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Our client asked us to compute a 97% confidence interval for the time it takes to build a house in Kamloops. There are 32 observations in our sample. The sample mean is 60 days.
a) What is the 99% confidence interval, if the population standard deviation is known to be 10 days?
b) What is the 99% confidence interval, if the sample standard deviation is 10 days
c) Find the 80% confidence interval, if the population standard deviation is known to be 10 days.
Suppose a bookie will give you $6 for every $1 you risk if you pick the winner in 3 ballgames. For every $1 bet, you either lose $1 or gain $6. What is the bookies expected earnings per dollar wagered?
Calculate a sample mean and standard deviation and then reject shipment if the sample average falls below some agree-upon value.
A survey is planned to determine the mean annual family medical expenses of employees of a large company. The management of the company wishes to be 95% confident that the sample mean is correct to within plus-or-minus $50 of the population mean.
Set up the null and alternative hypotheses, and perform the hypothesis test with a significance level of 0.05.
A work-study engineer times a certain operation, and discovers that the average time it takes is 10 minutes, but on 15% of occasions it takes more than 13 minutes.
Test the claim that for the adult population of one town, the mean annual salary is given by μ = $30,000.
What must be checked in order to compare two population means when you do not know the values of the population standard deviation? Which one?
What is the probability that the sample mean breaking strength of a random sample of 100 pieces of fabric is less than 1 .8 kg/mm?
Run a Monte Carlo simulation 1000 trials for the following distribution. Determine the mean and standard deviation of the simulated distribution.
Construct a 90% confidence interval on the difference in fraction nonconforming between the two processes."
Assume that a procedure yields a binomial distribution with a trial repeated n times. Use the binomial probability formula to find the probability of x successes given the probability p of success on a single trial.
A roulette wheel has 38 slots, numbered 0, 00, and 1 to 36. The slots 0 and 00 are colored green, 18 of the others are red, and 18 are black.
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