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A student wanted to find out the optimal strategy to study for a Business Statistics exam. He constructed the following payoff table based on the average amount of time he needed to put in every week studying for the course and the degree of difficulty of the exam. From the information that he gathered from students who had taken the course, he concluded that there was a 40% probability that the exam would be easy.
16 hours8 hours4 hours
Easy Exam406080
Difficult Exam100500
What is the opportunity loss of spending 4 hours per week on average studying for the exam when the exam turns out to be easy?
This problem has to do with graphical plotting and computation for certain distribution. Please mention a detailed response to the questions listed with appropriate graphical and statistical data representation(s).
A spokesman for a popular television game show claims that contestants on the show win an average of $1200. In a random sample, 35 contestants were questioned on the amount of money they had won in order to test the hypothesis.
For value 10,40,20,50 and 40, value of arithmetic mean is? Simplest measure of dispersion is the Standard deviation, variance, Quartile deviation.
A comparison group consisted of 5,055 children who had received no such treatment (brothers and sisters of the children who had received radiation treatment).
Write out the multiple regression equation using the given data.
A random sample of gasoline taxes (in cents) is shown here for 12 states. Use the data to estimate the true population mean gasoline tax with 90% confidence. Does your interval contain the national average of 44.7 cents?
Test the claim that the mean age of the prison population in one city is less than 26 years. Sample data are summarized as n = 25, x = 24.4 years, and s = 9.2 years. Use a significance level of α = 0.05.
Assume the shopping time followed an approximately normal distribution. Use a 5% level of significance to test the claim that the average shopping time foe women with children in Carson mall is higher than the national average for this type of sto..
Use Friedman test to find out whether there is evidence for significant difference between two population variance. Use .05 level of significance.
Under the assumption that co payment amounts are normally distributed, find a 99% confidence interval for the mean amount in dollars.
A histogram of time spent eating & drinking each day is skewed right. Use this result to explain why a large sample size is needed to construct a confidence interval for the mean time spent eating & drinking each day.
Formulate an appropriate hypothesis test to examine at the 10% level of significance whether the manager's worries are justified.
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