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Mean and standard deviation for 10 and for 12 policies.
In fact, the insurance company sees that in the entire population of homeowners, the mean loss from ?re is μ = $300 and the standard ndeviation of the loss is σ = $400. What are the mean and standard deviation of the average loss for 10 policies? (Losses on separate policies are independent.) What are the mean and standard deviation of the average loss for 12 policies?
The following frequency table lists the sales of an item and the number of times it has occurred. It was obtained from historical records. Sales/Frequency: 10/100, 15/120, 20/300, 25/350, 30/400, 35/500, 40/300, 45/170.
(a) If F is the exponential distribution with rate λ, which, if any, of the processes {Xn}, {Yn} is a Markov chain? (b) If G is the exponential distribution with rate μ, which, if any, of the processes {Xn}, {Yn} is a Markov chain? (c) Give the trans..
How do we decide if the homogeneity of variance assumption is significantly violated?
Assuming that a plane make a safe flight if at least one-half of its engines run, determine whether a 4-engine plane or 2-engine plane has the higher probability for a successful flight.
A personal computer manufacturer is interested in comparing assembly times for two keyboard assembly processes. Assembly times can vary considerably from worker to worker, and the company decides to eliminate this effect by selecting a random samp..
To interpret, there were 50 days on which no credit applications were received, 77 days on which only one application was received, and so on. Would it be reasonable to conclude that the population distribution is Poisson with a mean of 2.0. Use the ..
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if a data set has correlation coefficient equal to 0.9 which of the following is necessarily true about the data points
Suppose that the company is willing to consider dropping the distribution center limitations; that is, customers could be served by any of the distribution centers for which costs are available. Can costs be reduced? By how much - If the company d..
Conduct a hypothesis test for a single mean at the 5% significant level and advise the management of Marathon Products accordingly. Show the null and alternative hypothesis for this test. Compute the p-value for this test using Excel's TDIST funct..
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