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First people's Bank of Central City would like to improve their loan application process. In particular, currently the amount of time required to process loan applications is approximately normally distributed with a mean of 18 days. Measures intended to simplify and speed the process have been identified and implemented. Were they effective? Test the appropriate hypothesis at the 1% significance level if a sample of 25 applications submitted after the measures were implemented gave an average processing time of 15.2 days and a standard deviation of 2 days. Use both the p-value and the critical value approach.
Assuming that all other variables are held constant, explain how the value of z influenced by each of the following:
Describe the association between these variables shown in the scatterplot.- Do you think this linear model is appropriate? Use the residuals plot to explain your decision.
Seventy-five percent of households say they woud feel secure if they had $50,000 in savings. You randomly select 8 households and ask them if they would feel secure if they had $50,000 in savings.
Suppose the manufacturers claim is right, determine the probability the mean of sample is 47,840 miles or less?
(a) Prepare a graphical display of the distribution and use your display to describe the major features of the distribution.
Consider some decision-making situations in Business Management field of study, and describe two or more in which tests of one or more population variances are important.
An item increases in value from 240 to 280 in one year. What is the percentage change in the value of this item?
Construct a 98% confidence interval for the proportion of all women aged 30 years and older who would rather get Botox injections than spend a week in Paris.
Use the traditional square of opposition together with conversion, obversion, and contraposition to prove that the following immediate inferences are valid. Show each intermediate step in the deduction.
Write a short paragraph comparing naturalistic observation and true experiments.- Distinguish between descriptive and inferential statistics. Use examples to illustrate the points you make.
Are you able to conduct tests based on the main effects? If yes, conduct these tests at the 1% significance level. If no, explain.
Two statisticians independently estimate the variance of the same normally distributed population, each using a random sample of size 10.
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