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Suppose that you would like to find out whether you react faster in the morning or in the evening. (You can use an online test like this one linked below to test your reaction times: Human Benchmark Test) (Links to an external site.)
For reasons that will be explained later in the course, you need samples of at least 30 trials at each time of day in order for the test to be valid. You have decided to do 40 trials at each time in case there are some outliers that need to be discarded.
You don't need to collect data right now, but you should start thinking about data collection plans that give data that is random and representative.
One possible plan for collecting data would be to repeat the test 40 times in one morning session and 40 times in one evening session.
If you feel that the questions above have been answered adequately by other students in the class, here is a new scenario. Suppose that, instead of comparing your own reaction times at different times of day, you would like to compare your reaction times with those of a friend. You repeat the test 40 times on one day, and your friend repeats the test 40 times on another day.
Yearly return on common stocks are normally distributed with a mean of 12.4 percent and a standard deviation of 20.6 percent.
Please try to come up with real examples: it's not enough to say which savings account decreased.
Is it wrong for Walmart to fight Unionization? Sam Walton always felt the company should function as one big happy family and that the unions.
the city government is considering two tax proposals- a lump-sum tax of 300 on each producer of hamburgers.- a tax 1
Suppose that the U.S. the demand for phones is given by P=700-Q that the supply is given by P=200+Q. In Korea suppose the demand is given by P=600-Q and supply is given by P=50 + (Q/2). Please regard phones as a homogenous product. Prices are all in ..
To be successful leaders in the global business world of the 21st century, managers must consider economic trends, behavior, and ramifications of economic decisions. Managers must also balance the pressures to react in the short term and plan for the..
What would have been the saving to Medicare reimbursement rates are higher for bigger city hospitals compared to the smaller city hospitals
You are appraising a 480 acre irrigated farm with a current valuation date. Improvements contribute $210,000 to the property value. The property is located outside Lotta-Water Irrigation District; irrigation water is obtained from an on-site well and..
Algebraically describe the market equilibrium price/output combination. Find out the price below which the firm will go out of business.
It receives the following two quotes from a bank: E$/€ = 0.9105 and E€/yen= 0.9110. What is the amount of the payment in euros?
Consider the market for corn in the United States. Suppose that the mandated percentage of ethanol in gasoline is increased and at the same time a corn blight destroys a significant portion of the corn crop. Using a supply and demand diagram, show wh..
The fact that millions of jobs are created and destroyed every year is a sign of. Who would be hurt by unanticipated inflation? If the Consumer Price Index was 110 in one year and 117 in the next year, then the rate of inflation from one year to the ..
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