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To find the necessary sample size for a given level of confidence and accuracy of measurement.
My mgr needs information. I need to determine if a new product is worth marketing. At least 85 percent of the public must express interest in the product and for those that do the average cost they are willing to pay must be at least $47.50.
I survey 50 potential consumers regarding their interest in the product, 34 express an interest in purchasing it. The maximum price each would be willing to pay is shown below.
Maximum Prices
47
62
46
43
53
34
54
45
35
65
36
32
31
25
38
37
56
48
42
63
How large should the sample be if I want to maintain a 95 percent level of confidence and suffer a maximum error of $2.00 in my estimate of the highest price consumers are willing to pay?
Find the critical t-value that corresponds to 90% confidence. Assume 90 degrees of freedom.
Drug sniffing dogs must be 95% accurate. A new dog is being tested and is right in 46 of 50 trials. Find a 95% confidence interval for the proportion of times the dog will be correct.
Banner Mattress and Furniture Company wishes to study the number of credit applications received per day for the last 300 days.
Complete the table and answer the following questions. Use the .05 significance level.
The firm examined 35 randomly chosen fax transmissions during the next year, yielding a sample mean of 14.44 with a standard deviation of 4.45 pages.
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If you draw one ball from the urn what is the probability that it is blue or white?
Test hypothesis that both propellants have same mean burning rate. Utilize α=0.05. Compute the P value.
Linear programming problems. Computethe following linear programming problem. Among which of the following points (X,Y) is feasible.
Perform the trend analysis of Pf with incrementally increasing number of the simulation cycles, and calculate the statistical uncertainty in the estimate expressed as the coefficient of variation.
Determine the probability of choosing the area code at random which ends in the odd number if first digit cannot be 1 or 0?
Plan the scatter diagram
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