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1. Over the last year the absentee rate at a large corporation averaged 8.2 days absent with a standard deviation of 6 days. One department with 40 employees had an absentee rate of 12 days per employee. During an investigation the department head argued as follows: 'If you took 40 employees at random from the corporation, there is a pretty good chance the average number of days absent would be 12 or more. That's what happened to us---chance variation.' Is this a good defense? Justify your answer.
2. Market researchers would like to know if customers prefer a well-known brand over a generic brand of soft drink. They give a large sample of people the two drinks to taste in a random order and ask them which one tastes better. They find that 70% of people say the branded one and researchers compute a p-value of .02. Interpret this number.
What is the point estimator of the mean percentage of reservations that are cancelled on the day of the flight?
Find a 90% confidence interval for the mean decibel level µ for this type of transit vehicle.
Graph the distribution using a histogram. Calculate the mean and standard deviation.
The variance of the return per share is 4 for stock 1 and 100 for stock 2. The covariance of the return between the two stocks is 5 per share. Use the total variance of the investment as investment risk.
What type of shape would you expect the histogram of the sample size to have? What value would you estimate for the mean of the histogram of sample means?
Discuss whether the percent distribution of the cross-tab and chi-square supports/does not support the researcher's hypothesis.
Test the teachers hypothesis that there is a significant difference between the pre and post tests.
Find a 95% confidence interval for the mean dielectric strength of the oil.
Finding Normal probabilities using standard normal table or Excel built in functions
The correlation between the returns on Ceramics Craftsman, Inc., and the returns on the S&P 500 is 0.675. The variance of the returns on Ceramics Craftsman, Inc., is 0.004225, and the variance of the returns on the S&P 500 is 0.001467.
As part of its testing program, LongLast tests a sample of 25 batteries. What is the standard error of the mean?
Describe the effect of an outlier or extreme value on the confidence interval - Find the probability that the return for common stocks
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