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Q1) Random sample of n = 121 sales invoices was taken from very large population of such invoices, and average value was found to be $47.50 with sample standard deviation of $7.50. Determine a 90% confidence interval for mean value of all invoices. Compare this interval with that obtained under simplifying assumption that population standard deviation is equal to sample standard deviation.
Random sample of 10 flights from Amsterdam to Paris yields following flight-times (in minutes):
44 43 44 35 40
40 39 42 36 37
Find out a 95% confidence interval for μ, and use this to explain the conjecture that flying from Amsterdam to Paris takes on average 42 minutes. Test this conjecture with formal hypothesis test, by using a 5% significance level. Find out the p-value for hypothesis test.
Perform a proper analysis. Describe your null and alternative hypothesis, report the p-value. What is your conclusion?
Determine for each variable if it is the explanatory variable, the response variable, or whether it could be both.
Find out a 95 percent confidence interval for population mean.
A professor of math refutes the claim that the average student spends 3 hours studying for the midterm exam. Which hypothesis is used to test the claim?
Compare among expected monetary approach also expected utility approach. Sketch the brokers utility curve and describe what it says about her risk profile.
LSAT scores are normally distributed, with a mean of 150 and s = 10.
Drug sniffing dogs must be 95% accurate. A new dog is being tested and is right in 46 of 50 trials. Find a 95% confidence interval for the proportion of times the dog will be correct.
Create a 99% confidence interval estimate of population mean amount of paint included in a 1 gallon can.
Given this, compute the following probabilities for demand during lead time(DDLT).
When the level of confidence and sample size remain the same, a confidence interval for a population proportion π will be __________ when p(1-p) is larger than when p(1-p) is smaller.
Assess the model fit for the multiple linear regression model using appropriate statistics and graphics.
Given same values n=20, p=0.6, and x=17, calculate probability of x successes in n independent trails of experiment.
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