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A study showed that 60% of The Wall Street Journal subcribers watch CNBC every day. Of these, 70% watch it outside the home. Only 20% of those who don't watch CNBC every day watch it outside the home. Let D be the event "watches CNBC daily" and O be the event "watches CNBC outside the home."
a) Sketch a tree based on this data.
b) Calculate the probability of all joint probabilities
c) Verify that the joint probabilities sum to 1
If we are dealing with non-normal data we use Chebychev's Theorem. While not as precise, it does provide some level of utility. If we use Chebychev
Solve problem graphically1. Describe optimal solution and objective function value in context of the problem.
Determine the sample size needed in order to be 99% confident that the sample proportion of the current customer accounts is within .03 of the true proportion of all current accounts for this company.
What is meant by illusionary correlations? Why is it so difficult for individuals to disprove their beliefs in correlations that are actually false?
In a distribution of sentence lengths in months like the following: 6, 12, 10, 18, 24, 360; which statistic would a researcher not want to report?
The American Sugar Producers Association wants to estimate the mean yearly sugar consumption. A sample of 16 people reveals the mean yearly consumption to be 60 pounds with a standard deviation of 20 pounds.
A point estimate for the difference between the mean purchases of the users of the two credit cards is:
In regression equation, the value of y-intercept indicates the value of Y when the value of X is zero.
Test whether there is difference in the proportion of viewers using Chi square test.
A manager receives a forecast for next year. Demand is projected to be 600 units for the first half of the year and 900 units for the second half.
How is regression analysis used in forecasting? Provide examples. How may it be used to formulate strategies?
Where should the warranty limits be set so that only 10% of the TVs need repairs at the manufacturer's expense?
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