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Based on the simple random sample of one hundred the analyst estimates average hourly wage earned by workers in the city to be $30 and calculates margin of error to be $5. Can we conclude from this that most workers there earn between $25 and $35 per hour? Is this right interpretation for margin of error?
When the null hypothesis is rejected in the goodness-of-fit test, it means there is close agreement between the observed and expected frequencies.
What is the probability that at least 8 of the next 15 errors are due to operator errors? What is the probability that no more than 3/10 failures are due to operators?
Probability of two mutually exclusive events intersecting Can be any value between 0 to 1, Must always be equal to 1.
In a normal distribution with mean 3 and variance 49, what are the upper and lower limit scores for the middle 50% of the data?
A hypothesis test is performed to test the claim that a population proportion is greater than 0.7. Find the probability of a type II error, β, given that the true value of the population proportion is 0.72. The sample size is 50 and the significan..
A clothing retailer wishes to investigate the relationship between order size (in dollars) and the level of satisfaction of the customer.
If the probability of making a two point shot is greater than the probability of making a three point shot, why do coaches allow some players to shoot the three point shot if they have the opportunity? Use expected value to explain your answer.
Find the expected GPA when SAT = 800. Find E (GPA|SAT = 1,400). Comment on the difference.
Set-up/solve the problem graphically. (How many ceiling fans and how many floor fans should be made?)
Find the probability that a customer with 2 or more late payments will actually default on his payments and, in light of this probability, criticize the manager's credit plan.
How could your answer to part (A) change if you knew returns followed a skewed distribution instead of a normal distribution? Explain.
Is the sample a part of the population or the population apart of the sample? Why would researchers just not use the entire population to be more accurate? Can you give an example of a sample from a given population?
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