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An investment firm with 10,000 clients would like to accurately forecast the average dollar amount their current customers will deposit over the coming year. They decide to telephone a random selection of 25 of their customers to ask how much they plan to deposit, and they would like to keep this sample as small as possible so the calls do not annoy too many customers. Since they will be multiplying this average by the total number of customers to get an overall forecast, they would like to accurately estimate this average with a margin of error of less than $4000. Last year the average deposit for all 10,000 clients was $25,000 with a standard deviation of $30,000. Do you think a small sample of 25 is enough to give them the margin of error they want? If not, how large a sample do you suggest they need to take? Justify your answer with relevant calculations.
The American Automobile Association checks the prices of gasoline before many holiday weekends. Listed below are the self-service prices for a sample of 15 retail outlets during the May 2003 Memorial Day weekend in the Detroit
a) 95% of confidence intervals generated will include the sample mean X. b) 5% of the confidence intervals generated will include the true mean μ
The results of the simple linear regression are provided below.
Assume a business researcherwishes to test hypothesis that greater proportion of marketing managers keep track of such obligations.
When a sample mean is greater than the true, population mean, the resulting difference is called:
Construct the 90% and 99% confidence interval for population mean. Which interval is wider? If convenient, utilize technology to construct confidence intervals.
40 were in favor of the Independent candidate, and 140 were undecided. At a 1% level of significance, test to see if the proportion of voters has changed. Calculate the value of the Chi-Square Test Statistic for this problem. What is it?
MATH1550H: Assignment: Question: what is the least number of applicants that should be interviewed so as to have at least 50% chance of finding one such secretary?
Find the value of k. Find the cdf of X. Find the mean and the variance of X.
That's a much larger sample than standard sample surveys. In spite of this, we can't trust the result to give good information about any clearly defined population. Why?
What is the standard error of estimate? Describe with an example. What are the coefficients of the linear regression model and what do they mean? What are the various statistics reported in a regression output?
Based on the answers to a through d, decide whether or not to reject the null hypothesis at the given significance level. Explain your conclusion in the context of the problem.
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