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1. There are some tokens in a bag. Each token has a number ( a positive integer) printed on it. Ernesto does not know how many tokens are in the bag, and the only thing he knows about the numbers on them is that the mean of the numbers is 3 and the variance is 2.
Ernesto is going to play a game in which he draws 1 token from the bag and is paid an amount in dollars equal to the square of the number printed on the token that he draws. For instance, if he draws a 2 he will receive $4, but if he draws a 5 he will receive $25.
What is the maximum that Ernesto should be willing to pay to play this game if he wants to be sure that on average, if he plays very many times, he shouldn't lose money?
Test the hypothesis of no differences for average payback period (years) necessary to justify solar heating systems for residences.
you measure the lifetime of a random sample of 64 tires of a certain brand. the sample mean is x 50 months. suppose
Briefly discuss probability distributions. What is a normal distribution? Please provide a written example of how 'understanding distribution' can be an asset for any business project.
A slot machine in Reno costs $1 to play. If the jackpot is $1,000 and the expected value is $ - 0.50 find the probability of winning.
Consider the following hypothesis test What is the value of the test statistic? What is the p-value? With a=.05, what is your conclusion, reject or accept?
uo luxury is a residential rental company that advertises that the average cost of a rental for undergraduate students
impurities in the batch of final product of a chemical process often reflect a serious problem. from considerable plant
Construct a 95% confidence interval estimate for the population mean amount spent for lunch ($) at a fast-food restaurant, assuming a normal distribution
Using the five steps of hypothesis testing and the 5% significance level (alpha), does showing the film change students' attitudes towards the chronically mentally ill?
What is the probability that at least one inspector will find a defective widget?
Please solve other questions and other parts by hand, clearly show your work to get the full mark for each question. For all decimal results, please keep three decimal places.
Suppose we have randomly and independently sampled 25 women and asked each whether she has been a victim of domestic abuse at some point in her life. Find the probability that more than 22 of the women sampled have not been the victim of domestic ..
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