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You are testing the null hypothesis that there is no linear relationship between two variables, X and Y. From your sample of n=10, you determine that r=0.80.
a. What is the value of tstat?
b. At the a=0.05 level of significance, what are the critical values?
c. Based on your answers to a and b what statistical decision should you make?
Assume that you researched insurance industry statistics and found out that the probability of major accident is 0.06%, and that the probability of a fender bender is 0.15%. What is the expected value decision? Would you choose this? Why or why no..
To test there is significant difference among the mean of income using ANOVA. A developer of real estate is considering investing in a shopping mall on the outskirts of Atlanta, Georgia.
Why are you no longer directly comparing sample means? How does using the F test - the analysis of variance (ANOVA) reduce your Type I error rate? What is the difference between a within-groups and a between-groups variance?
A sample of 84 golfers showed that their average score on a particular golf course was 89.05 with a standard deviation of 3.47.
How can the binomial distribution be used in a business situation? What type of data would you use and what would you learn from this?
Describe the difference between sample and a sampling distribution. Your reply must be in complete sentences and you may use sketches to help you.
In the early years of the twenty-first century, annual salaries for federal employees in the Upper Midwest averaged approximately $42,000, with a population standard deviation (σ) of $4,900. If we drew a random sample of 25 federal employees from ..
If sales invoices are automatically calculated and posted by a company's computer system, can the auditor reduce substantive tests of transactions for the accuracy objective? Why?
Derive the probability distribution of the completion times - For each of the distribution in (i) above, calculate their relevant statistics. A task is known to have the following time to completion
A sample of 64 statistics students at a small college had a mean mathematics ACT score of 28 with a standard deviation of 4. Estimate the mean mathematics ACT score for all statistics students at this college. Give the 95% confidence interval.
The average monthly gasoline purchase for a family with 2 cars is 90 gallons. This statistic has a normal distribution with a standard deviation of 10 gallons. A family is chosen at random.
A deck of 52 cards is dealt face up in a row. What is the probability that all 4 aces and all 4 kings are adjacent (but in any order)?
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