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A partner company to American Intellectual Union (AIU), Universal Credit Inc., would like to examine the required sample size needed to be able to estimate the mean dollars that each card holder will spend each month. It would like to be within plus or minus $10 of the true mean with a 98% confidence level. The standard deviation is thought to be $500. How many card holders should be sampled?
After you've determined how many card holders should be sampled, Universal Credit Inc. comes back and says that it will cost $5 per sample, and they were only planning on spending $10,000 on the sample.
In a 1-page memo to the Universal Credit product development team, indicate how many card holders should be sampled to meet the original requirements of the sample. Then explain the trade-offs that will occur when you lower the sample to $10,000 to meet their budget.
Use the t-distribution table to find the critical values for the indicated alternative hypothesis, level of significance, a and sample size n1 and n2. Assume that the sample are independent, normal and random. Ha: u1
A neuropsychologist compare the auditory abilities of blind versus normally sighted rats. He predicted that the visually impaired rats would have better auditory development than normally sighted rats.
An advertising agency that serves a major radio station wants to estimate the mean amount of time that the station's audience spends listening to the radio daily. From past studies, the standard deviation is estimated as 45 minutes.
What happens to the expected return and standard deviation of returns of the portfolio in Part a if the following conditions exist?
Develop appropriate hypotheses such that rejection of H0 will support the researcher's contention.
The U.S. National Center for Health Statistics. Suppose that we randomly select fifteen 20-year-olds. How many do you expect to still be alive at age 65?
3 cards are randomly selected without replacement from an ordinary deck of 52 playing cards. Compute the conditional probability that the first card selected is a spade, given that the second and third cards are spades.
Pollsters attempt to find out whether or not person is a "likely voter" before they count their opinion in poll. If we suppose 40% of registered voters will really vote.
Your financial advisor sees this and tells you there is a 100% chance XYZ stock will gain over the 2-month period. Would you continue to use this financial advisor? Explain.
Determine the estimated population mean?
Suppose that a population is normally distributed with a mean of 100 and a standard deviation of 15. Would it be unusual for the mean of a sample of 3 to be 115 or more?
What proportion of children 10 to 15 years of age would be classified as hyperlipidemic assume that hyperlipidemia is defined as cholesterol level over 200?
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