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Three firms carry inventories that differ in size. Firm A's inventory contains 2000 items, firm B's inventory contains 5000 items, and firm C's inventory contains 10,000 items. The population standard deviation for the cost of the items in each firm's inventory is σ = 144. A statistical consultant recommends that each firm take a sample of 50 items from its inventory to provide statistically valid estimates of the average cost per item. Managers of the small firm state that because it has the smallest population, it should be able to make the estimate from a much smaller sample than that required by the larger firms. However, the consultant states that to obtain the same standard error and thus the same precision in the sample results, all firms should use the same sample size regardless of population size.
1. Using the finite population correction factor, compute the standard error for each of the three firms given a sample of size 50.
2. What is the probability that for each firm the sample mean will be within ±25 of the population mean μ?
What is the expected value and variance for the number of contacts in eight attempts?
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Calculate a 95% confidence interval for the population mean, based on the sample 10, 12, 13, 14, 15, 16, and 49.
An insurance agent has appointments with four prospective clients tomorrow. From past experience the agent knows that the probability of making a sale on any appointment is 1 out of 5.
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I believe this can be done by plotting out every 3 years average number of people working past 65 since 1997 until now and then making a predictability study as to number of people who will be working over the age of 65 in 2012.
where p is the binomial probability of returning a completed survey, and log is the natural logarithm. The multiple logistic regression output from fitting this model is given below.
A researcher believes that the percentage of people who exercise in California is greater than the national exercise rate. The national exercise rate is 20%. The researcher gathers a random sample of 120 individuals who live in California and find..
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