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A random sample of eight adults aged 30 years were asked how much they spent on medical costs in the year 2011. The following data were measured.
300 140 5600 520 470 700 640 1200
Compute the sample standard deviation.
Suppose that 10% of all adults jog. An opinion poll asks an SRS of 400 adults if they jog. a) What is the sampling distribution of the proportion p^ in the sample who jog?
Lead-time demand is 600 pounds. The standard deviation of lead time demand is 52 pounds. Supposing the lead time demand is normally distributed and that an acceptable risk of stocking out is 4%:
Do you think that these types of statistics can ever be accurate? How could this statistic be biased? In what ways could scientists misinterpret the results of their studies and come up with an incorrect statistic? What are your thoughts?
Explain why the t distribution is used as a part of the confidence interval.
If we know that the length of time it takes a college student to find out a parking spot in library parking lot follows a normal distribution with a mean of 3.5 minutes and a standard deviation of 1 minute
Suppose that you are the director of table game operations at a large casino, known especially for its poker room. You are interested in determining the average number of hands the casino should expect per hour during peak hours in the poker room.
For a population with a mean of (u)=50 and a standard deviation of (o)=10, how much error on average would you expect between the sample mean (M) and the population mean for the following samples
The instructor has "covered" Autocorrelation Function (ACF) and Partial Autocorrelation Function (PACF), but I have not yet grasped a full understanding.
A pharmaceutical company has developed a screening test for a rare disease that afflicted 2% of the population. Unfortunately, the reliability of this test is only 80%, which means that 20% of the tested will get a false positive.
Company are interested in how a new spaghetti sauce made from green tomatoes (and green in color) will compare to their traditional red spaghetti sauce. They are worried that the green color will adversely affect the tastiness scores.
Suppose that Total Revenue = 200Q and Total Cost = 80 + 50Q where Q, the quantity sold, is a random variable with expected value 20 and variance 4.
The hypothesis that the samples came from identical populations cannot be rejected, the T value is 16.5 greater that the lower limit.
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