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The product development team from PiggyBank was convinced by your presentation and has hired you to help them with their credit card decision. They have focused on three options for their credit card incentives:
A. cash back when the consumer makes an online purchase;B. cash back when the consumer makes a purchase at a clothing store; andC. entry into a sweepstakes whenever the consumer makes a purchase;
If they choose option C (the sweepstakes entry), they will award a prize to 1 in 1,000 purchases. Based on the frequency that consumers make purchases with their other credit cards, the PiggyBank team estimates that consumers will make an average of 52 purchases a year with the new card.
PiggyBank has asked you about the probability of each option being preferred by card holders. They have also asked the probability of an individual consumer receiving a prize over the course of a year. Share your determination of probability in each of the situations. Explain how these two ways of assessing probability are different and how they can help make decisions.
Use the significance level of alpha = .05 to test claim that p > .5. Sample is simple random sample n = 50. Illustrate how to compute beta for test and suppose true population proportion is .6.
Out of 1000 people surveyed, 600 belonged to urban areas and rest to rural areas. Among 500 who visited other states , 400 belonged to urban areas. Test 5 % level of significance whether area and visiting other state are dependent.
A defective picture tube was discovered in the latest shipment. What is the probability that it came from Tyson Wholesale?
If 36 sand dollars are selected at random for collection, determine the probability that average diameter of those sand dollars is more than 3.80 centimeters. Suppose that variable is normally distributed.
The mean sat verbal score is 401, with a standard deviation of 97. Use the empirical rule to determine what percent of the scores lie between 207 and 498.
Quaker Oats is contemplating changing the shape of its box from the quaint cylinder presently in use. Different random samples were selected from five stores of similar size in the same region
Suppose n progeny are to be examined, and let P^ be the sample proportion of purple-owered plants. It might happen, by chance, P^ that would be closer to 1/2 than to 9/16. Find the probability that this misleading event would occur if:
At.01 significance level, can we conclude that 30-year mortgage rate for small banks is less than 6%? Evaluate the p-value.
One of the children, though, fails to solve the problem so the researcher has an undetermined score. What is the best measure of central tendency for these data?
a) What is the probability that for any day, the number of special orders sent out will be more than 4? b) What is the standard deviation of the number of special orders sent out daily?
A dependent samples t test is typically more powerful than an independent samples t test because? Reduces participant/subject variability between groups.
The following ANOVA summary data are the result of a regression with sales per year (dependent variable) as a function of promotion expenditures per year (independent variable) for a toy company.
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