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Farmers' market. A farmer has 100 lb of apples and 50 lb of potatoes for sale. The market price for apples (per pound) each day is a random variable with a mean of 0.5 dollars and a standard deviation of 0.2 dollars. Similarly, for a pound of potatoes, the mean price is 0.3 dollars and the standard deviation is 0.1 dollars. It also costs him 2 dollars to bring all the apples and potatoes to the market. The market is busy with eager shoppers, so we can assume that he'll be able to sell all of each type of produce at that day's price.
a) Define your random variables, and use them to express the farmer s net income.
b) Find the mean.
c) Find the standard deviation of the net income.
d) Do you need to make any assumptions in calculating the mean? How about the standard deviation?
50 people are selected randomly from a certain population and it is found that 13 people in the sample are over 6
You are curious about whether the professors and students at your school are of different political persuasions, so you take a sample of 20 professors and 20 students drawn randomly from each population.
A sample of parts provided the following contingency table data on part quality by production shift. Use α =.05 to determine whether part quality is independent of the production shift. What is your conclusion?
During 2008, college work-study students earned a mean of $1478. Assume that a sample consisting of 45 of the work-study students at a large university was found to have earned a mean of $1503 during that year
He argues that the regression effort says people who perform very poorly in their previous job tend to perform well in their next job. Is this what the regression effect says? Explain.
Write the general form of a regression equation that has a single predictor variable. Identify the criterion variable, the predictor variable, the regression constant, and the regression coefficient.
Standard deviation is $0.10. At α = 0.01, is there significant difference in price? Determine the 99% confidence interval of the difference in the means.
Assume there are 21 homes in the Quail Creek area and 9 of them have a security system. Six homes are selected at random: What is the probability none of the six selected homes have a security system?
find the 95 confidence interval for the variance of the heights of maple trees if a sample of 21 trees has a standard
At a 5% level of significance, is there sufficient evidence that the population mean waiting time is now less than 3.7 minutes?
Marketing and Consumer Behavior The owner of a small tailoring shop keeps careful records of all alterations. Two common alterations to men's clothing.
a) Identify the claim, and write the claim, the null hypothesis, and the alternative hypothesis in symbolic form. b) Determine if the test is two-tailed, right-tailed, or left-tailed, and determine the value of the test statistic.
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