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The significant decline of savings in United States from the 1970s and 1980s to the 1990s and 2000s has been widely discussed by economists (money.cnn.com, June 30, 2010). According to the Bureau of Economic Analysis, the savings rate of American households, defined as a percentage of the disposable personal income, was 4.20% in 2009. The reported savings rate is not uniform across the country. A public policy institute conducts two of its own surveys to compute the savings rate in the Midwest. In the first survey, a sample of 160 households is taken and the average savings rate is found to be 4.48%. Another sample of 40 households finds an average savings rate of 4.60%. Assume that the population standard deviation is 1.4%.In a report, use the above information to:
1.
Compute the probability of obtaining a sample mean that is at least as high as the one computed in each of the two surveys.
2.
Use these probabilities to decide which of the two samples is likely to be more representative of the United States as a whole.
Findout the probability value for normal distribution. Illustrate the weight of football players is normally distributed with a mean of 200 pounds also a standard deviation of 25 pounds.
Use expected collision claim amount to find out the collision insurance premium that would permit the company to break even on collision portion of policy.
A random sample of 36 days yielded the average daily output of 890.2 tons, with standard deviation of 19.8 tons. Use this information to make a 95% confidence interval for mean.
Give an example of a hypothesis test. State what the Null and the Alternative hypotheses.
According to a recent survey, the probability that a passengerfiles a complaint with the Department of Transportation about aparticular U.S. airline is .000014. Suppose 100,000 passengers whoflew with this particular airline are randomly contacted..
Does the data set represent a sample or a population? If it is a sample, describe the population from which it has been drawn.
Carry out the test for the variance of girls score is not significantly less than the given data.
Use the t test to determine whether the slope of the regression model is significant at α = 0.05.
Construct a 99% confident interval for the standard deviation of the amount of vitamin B6 per pill.
Find the probability that a random sample of 4 male Siberian tigers will have a sample mean weight more than 450 lb.
A researcher was interested in determining whether incentives affect the response rate in surveys. A simple random sample of 50 adult residents of a large city was selected. All were mailed a survey and promised a check upon returning a completed ..
A normal population has a mean of 60 and a standard deviation of 3. You select a sample of 36. Compute the probability the sample mean is (Round z values to 2 decimal places and final answers to 4 decimal places):
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