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The probability is 1 in 4,000,000 that a single auto trip in the United States will result in a fatality. Over a lifetime, an average U.S. driver takes 50,000 trips. (a) What is the probability of a fatal accident over a lifetime? Explain your reasoning carefully. Hint: Assume independent events. Why might the assumption of independence be violated? (b) Why might a driver be tempted not to use a seat belt "just on this trip"?
A consumer electronics firm has developed a new type of remote control button that is designed to operate before becoming intermittent.
One of 4 bus drivers is also arbitarily chosen. Let Y denote number of students on his bus. Calculate expectations and variances of X and Y.
A company adminsters an "aptitude test for managers" to aid in selecting new management trainees. Prior experience suggests that 60 percent of all applicants for management trainee positions would be successful if they were hired.
An auto manufacturer advertises that "90% of the cars we've ever made are still on the road." Assuming this is literally true, how can it be explained? What facts/statistics would you need to know to expose this misleading claim?
You're not sure if you should buy a stock and need to discover the probability of the stock having a positive return (based on one year).
With a 98% level of confidence a company producing street signs wants to make sure the length of their product is meeting quality standards.
Computing the probability values using normal distribution - The data set has a bell-shaped distribution. Between what two prices do 68% of the houses lie?
We would like to test if the proportion of respondents that support the health care bill is less than 50% (a) what kind of hypothesis test is appropriate?
The following data represent scores of 50 students in the applied business statistics test. Prepare the frequency distribution table and the frequency histogram for this data set.
Use the normal approximation to estimate the probability of at least one disaster in 25 missions.
Find the range and the standard deviation of the times.
Determine the values of mean M and standard deviation s for original sample?
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