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In investment firm with 10,000 clients would like to acurately forecast the avg dollar anmount their current customers will deposit over the coming year. They decide to telephone a random selection of 25 of their customer to ask how much they plan to deposit, and they would like to keep this sample as small as possible so that the calls do not annoy too many people. Since they will be multiplying this avg by the total number of customers to get an overall forecast, they would like to accurately estimate the avg with a margin of error of less than $4,000.00.Last year the average deposit for all 10,000 clients was $25,000 with a standard deviation of $30,000. Do you think a sample of 25 is large enough to give them the margin of error they want? If not, how large a sample do you suggest they take? Justify your answer with relevant calculations.
A researcher hypothesized that the variation in the car rental rates (in US$/day) at a major city airport is less than in the car rental rates down town.
Suppose investigators are interested in a population of patients who have been recently diagnosed with a particular kind of colon cancer (nonpolypoid colorectal neoplasm).
The mean area of several thousand apartments in a new development is advertised to be 1250 sq. ft. An engineer measured a random sample of apartments:
Assume company uses (100, 5) sampling plan to find out whether batch of 100,000 chips is acceptable. a) Compute the probability of rejecting a batch which has 3% defectives?
Employees of a local company are classified according to gender and job type. The following table summarizes the number of people in each job category.
Assume that male and female births are equally likely and that the birth of any child does not affect the probability of the gender of any other children.
Biologist estimates that 50% of the deer in a region carry a certain type of tick. For a sample of 300 deer selected at random, what is the chance that 155 or fewer deer have this tick?
If the test is positive, what is the probability that this person actually has heart disease?
What is the interpretation of the coefficients that emerge from the regression equation. Can you predict a change in the y variable given knowledge of the x variable?
Calculate the 90% confidence interval about μ if sample size, n, is 55. How does increasing sample size affect margin of error, E?
Of the 900 employees, 590 had college degrees, 120 were single, and 80 were single college graduates. Find the probability that an employee of the company is married and has a college degree.
Determine the least square trend equation. Estimate the number of employees in 2008. By how much the number of employees decreases (or increases) per year on the average?
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