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To test the effectiveness of a new drug designed to relieve pain, 250 patients were randomly selected and divided into two equal groups. One group of 125 patients was given a pill containing the drug while the other group of 125 was given a placebo. What can we conclude about the effectiveness of the drug if 62 of those actually taking the drug felt a beneficial effect while 41 of the patients taking the placebo felt a beneficial effect? Use ? = 0.05.
A study of 20 worldwide financial institutions shows the correlation between their assets and pretax profit to be .86. At the .05 significant levels, can we conclude that there is positive correlation in the population?
Finding appropriate z- and t-scores is important when constructing confidence intervals. Confidence intervals allow one to estimate important population parameters such as population mean, population proportion, population standard deviation, etc. We..
For a random sample of 40 people, what is the 95% confidence interval of the proportion of people who feel that there is too much violence on TV?
How many gears should be produced in each run at what minimum cost and what is the cycle time?
Comparison of paired and unpaired samples test - Identify which of the two tests (Independent samples and Paired samples) test is the preferred test and justify your choice.
You would like to invest if the price is likely to rise in the long run. You have data on the daily average price of this stock over the past 12 months. Your best action is to?
Describe a 5-step hypothesis test of multiple means (using the one-factor or the two-factor ANOVA test process) for a particular claim related to your work or life environment.
Annual family dental expenses for the families of a random sample of ten employees of a company are given below. You can assume the family dental expenses for the employees of the company are normally distributed.
the assembly line that produces an electronic component of a missile system has historically resulted in a 2 defective
The customer measured the tension of each and calculated the summary statistics. In order to conduct the test, the customer selected a significance level of Interpret this value.
A cabinet has 3 identical drawers. One drawer contains 2 gold coins, another drawer has a gold coin and a silver coin, and the third drawer has 2 silver coins. (a) What is the chance you get a gold coin?
Advertisers need to know which age groups are likely to see their ads. Purchasers of 120 copies of Cosmopolitan are shown by age group, (a) Make a bar chart and describe it. (b) Calculate expected frequencies for each class.
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