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1) The average salary of managers in the advertising industry is $180,000 per year. Suppose we would like to take a sample of managers at a new company ABC, to see whether the mean annual salary is different from that of the industry. State the null and alternative hypotheses.
2) Suppose a sample of 40 managers at ABC showed a sample mean annual salary of $170,000. Assume a population standard deviation of $30,000. With = .05 as the value of significance, what is your conclusion?
If the estimate is to be within 8 mpg of the true mean with 98% confidence and the estimated standard deviation is 22 mph, how large a sample size must be taken?
Last year the average deposit for all 10,000 clients was $25,000 with a standard deviation of $30,000. Do you think a small sample of 25 is enough to give them the margin of error they want? If not, how large a sample do you suggest they need to t..
The Executive Camera Company provides full expenses for its sales force. When attempting to budget automobile expenses for its employees, the financial department uses mileage figures to estimate gas, tire, and repair expenses.
Prepare an ANOVA table and test the null hypothesis of no linear relationship between the two variables.
How would you find the normal approximation to the binomial probability P(x = 5) in part A? Please show how you would calculate µ and σ in the formula for the normal approximation to the binomial, and show the final formula you would use without g..
We have been informed that the stock has gone up 20%. What is the probability of a rise or fall in the GDP?
The probability that a person suffering from a migraine headache will obtain relief from a particular drug is 0.9. Three randomly selected sufferers from migraine headache are given the drug. Find the probability that the number obtaining relief w..
If one person is selected at random, what is the probability that person is Female?
Research on new juvenile delinquents revealed that 38% of them committed another crime. What is the probability that 40 or fewer of the delinquents will commit another crime?
Answer the following questions using the null hypothesis as "the individual does not have the disease." a. What is the probability of Type I error? (Round your answer to 2 decimal places.) b. What is the probability of Type II error? (Round your answ..
Scientist would like to know if mental health clients of private versus public service agencies differ on Global Assessment of Functioning (GAF) scores and on Satisfaction with Services (Satisfaction). She has collected data for 34 clients from a ..
The manager of Sam's Food Mart guarantees that none of his cartons containing a dozen eggs will contain more than one bad egg, despite the fact that 4% of individual eggs are known to be bad. Define the random variable x to be the number of bad eg..
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