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A study was conducted to determine if the salaries of the professors from two neighbouring universities were equal. A sample of 20 professors from each university was randomly selected. The mean from the first university was $109,100 with a population standard deviation of $2300. The mean from the second university was $110,500 with a population standard deviation of $2100. Assume that the distribution of professor salaries, at both universities, are approximately normally distributed. Level of significance = 0.05.
a. Using the critical value approach test the claim that the salaries from both universities are equal. Include all key steps of the test.
b. Use the four-step P-value approach and test the claim that the salaries from both universities are equal.
c. Are the conditions met for using this test?
If a random sample is to be drawn from a population consisting of 5000 sampling units with a variance of 20% and a desired standard error of 1.6%. What is the optimal sample size?
Lower values on the IAS test suggest the person is less inclined to be close and personal. Explain the meaning of rSin the context of this problem.
Explain what dummy variables are and how they can be used to account for seasonality. Give an example of how you might use dummy variables to measure.
Calculate the correlation coefficient for these two variables and test to determine whether there is a significant correlation at the a = 0.05 level.
Based on the information in given Exercise, if the advisor has at least one person sign up for the advanced class, what is the probability that at least three people have signed up?
ndependence of complements.- We inherit each of a parent's two alleles with probability 0.5. We inherit independently from our mother and our father.
A clinical trial is run to investigate the effectiveness of an experimental drug in reducing preterm delivery to a drug considered standard care and to placebo.
a. Assuming that we take the lower limit of the first class as $1 and the upper limit of the sixth class as $150, write the class limits for all six classes.
Can the firm claim with a 95% level of confidence that the boxes of detergent from plant 1 contain more than 1000 g?
A normal population has an average of 80 and a standard deviation of 10. You select a sample of 25. Calculate the probability that the sample mean
Find the typical inventory level throughout the whole year using the standard statistical summary.
What is the value of a call option written on the stock with the same exercise price and expiration date as the put option?
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