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You want to buy a microwave oven and will choose Model A if its repair costs are lower than Model B's. For 47 Model A ovens, the mean repair cost was $92 and the standard deviation was $15.50. For 56 Model B ovens, the mean repair cost was $85 and the standard deviation was $30. At alpha=.01, would you buy Model A?
What is the mean amount spent on insurance? If we select a family at random, what is the probability they spend less than $2,000 per year on insurance per year?
If there is a difference between the two groups of scores. Briefly explain how the difference may have been caused by the treatments.
What is the difference between statistical significance and practical significance? Why is statistical significance not necessarily of practical important difference to a business decision?
Should Mark use the study? Why? What is the maximum amount Mark should be willing to pay for this study? What is the maximum amount he should pay for any study?
Is P(K + 1) = P(K)(365-K)/365 and, If so, why? Find the smallest class size K for which the probability that two or more students have the same birthday exceeds 0.5.
If you wish to estimate a population mean with a sampling distribution error SE = 0.28 using a 95% confidence interval and you know from prior sampling that sigma^2 is approximately equal to 5.4, how many observations would have to be included in ..
What assumptions must you make in order to use these statistics for inference? Explain in context what this confidence interval means.
A truck without thelp from the truck driver (2hours per truck with the truck drivers help) Assuming M/M1:FCFS/8/8 model: What is the probability of 0,1 or 2 trucks in need of repair at any one time?
State the null hypothesis H 0 and the alternative hypothesis H 1 that we would use for this test. Determining null and alternative hypotheses for the height of a plant.
let the number of trials be n = 3, and let the probability of success be p = 0.0228. Use a calculator to compare:
What are some examples of each of the trend types (Secular/Linear)? What external factors might affect each of the different types of trending?
The number of stereos sold on each weekday. State the hypotheses and identify the claim, find the critical value(s), compute the test value, make the decision and summarize the results.
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