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Suppose that a market research analyst for a cell phone company conducts a study of their customers who exceed the time allowance included on their basic cell phone contract; the analyst finds that for those people who exceed the time included in their basic contract, the excess time used follows an exponential distribution with a mean of 22 minutes. Consider a random sample of 80 customers who exceed the time allowance included in their basic cell phone contract.
-Suppose that one customer who exceeds the time limit for his cell phone contract is randomly selected. Find the probability that this individual customer's excess time is longer than 20 minutes.
-Find the probability that the mean excess time used by the 80 customers in the sample is longer than 20 minutes.
-Compare/Comment on the results of 1 & 2 above.
The national average for the price of a gallon of unleaded regular gas is $1.16. I believe the price is higher in my area of the country. I want to test my claim by randomly selecting gas prices for 25 stations in my area. The following prices are..
a. What is the probability that six or more of them used their phones for guidance on purchasing decisions?
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Test an appropriate hypothesis and state your conclusion. (Make sure to check any necessary conditions and to state a conclusion in the context of the problem.)
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the mean of the sampling distribution of means is equal to the mean of the population. t-f and why or why
Apply an appropriate hypothesis test and the 0.05 level of significance in determining whether the region should be considered as having a burglary problem greater than that for the nation as a whole.
The total cash inflow is expected to be $22,000 or an average of $4,400 per year. Compute the payback period in years.
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