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An advertising agency that serves a major radio station wants estimate the mean amount of time that the station's audience spends listening to the radio daily. From studies, the standard deviation is estimated as 45 minutes. what sample size is need if the agency wants to be 90% confidence of being correct to within +/- 5 minutes? if 90% is desired, how many listeners need to be selected?
Investigate the comparative pros and cons of the mean and the median. Find examples where the mean is more appropriate than the median and vice-versa. Discuss the locations of the mean, median and mode for a normal, left-skewed and right-skewed di..
The mean return for the random sample of 33 mutual funds is 14.93 percent with a standard deviation of 9.57. Test the null hypothesis: H0: mu = 15% at α = 0.05.
Many educators feel their grades should fit a normal distribution and often apply curves to make them fit one. One way to do this is to convert numeric grades to z scores using the mean and standard deviation for the grades, then use an equation s..
Find the test statistic value for two mean tests using equal variance formula.
If the agency is risk neutral, use a decision tree to determine its best course of action.
Answer the following three questions based on what you know about statistics now.
you are testing whether there is a significant difference in the proportions of college students and similar aged non college students having accidents during the two year period. Is this a one sample or two sample test?
Critically illustrate out the term standard deviation. Define mathematical averages. Why is the standard deviation less than the mathematical average?
What percentage of items will weigh between 6.4 and 8.9 ounces?
Soft Drinks a vending machine automatically pours soft drinks into cups. As the amount of soft drink dispensed into a cup is normally distributed
Draw the OC curve. If the average number of defects increased by to 10 per tractor, what would the probability of detecting the shift in a control chart?
Examine the behaviour of 99% critical values for these degrees of freedom, and comment on the limits in this case.
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