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A CEO of a firm claims that the mean workday of the firm's accountants is less than 8.5 hours. A random sample of 35m of the firm's accountants has a mean workday of 8.2 hours with a standard deviation of 0.5 hour. At α = 0.01, can you support the CEO's claim?
Without using formulas, explain the meaning of (a) expected value of a random variable; (b) actuarial fairness; and (c) variance of a random variable.
Determine the probability that 5 or less questionnaires will be returned? Compute also probability that 7 or more questionnaires will be returned.
Part 1. What is the appropriate distribution for such data? Part 2. Is this lot anomalous?
It is generally believed that electrical problems affect about 14% of new cars. An automobile mechanic conducts diagnostic tests on 128 new cars on the lot. What is the standard deviation for the sample proportion?
Compute the standard error of the mean O(funny o with line) line over x, for sample sizes of 50, 100, 15o, and 200. What can you say about the size of the standard error of the mean as the sample size is increased?
Find the Binomial Probability Distribution, n=25 and p = .40 Find the probability P(8
Calculate the total cost of interest for both mortgage options. How much does the buyer save in interest with the 20 year option ?
Labor negotiations estimate that 30 percent of all major contract negotiations result in a strike. During the next year, 12 major contracts must be negotiated. Determine the following probabilities.
Critically discuss the difference among strategic, long-term, and short-term objectives? What is the relationship between objectives and goals? What are examples of this relationship?
What is the probability that more than 88 cartons arrive in at least 5 of the next 6 months given normal distribution with mean of 80 cartons per month and standard deviation of 7 cartons per month?
Does drug have significant effect on aggression? Use an alpha level of .05, two tails.
Confidence interval for the population mean - Prepare a 99% confidence interval for the population mean.
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