Benefits of applying probability concepts

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What are some benefits of applying probability concepts to solve business-related problems

Reference no: EM132006977

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Basic Statistics Questions & Answers

  Construct a confidence interval that could be used

Construct a confidence interval that could be used for the hypothesis test described in part (a). What feature of the confidence interval leads

  Determine the mean salary for males in the company

Based on these means, can the shareholders determine that the mean salary for males in the company is higher than the mean salary for females? Explain.

  How many expect to have tasted either coke or pepsi

Assume that 80% of the adult population in the United States has tasted either Coke or Pepsi. For a sample of 250 adults, How many would you expect to have tasted either Coke or Pepsi? Whats the variance?

  Whether the figure is based on personal probability

Explain whether the figure of 46% is based on personal probability, long-run relative frequency, physical assumptions about the world, or some combination.

  Calculate the average and marginal cost

Given the following data for a community health center, calculate the average and marginal cost for each output level and (in case of marginal cost) between successive output levels.

  Describe suggestions to balance the given conflicts

U.S. legislation known as HIPAA (Health Insurance Portability and Accountability Act of 1996) protects the privacy of patient medical data.

  Discuss organizational culture

Discuss organizational culture and how it affects the success of a company that may be expanding from the U.S. into China. What kind of cultural adjustments

  Find standard deviation of the annual profit

Fire! An insurance company estimates that it should make an annual profit of $150 on each homeowner s policy written, with a standard deviation of $6000.

  What does confidence interval indicate about the assertion

A national magazine claims that public institutions charge state residents an average of $3500 less than out-of-staters for tuition each semester.

  Confidence-test the hypotheses

Determine the p-value; and at 93.7% confidence, test the above hypotheses.

  Equipment for producing hot dogs

The cost to prepare the equipment for producing hot dogs is $66. Annual holding costs are 45 cents per hot dog. The factory operates 297 days a year.

  Calculate the percentage change in real terms

Calculate the percentage change in real terms if the relevant price index increases by 4% from 100 to 104.

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