User Account

All Pages

What is the probability that the mean of the sample

Assignment Help Business Economics
Reference no: EM132150146

A manufacture claims that the life span of its tires is 52,000 miles. You work for a consumer protection agency and you are testing these tires. Assume the life spans of these tires are normally distributed. You select 100 tires at random and test them. The mean life span is 51,775. Assume o=700.

(a) What is the probability that the mean of the sample is 51,775 miles or less?

(b) The claim is inaccurate or accurate because the sample mean would or would not be considered unusual since it lies or does not lie within the range of a usual event, namely within 1,2, or 3 standard deviation of the mean of the sample means.

(c) Assuming the manufactors claim is true, would it be unusual to have an individual tire with a life span of 51,775 miles?

Yes or no? because 51,775 lies or does not lie within the range of a usual event, namely within 1, 2, or 4 standard deviations of the mean of an individual tire.

Reference no: EM132150146

Questions Cloud

Why each type of unemployment may arise : Describe the difference between frictional and structural unemployment. Explain the reasons why each type of unemployment may arise.
Find the indicated probability : Assume the random variable x is normally distributed with a mean u=80 and a standard deviation o=4. Find the indicated probability.
What is the price of woodlands stock on march : On March 22, 2017, Woodlands paid annual dividend of R2.50 per share. What is the price of Woodlands stock on March 23, 2017
How do you take brand global : How do you take a brand global? Why do businesses need to move at the speed of light? Why do brands need to be designed for mecosystems?
What is the probability that the mean of the sample : (a) What is the probability that the mean of the sample is 51,775 miles or less?
Estimates level at which a policy reaches target audience : Which of the following approaches to evaluations best fits the following description: Estimates the level at which a policy reaches a target audience?
The strategy for reducing prejudice and discrimination : Then, write a paper in which you examine the strategy for reducing prejudice and discrimination used by one of the organizations.
What would you say to your seat-mate : You are on a long trans-Atlantic flight from Heathrow Airport (London, UK) to DFW Airport (Dallas-Ft. Worth, USA) seated next to a Brit.
Why are union officials likely to oppose flexible work hours : Why are union officials likely to oppose flexible work hours and other innovative work schedule? provide specific example.

Reviews

Write a Review

Business Economics Questions & Answers

  Does company has the potential to reap enormous gains

A Bristish pharmaceutical company spent several years and considerable funds on the development of a treatment for HIV patients. Now,with the protection afforded by patent rights,the company has the potential to reap enormous gains.

  Expect this to have on prices and insurance coverage

Suppose the government were to pass a law requiring insurers to offer the same prices for men and women. What effect would you expect this to have on prices and insurance coverage? How would this affect social welfare?

  Change in the exchange rate

Explain how the changes in the prices of goods in part a, and the change in the exchange rate might influences the RBA.

  What happens to elasticity of demand curve facing firm

As an industry moves from being a monopoly to a monopolistically competitive one (due to entry of new competitors as monopoly's patents expire, for example), what happens to elasticity of demand curve facing firm.

  Statements is true about competition in market

Which of the following statements is true about competition in a market?

  Book value for each year using the deprecation methods

An asset has an initial cost of $25,000, a useful life of 6 years and a salvage values of $1,000. Calculate the annual depreciation and book value for each year using the following deprecation methods:

  Paper clip industry is perfectly competitive.

Suppose that the paper clip industry is perfectly competitive. Also assume that the market price for paper clips is 2 cents per paper clip. The demand curve faced by each firm in the industry is: Always higher than the firm's MC curve. A horizontal l..

  Define deductibles-copayments and coinsurance

What are some of the ways a seller of goods might reassure a possible buyer who is faced with imperfect information? What are some of the ways that someone looking for a loan might reassure a bank that is faced with imperfect information about whethe..

  Illustrate the effect of an increase in p2 on consumption

illustrate the effect of an increase in P2 on the consumption of both x1 and x2. Label income and substitution effects for both goods.

  Concepts of cross elasticity and income elasticity

Using specific examples, relate the concepts of Cross Elasticity and Income Elasticity to this product.

  Determining the desaster recovery

A disaster recovery plan is a set of policies and procedures designed to mitigate the damage of a disaster. Research some best practices for Disaster recovery. Discuss your findings.

  About customers in the zone of indifference

Which of the following is true about customers in the zone of indifference?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd