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A decade-old study found that the proportion, p, of high school seniors who believed that "getting rich" was an important personal goal was 70%. A researcher decides to test whether or not that percentage still stands. He finds that, among the 230 high school seniors in his random sample, 159 believe that "getting rich" is an important goal. Can he conclude, at the 0.05 level of significance, that the proportion has indeed changed?
You are responsible for planning the parking needed for a new 256-unit apartment complex, and you're told to base the needs on the statistic "average number of vehicles per household is 1.7."
A survey of undergraduate students in the School of Business at Northern University revealed the following regarding the gender and majors of the students:
Suppose that you select a 50 families sample. Which is the form expected from the distribution of the average or median of the sample?
The undergraduate grade point average (GPA) for students admitted to the top graduate business schools was 3.37 (Best Graduate Schools, U.S. News and World Report, 2001).
Would you expect the mean absolute percentage error to be more than or less than 0.25? Describe.
You are working on an analysis of your company's current cost structure reviewing the various fixed and variable costs within your firm. Your objective is to maximize your firms profit.
Determine the following:Mean, Median and Variance.
Use this information to find the upper and lower limits of the first class if you wish to construct a frequency distribution with 10 classes.
We are asked to test for independence between age (i.e., adult and teen) and drink preferences.
A hypothesis will test that two population means are equal. A sample of 10 with a standard deviation of 3 is selected from the first population and a sample of 15 with a standard deviation of 8 from the second population.
A manufacturer produces a batch of memory chips (RAM) and measures the mean-time-between-failures (MTBF). The manufacturer then changes a manufacturing process and produces another batch and again measures the MTBF.
How many plants must be sampled if no preliminary estimate is available? If less than that many plants is sampled, which answer best describes what happened?
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