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QUESTION
i. What is the difference between point estimation and interval estimation?
ii. A sample of 8 observations has been taken from a population in which the random variable is normally distributed. The sample mean is 25 and the sample standard deviation is 5. Determine a 95% confidence interval for the population mean.
iii. The mean life of a sample of 200 light tubes produced by a company is found to be 3160 hours with a standard deviation of 180 hours. Test the hypothesis that the mean lifetime of the tubes by the company is 3200 hours.
iv. A sample of 20 measurements of the diameter of a sphere gave a mean 4.38 inches and standard deviation of 0.06 inches find
a) 95% confidence limit to the actual diameter.b) 99% confidence limit to the actual diameter.
1. create a report contains total values of the ordered items by country in each year. note use the following tables
A young designer, aiming to develop intuition concerning conducting paths within an integrated circuit, examines the end-to-end resistance of a connecting bar 10-μm long, 3-μm wide, and 1 μm thick, made of various materials. The designer considers..
Suppose that you obtain information that the gold paint has been used (and thus at least one of the balls is painted gold). Compute the conditional probability that both balls are painted gold.
he Bureau of Labor Statistics provides compensation information on and services for various positions. As of May 2008, the national average salary for an RN (registered nurse) was $65,130. Suppose the standard deviation is $9385. For a random sample ..
If five of the recommended stocks will increase in value over the next year, determine the probability that at least half of the stocks selected by the client will increase in value over the next year. Explain.
At which famous racing circuit outside of Europe have a record seven Formula 1 pilots been killed since 1950?
Verify that both the Wilcoxon-Mann-Whitney test and Cliff's method reject at the 0.05 level. Although the Kolmogorov-Smirnov test rejects with α = 0.05, why might you suspect that the Kolmogorov-Smirnov test will have relatively low power in this ..
Business Application Project Select a decision oriented issue from your profession that can be measured using Applied Information Economics (AIE) to come to a specific decision. Write a report that describes the AIE framework as follows:
As a manager, what are some benefits of applying probability concepts to solve business-related problems? Would business decisions suffer without probability concepts? Explain.
Suppose that you want to set up a statistical test to challenge the claim of 6.7 seconds. What would you use for the null hypothesis?
Fred received the following scores for his gymnastics routine: 8.5, 7.8, 8.0, 6.8, 7.1, 7.6. To figure out his score, the judges drop the highest and lowest score and then average the rest of his scores.
The National Turkey Association wants to experiment with three different feed mixtures for very young turkeys. Since no experience exists regarding the three mixtures, no assumptions can be made about the distribution of weights.
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