch or more precipitation.
How do the graphical and computer-based methods of solving LP problems differ? In what ways are they the same? Under what circumstances would you prefer to use the graphical approach?
What percentage of items will weigh between 6.4 and 8.9 ounces?
Results of study are summarized below. Use a 5% level of significance and test claim that opinion is independent of brand.
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