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The owner of a heavy machinery rental company wants to make a rather quick estimate of the average number of days that excavators are rented out to a client. The company has records of all excavator rentals previously made to its clients, but the amount of time required to conduct an audit of all these records would be prohibitive. From all of these company records, the owner decides to randomly select a sample of 14 rental invoices for excavators and records the number of days the excavator was rented out to a client the following data (in days) are collected.
3 5 3 2 5 1 2 4 1 2 3 3 1 4
Using these data, construct a 99% confidence interval to estimate the average number of days and excavator is rented to a client, and assume the number of days per rental is normally distributed in the population.
Ann and Jim, two employees in a fast-food restaurant, play the following game while waiting for customers to arrive: Jim pays Ann 2 cents if the next customer does not arrive within 1 minute; otherwise, Ann pays Jim 2 cents. Determine Jim's averag..
You want to determine if the sample result gives good evidence that the true amount of the compound is not equal to 2 gms. Carry out the test, find the P-value, and state your conclusion.
What is the probability of randomly selecting a male from this group?
A bond analyst is analyzing the interest rates for equivalent municipal bonds issued by two different states.
A student team examined parked cars in four different suburban shopping malls. One hundred vehicles were examined in each loation.
Find the average age at which people will experience their first cardiac incident, given that 17% of all initial cardiac incident victims are younger than 50. Please, interpret the result.
(a) Write the fitted regression equation, (c) What is your conclusion about the slope.
Add line-of-best fit (trend line/linear regression line) to your scatterplot. Write down the equation of the trend line below.
Find the margin of error for the 95% confidence interval used to estimate the population proportion.
Assuming that the Poisson distribution is a plausible model in describing variability of asbestos fiber counts in filters; derive a 95% confidence interval indicating the variability in the average number in asbestos fibers.
To avoid the problem of not having access to Tables of F distribution with values given for the lower tail, the numerator of the test statistic should be the one with:
Determining probability values using the Binomial distribution.Use the Binomial distribution to determine the probability that four or more of the contracts are in breach of the tendering guidelines.
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