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Q1) One of the factors which a company will use in finding whether it will locate new facility in a community is status of real estate market. Managers believe that significant measure of real estate market is average length of time that homes stay on market before selling. They think that if mean time on market is less than 45 days, real estate market is favourable. To test this in particular area, a random sample of n = 100 homes which sold in past six months was selected. Mean for this sample was 40 days. It is believed that population standard deviation is 15 days. If test is conducted using 0.05 level of significance, what conclusion must be reached?
Q2) State Department of Weights and Measures is responsible for making sure that commercial weighing and measuring devices, like scales, are correct so customers and businesses are not cheated. Periodically, employees of department go to businesses and test their scales. For instance, dairy bottles milk in 1-gallon containers. Assume that if filling process is working accurately, mean volume of all gallon containers is 1.00 gallon with standard deviation equal to 0.10 gallons. Based on this information, if department employee selects random sample of n = 9 containers, determine probability that mean volume for sample will be greater than 1.01 gallons?
a) 0.3821
b) 0.1179
c) 0.6179
d) 0.2358
Assume Nick doesn't know how his received he suppose that all three states of nature are equally likely to occur. If Nick uses the equally likely criterion illustrate what decision would he make.
What is the stock's value at it's highest on 15 days of the year? (Assume that there are 240 trading days in a year).
Describe the difference between sample and a sampling distribution. Your reply must be in complete sentences and you may use sketches to help you.
A random variable has the density curve as in the graph below. Find The height of the density curve?
Dr Johnson wants to know if there is sufficient evidence to conclude that the grade distribution of his class is different than the historical grade distribution.
Determine probability that number of boats constructed next month will be between 4 and 7 (both inclusive).
At one excavation site 8641 pot shards have been found that not yet been cleaned and identified. What is the probability that:
Indicate which would be the independent variable and which would be the dependent variable in each of the following:
We are interested in comparing the proportions of males and females who think earning a large salary is very important to them. I surveyed 200 of each gender and recorded their answers to the question as yes or no.
A sample of n observations is taken from a population. When performing statistical inference about a population variance, the appropriate chi-square distribution has:
Compute the correlation among the variables. Describe perfect correlation also negative correlation. Utilize the following data to answer questions related.
Compute test statistic for sample data that you would use to test whether sample mean varies from population mean of 10 pounds at a 5 percent level of significance in two-tailed test.
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