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Management of an airline knows that 0.5% of the airline's passengers lose their luggage on domestic flights. Management also knows that the average value claimed for a lost piece of luggage on domestic flights is $600. The company is considering increasing fares by an appropriate amount to cover expected compensation to passengers who lose their luggage. By how much should the airline increase fares? Why? Explain, using the ideas of a random variable and its expectation.
In general how is the magnitude of the standard error of estimate related to the value of correlation?
Carry out t test and find out whether or not demand and unit price are related. Let a=.05. Carry out an F test and find out whether or not demand and unit price are related.
The new Twinkle bulb is being developed to last more than 1000 hours. A random sample of 100 of these new bulbs is selected from the production line.
Compute sample mean. Assume that desirable value for this solution has been specified to be 65.0 grams per liter. Compute sample variance and sample standard deviation.
List the sample space in S and determine the number simple events. What is the probability that the sum of the numbers shown on the upper faces is equal to 7?
Determine the probability the sample of 40 will have a sales average less than $400,000.
At.05 level of significance, is there evidence to propose that mean life length of batteries produced by this manufacturer is more than 400 hours?
Assume that the readings on the thermometers are normally distributed with a mean of 0 degrees and a standard deviation of 1 degrees C.
A manufacturer has a maximum of 240, 360, and 180 kilograms of wood, plastic and steel available. The company produces two products, A and B. Each unit of A requires 1, 3 and 2 kilograms of wood, plastic and steel respectively;
If campaign can be expected to also to rise the probability of best case scenario to 0.4, is it a good investment.
At the 5% level of significance test whether the bottling process is carried out accurately or whether the filling machinery needs calibration. Use both the critical and the p-value approaches.
What is the Z score for a person who watches more than 8 hours per day?
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