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Residents of Mill River have fond memories of ice skating at a local park. An artist has captured the experience in a drawing and is hoping to reproduce it and sell framed copies to current and former residents. He thinks that if the market is good he can sell 400 copies of the elegant version at $1.25 each. If the market is not good, he will sell only 300 at $90 each. He can make a deluxe version of the same drawing instead. He feels that if the market is good he can sell 500 copies of the deluxe version at $100 each. If the market is not good, he will sell only 400 copies at $70 each. In either case, production costs will be approximately $35,000. He can also choose to do nothing at this time. If he believes there is a 50% probability of a good market, what should he do? Why?
An electrical firm manufactures electric light bulbs that have a length of life which is normally distributed with mean and standard deviation equal to 500 and 50 hours, respectively.
The cost of one serving of peanut butter ( in cents) for a random sample of 19 jars of peanut butter was found to be:
Fit a least squares trend line to the merger data. What type of trend (linear or curved) might best fit to this time series? Compute the forecast for year 20 based on the trend (linear or curved) that best fits the data?
Suppose 72% of the drivers regularly use seat belts. You take a random sample of 10 of these drivers. What is the probability that the number regularly using seat belts is at least 7?
What is the probability that a randomly selected cell phone bill is more than $67.75?
Research the topic of Job Satisfaction using the Business Source Premier Database (EBSCO) and/or the ABI Inform Global database in the Library using the instructions linked here.
Create a stem-and-leaf display of these data. Create a box plot of these data.
Find a 99% confidence interval for the population mean number of weekly miles.
If there is relationship between parental income and SAT score, why can't we bring to a close that differences in score are caused by differences in parental income.
The following data refers to gross earned income, in thousands of dollars per year, and level of taxation on that income.
Find at least what percentage of all homeowners in this city pay a monthly mortgage of 865 to 1,675.00.
According to a well-known newspaper journal, 58.3% of the 222,900 households in particular county get the Sunday edition of local newspaper. Assume that random samples of 200 households are selected.
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