A market-research firm has discovered that 30 of the people

Assignment Help Basic Statistics
Reference no: EM13614759

A market-research firm has discovered that 30% of the people who earn between $25,000 and $50,000 per year have bought a new car within the past two years. Answer the following questions about a sample of 12 people with annual income between $25,000 and $50,000

1. What is the mean of this distribution?

The answer is 3.6...but how do you get that answer? Is there a short-cut way of getting the answer on my TI-83 Plus calculator?

2. What is the probability of encountering 0 or 1 person who bought a new car?

The answer is 0.085...but how do you get that answer? Is there a short-cut way of getting the answer on my TI-83 Plus calculator?

Reference no: EM13614759

Questions Cloud

Cyclone co uses the periodic inventory system the : cyclone co. uses the periodic inventory system. the followinginformation about their inventory of model xx mountain
From past experience it is known that 90 of one-year old : from past experience it is known that 90 of one-year old children can distinguish their mothers voice from the voice of
On january 1 2005 streetsmart financial inc purchased : on january 1 2005 streetsmart financial inc. purchased theassets of nit insurance co. for 40000000 a price reflecting
Find the mean variance and standard diviation of the : find the mean variance and standard diviation of the binomial distribution with the given values of n and pn- 121 p
A market-research firm has discovered that 30 of the people : a market-research firm has discovered that 30 of the people who earn between 25000 and 50000 per year have bought a new
Venture company acquired patent rights on january 3 2005 : venture company acquired patent rights on january 3 2005 for661500. the patent has a useful life equal to its legal
Sheffield company had the followinginformation taken from : a rockwell company reported the following amounts on its2009 income statement purchases 100000 beginning 2009inventory
Describe how you would connect a voltmeter to measure the : 1 to work on your car at night you use an extension cord to connect your work light to a power outlet near the door.
The cash records and the bank statement of frankel company : a. linetech companys bank statement showed an endingbalance of 8000. items appearing in the bank reconciliationincluded

Reviews

Write a Review

Basic Statistics Questions & Answers

  Compute and interpret the machines cp

Consider a machine that fills soda bottles. The process has a mean of 15.9 ounces and a standard deviation of 0.06 ounces. The specification limits are set between 15.8 and 16.2 ounces. a) Compute and interpret the machine's Cp

  Represent as tree if pv is tree before observing evidence

If PV is a tree before observing the evidence, then we would like PV PV |A= a to be also represented as a tree. Is this always possible?

  What is the necessary sample size

For the new study, the estimate should be within 1% of the population proportion with a 90 percent confidence level. What is the necessary sample size?

  Define population and sampling unit for selecting a random

define population and sampling unit for selecting a random sample in each of the following cases. a hundred voters from

  Formulate a linear programming model to maximize

The Charm City Fan Company manufactures two products: large fans and medium fans. Each large fan requires 3 hours of wiring and 2 hours of drilling. Each medium fan requires 2 hours of wiring and 1 hour of drilling. There are 480 hours of wiri..

  Does study give evidence that serotonin levels are different

What is your opinion: Does this study provide evidence that the postmortem serotonin levels are different between patients who die of heart disease and patients who die of other causes?

  Significance level of free samples

Suppose it is known that if you offer free samples o a product, at least 52% of adults are more likely to buy the product. You interview a random sample of 50 adults.

  Variances-population means and paired

Test the hypothesis. Will you reject or not reject the null hypothesis at α = 0.05

  Evaluate proportion of customers are satisfied supermarket

You wish to evaluate the proportion of customers who are satisfied with their supermarket at level of confidence of .92 and in .025 of true value. How large of sample is required?

  You and your opponent both roll a fair die if you both

you and your opponent both roll a fair die. if you both roll the same number the game is repeated otherwise whoever

  Calculate the variance of a binomial distribution

It is known that 60 percent of all registered voters in the 42nd congressional District are Republicans. There registered voters are selected at random from the district. Compute the probability that exactly 2 of the 3 selected are Republicans, u..

  Explain concept of regression analysis and its types

Explain the concept of "Regression Analysis", its types (3 types at least), applications and usefulness. Provide real application of its usage. Some times, Maximum likelihood estimation is not applicable, Explain and provide an example?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd