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Consider these two scenarios:
a. You have made a reservation to spend the weekend at the coast. To get the reservation, you had to make a nonrefundable $50 deposit. As the weekend approaches, you feel a bit out of sorts. On balance, you decide that you would be happier at home than at the coast. Of course, if you stay home, you forfeit the deposit. Would you stay home or go to the coast? What arguments would you use to support your position?
b. You have decided to spend the weekend at the coast and have made a reservation at your favorite resort. While driving over, you discover a new resort. After looking it over, you realize that you would rather spend your weekend here. Your reservation at the coast can be canceled easily at no charge. Staying at the new resort, however, would cost $50 more. Would you stay at the new resort or continue to the coast?
Are your decisions consistent in parts a and b? Explain why or why not.
The following data resulted from an experiment to study the effects of leaf removal on the ability of fruit of a certain type to mature:
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according to u.s. news amp world report data in 1995 tuition costs at indiana university a public university were 2984
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according to an irs study it takes a mean time of 330 minutes for taxpayers to prepare copy and electronically transfer
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Calculate 95 percent and 99 percent confidence intervals for u(mean). Using the 99 percent confidence interval, can we be 99 percent confident that u(mean) is at least 42? Explain.
Can we conclude that more than 60% of retired people in the age group would return to work? I need to do a Hypothesis Testing using only P value format (Explain in everyday words but also have the formal steps show with results) on this problem.
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