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The amount of time the university professors devote to their jobs per week is normally distributed with a mean of 52 hours and a standard deviation of 6 hours.
a) What is the probability that a professor works for more than 60 hours per week?
b) Determine the probability that the mean amount of work per week for three randomly selected professors is more than 60 hours.
c) Determine the probability that if three professors are randomly selected, all three work for more than 60 hours per week.
The annual returns, in percentages, on stocks A and B for three possible states of the economy are given in the table below.
Compute the median number of dependents?
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If the pilot plant fails, Rob feels the chance of the full-scale facility succeeding is only 20%. The probability that the pilot plant will succeed is estimated at 0.6. Structure this problem with a decision tree and advise Rob what to do.
At α = 0.05, is the correctness of the prediction different for the two types of cola drinkers?
If die is loaded so that 6 comes up with probability 0.2 and probabilities of 2,3,4, and 5 faces are not affected, determine the assignment of probabilities to the six faces?
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Explain an organizational scenario where quantitative (ratio level of measurement) information is or could be used to make management decisions about creating, maintaining, or improving quality.
Where S, A, and R are measured in dollars per week. Vanguard's marketing director is comfortable using parameter estimates that are statistically significant at the 10% level or better.
Find the test statistic P-value, and critical value, and state the final conclusion.
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