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Hardware Store: Income Trevor is interested in purchasing the local hardware/sporting goods store in the small town of Dove Creek, Montana. After examining accounting records for the past several years, he found that the store has been grossing over $850 per day about 60% of the business days it is open. Estimate the probability that the store will gross over $850.
a. At least 3 out of 5 business days.
b. At least 6 out of 10 business days.
c. Fewer than 5 out of 10 business days.
d. Fewer than 6 out of the next 20 business days. If this actually happened, might it shake your confidence in the statement p = 0.60? Might it make you suspect that p is less than 0.60? Explain.
e. More than 17 out of the next 20 business days. If this actually happened, might you suspect that p is greater than 0.60? Explain.
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Multiple choice questions based on F-distribution.
Construct a 96% confidence interval for the mean weight of all firefighters six months after the exercise rooms were installed.
If we want to increase our confidence level from 95% to 99%, what happens to our confidence interval?
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Based on a scatter diagram, would you estimate the linear correlation coefficient to be:
The first unit produced after the calibration effort to be found to be defective. What is the probability that machine is in adjustment?
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