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You started a new restaurant. Based on invoices for the first 30 days, you estimated your average grocery bill to be $20,000 with a standard deviation of $2000. You want to start another restaurant in a similar neighborhood and you are planning to prepare a brochure for investors and to work out a deal with a whole sale food distributor. Prepare a 95% confidence interval for the average grocery bill. Would a 99% confidence interval be narrower or wider than the 95% confidence interval?
Compare value of test statistics F obtained in part(2) with value of t 2 , square of test statistic for testing H 0 : β 1 =0 that was needed in test null hypothesis that true slope is 0. Interpret the results of this test.
Find the mean ______________ and the standard deviation _____________
A game involving a pair of dice pays you 3 with probability 17/36, costs you 2 with probability 14/36, and costs you 4 with probability 5/36. What is your probability of losing money in one play of the game?
After performing a two sample t-test, you see a p-value of 0.0355. Of the following, which is the appropriate conclusion?
Describe what do you mean by terms 'false positive" and " false negative".
Two events are mutually exclusive: If their intersection is 1, If they have no sample points in common.
A normal distribution with a mean of 55 and a standard deviation of 6 is evaluated to solve a business problem.
A doctor believes that the variance of systolic blood pressure is 470. A random sample of 20 patients found a variance of 525. What is the smaller critical value that would be used in a hypothesis test at a .05 significance level?
The shell thicknesses of the eggs produced by a large flock of hens follow approximately a normal distribution with mean equal to 0.38 mm and standard deviation equal to 0.03 mm. Find the 95th percentile of the thickness distribution.
What is the 95% confidence interval estimate of the population mean cost for a prescription of Zocor?
The researchers planned to use simple linear regression to see if the age at which a baby was first able to crawl could be predicted from the average outdoor temperature six months after each baby's birthdate.
Which of the following can be treated as binomial experiment? (a) Surveying 1200 registered voters to determine their preferences for the next president?
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