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Statistics in Business
Write a 525- to 700-word response that addresses the following prompts:
Define statistics with citation and reference.
Contrast quantitative data and qualitative data with citation and reference.
Describe the levels of data measurement.
Describe the role of statistics in business decision-making.
Provide at least two business research questions, or problem situations, in which statistics was used or could be used.
A random variable X follows a normal distribution with standard deviation 13. A random sample of 30 individuals is selected from the population, and a confidence interval for is calculated to be (87.348, 96.652). What is the confidence level for t..
Suppose X has an exponential distribution with lambda= 2 . Determine the following: (a) P (X = 2)(c) P (X=
A company is considering producing two new products. Based on past records, management believes that there is 70% chance that the first product will be successful, and a 50% chance that the second product will be successful. As these products a..
The proportion of people aged 18-25 who currently use illicit drugs is equal to 0.20 (or 20%). Express the null hypothesis H0 and the alternative hypothesis H1 in symbolic form. Be sure to use the correct symbols - μ, p, and σ-for the indicated
Explain why the finite population correction 1(N - n)/N is unnecessary when the population is at least 20 times as large as the sample. Give an example using numbers.
a. If n=8 for both samples, find each of the sample variances, and calculate the pooled variance. Because the samples are the same size, you should find that the pooled variance is exactly halfway between the two sample variances.
the westhouser paper company in the state of washington currently has an option to purchase a piece of good timber
part-1- first reset the lower limit to zero and the upper limit to 1000 and then click update.- now put 6 points
Why does a p-value provide a true measure of statistical significance? Try to relate your answer to previously covered concepts - example continuous probability distributions.
The world's smallest mammal is the bumblebee bat. The mean weight of 15 randomly selected bumblee bats is 1.659 grams, with a standard deviation of 0.264 grams.Dr. Clifford Jones claims that the mean weight of bumblebee bats is 1.8 grams.
1)A recent study conducted by the state government attempts to determine whether the voting public supports further increase in cigarette taxes. The opinion poll recently sampled 1500 voting age citizens. 1020 of the sampled citizens were in fa..
A survey of 791 vacationers from the United States found
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