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Management of Madeira Manufacturing Company is thiking introduction of new product. Fixed cost to begin production of product is $30,000. Variable cost for product is uniformly distributed between $16 and $24 per unit. Product will sell for $50 per unit. Demand for product is best explained by normal probability distribution with mean of 1200 units and standard deviation of 300 units. Create the spreadsheet simulation. Use 500 simulation trials to reply the question: What is the mean profit for the simulation?
What are the main differences between descriptive and inferential statistics? Give examples of each. When would random sampling not be the best approach to sample selection? Give an example.
Here are fifty observations on the weight of tea bags. Calculate the Standard Deviation and Variance.
Three companies are attempting to sell you a pollution reduction additive to your chemical waste. Given limited resources, which prevents you from developing the additive yourself, you get each company to give you a sample to the product.
The analysis needs to be re-run adding the error into the regression sum of squares.
Determining the probability that the two choose the same number?
A specific brand of bike comes in two frames, for males or females. Each frame comes in a choice of two colors, red and blue, and with a choice of three seats, soft, medium, and hard.
Describe the factors that might cause variation in weight of Tootsie Rolls during manufacture.
Inventory manager for Itex received wheels bearing from Wheel - Rite a small producer of metal parts , Unfortunately , Wheel -rite can only produce 500 wheel bearings from wheel rite each year.
In a sample of 10 workers, what is the probability that exactly three workers take the public transport daily? [Hint: It is a Binomial Distribution Problem.]
In the regression analysis involving 25 observations following estimated regresion equation was developed. hat(Y) = 10 - 18x1+3x2+14x3 also follwoing standard errors. Test stastic for testing significance of model is?
Using the finite population correction factor, compute the standard error for each of the three firms given a sample of size 50.
Two people are playing a game. Only one dice is thrown. If the outcome is a 2 or a 3, then player 1 pays player 2 $6. How much should player 2 pay player 1 when a 1, 4, 5 or 6 is thrown so that player 1 and 2 break even
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