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Consider a coin with a fixed, but unkown, probability of turning up heads. Treat the unkown parameter as a random variable with a uniform prior. Given a sequence of independent flips of such a coin, derive a simple expression for the probability that the next flip will be a head.
Candies manufactured by Cherrie Chocolate Candies Co, are supposed to weigh at least 2.00 ounces. A sample of 100 candies yields the following results.
What are various non-parametric tests utilized in business decision making? Give an example of each test with an appropriate business situation.
An averaged department store sells 350 mens suits per year. The mens suit departments at a particular national chain of stores claim they sell more than the industry average.
What is a discrete random variable and how does it differ from a continuous random variable? Give examples.
Calculate the value of Pearson correlation. Illustrate what information is provided by the numerical value of the Pearson correlation.
All standard IQ test scores are normally distributed and are set up so that the mean score is 100. However, the standard deviation differs from test to test.
One grand prize of $600 and two consolation prizes of $100 each will be awarded. Jeremy purchases one ticket. Find his expected value. Show your work for full credit.
Your employer asks you to determine whether current salaries (DV) can be predicted from years of experience (IV) What is the right statistical test one should use and why?
If the sides of a square are lengthened bt 5cm, the area becomes 169cm2. Find the length of a side of the original square.
Mutual funds are classified as large-cap funds, medium cap funds, or small-cap funds, depending ont eh capitalizaiton of the companies in the fund.
We are asked to investigate the hypothesis that the number of crimes is related to police expenditures because states with higher crime rates are likely to increase their police force, thereby spending more on the number of officers on the street.
What is sampling error? Could value of sampling error be zero? If it were zero, what would this mean?
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