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The original simple form of the Connecticut state lottery (ignoring a few gimmicks) awarded the following prizes for each 100,000 tickets sold. The winners were chosen by drawing tickets at random. If you hold one ticket in this lottery, what is your probability of winning anything? What is the mean amount of your winnings?
Multiple choice question using Forecasting techniques. Which among of the following models are best suited to forecast a time series with a stable seasonality component.
The error between the sample mean and the population mean for a sample of n = 16 is 5 points and the error between a sample mean and population mean for a sample of n = 100 is 2 points. Explain the difference in the standard error for the two samp..
As long as there is either an upward or downward trend in the data, will a k-period moving average have a smaller mean square error than a moving average obtained with k+1 periods? Why or why not?
A dish contains 20 gumballs - 9 blue, 6 red and 5 white. We randomly select two gumballs from the dish without replacement. a) Let X be the number of blue gumballs selected. Complete the probability distribution of X by filling in the appropriate p..
A certain airplane has two independent alternators to provide electrical power. The probability that a given alternator will fail on a 1-hour flight is .02. What is the probability that (a) both will fail? (b) Neither will fail? (c) One or the oth..
Describe what the researcher must do if one of the requirements is not met and give illustrations.
There is concern about the percent of on-time flights. A recent survey of two major airlines yielded the following results. At α = 0.05 test the claim that there is a difference in proportions of on-time flights.
Calculate the mean number and median number of apples in a bag.
Would the method described above be a good way to determine which team was taller (explain why or why not)?
At the 1% significance level, can it be concluded that the current distribution of responses differs from that of a year ago ?? Formulate and test the appropriate hypotheses. Use the critical value approach.
An experiment involves rolling a fair six-sided die repeatedly. How many times must the die be rolled for a {6} to result at least once with probability greater than or equal to 0.6 ?
Finding the probability of a pointer to land in a color among given three colors.
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