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A Tire company has developed a new type of tire. Extensive testing shows that the number of miles the new tire will run before wearing out is normally distrubuted with a mean of 40,000 miles and a standard deviation of 4,000 miles (Hint: Sketch bell shaped curves for the three questions below.
a) What is the probability that the number of miles the new tire will run before wearing out is LESS than 33,000 miles?
b) What is the probability that the number of miles the tire will run before wearing out is between 42,500 and 44,500 miles?
c) The company wants to promote increased sales by offering a 10% discount on a new set of tires if the purchased set lasts longer than a specified number of miles. What mileage should the company set, if they want only 2% of the tires to exceed the specified mileage (i.e, 98% of the tires fail to exceed the specified mileage, with 2% in the right tail)?
A teller can process an average of 100 customers per hour, which also can be modeled by a Poisson distribution. If there is one teller on duty, determine:
Illustrate the regression model and predict it. The following table shows the yearly maintenance costs for several cars, as well as their age.
Create the estimated regression equation by calculating the values of b 0 and b 1
Suppose that the National Labor Relations Board (NLRB) wishes to estimate the average hourly wage rate for a certain classification of skilled workers. It wishes to be 95% certain to get an estimate of sample mean within 0.05 of the truth.
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A mortgage department of a large bank is studying its recent loans. Of particualr interest is how such factors as the value of the home (in thousands of dollars), education level of the head of the household, age of the head of the household, curr..
The National Survey of Student Engagement (NSSE) surveys freshmen and seniors about their level of engagement in campus and classroom activities that enhance learning.
Compute the population attributable risk for smoking and lung cancer.
Identify a research question from your professional life, research interests, or everyday experience that could be addressed by this analysis.
Generate survival times X from an exponential distribution with rate lambda=1 with a censoring distribution C being exponential with rate theta = 2/3. Then Plot Kaplan-Meier Survival curve estimates along with true survival curve for n=25,100,1000..
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Suppose they solicit 400 customers one day, and find that 250 of them have a Grayson's card. Assume that 60% of all Grayson's customers have a discount card, what is the probability of getting a sample proportion of at least 250 / 400=0.625?
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