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Scores on the verbal ability portion of the Graduate Record Examination (GRE) follow a normal distribution with mean 500 and standard deviation 115.
Suppose you study a random sample of 100 GRE verbal exams. Consider your a sketch of the sampling distribution of sample means and the appropriate calculation model.
Determine the probability that the mean score in this sample will be between 485 and 515. Express your answer to FOUR decimal places.
How can the binomial distribution be used in a business situation? What type of data would you use and what would you learn from this?
Although the rules of probability are just basic facts about percents or proportions, we need to be able to use the language of events and their probabilities.
The makers of a soft drink want to identify the average age of its consumers. A sample of 16 consumers is taken. The average age in the sample was 22.5 years with a standard deviation of 5 years.
Does the normal distribution yield a good approximation of the actual results?
A professor wants to determine if his class' anxiety decreases over the course of the semester. He uses a test to measure a random sample of all students enrolled at midterm and again at the end of the course.
If we wish to be 95% certain of avoiding a Type I error, use these data to examine differences in the average distance traveled to the two clinics.
Following sample data shows the weekly closing price of ABC stock. Compute the sample mean and variance from this data set.
Compute expected value for each of three actions and find out if manager must accept, further analyze, or reject the lot? Determine expected value of perfect information (EVPI)?
Bob gets tests grades of 86, 92, and 60 He gets an 90 on his final exam. Find the weighted mean if each tests counts for 20%, and the final exam counts for 40% of the final grade.
Approximately 14 percent of the population of Arizona is 65 years or older. A random sample of five persons from this population is taken. The probability that less than 2 of the 5 are 65 years or older is:
What sample size should be chosen so that there is 0.95 probability of estimating the mean monthly income in $150 or less?
30% of households say they would feel secure if they had $50,000 in savings. you randomly select 8 households and ask them if they would feel secure if they had $50,000 in savings. find the probability that the number that say they would feel secu..
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