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The national average for the verbal portion of the College Board's Scholastic Aptitude Test (SAT) is 507. The College Board periodically rescales the test scores such that the standard deviation is approximately 100.
Answer the following questions using a bell-shaped distribution and the empirical rule for the verbal test scores.
(a) What percentage of students have an SAT verbal score greater than 607?
(b) What percentage of students have an SAT verbal score greater than 707?
(c) What percentage of students have an SAT verbal score between 407 and 507?
(d) What percentage of students have an SAT verbal score between 307 and 607?
(e) Compare and contrast the Empirical Rule and the Chebyshev's theorem.
You are going to borrow $350,000 for a term (number of years) corresponding to 20 at a 6% interest rate. Calculate the following: a) The monthly payment b) The total out-of-pocket cash you will spend to completely pay off the loan
The government is considering two policies: 1) in kind transfers of paper vouchers to families that can be exchanged for food or 2) a direct cash payment (of an amount equal to the value of the paper vouchers) that can be used for any purpose.
Suppose that Glitter Gulch, a gold mining firm, increased its sales revenues on newly mined gold from $10 million to $20 million between one year and the next. Assuming that the price of gold increased by 100 percent over the same period.
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The forecasting staff for the Prizer Corporation has developed a model to predict sales of its air-cushioned ride snowmobiles. The model specifies that the S vary jointly with disposable personal income Y and the population between ages 15 and 40,..
Estimate the regression equation of wage on educ. Write down formally the regression equation with standard errors underneath within parenthesis.
An auto dealership estimates that its demand curve has an elasticity of 2.78. If it wishes to increase sales by 12%, by how much should it decrease price What will happen to revenue (rise or fall) If instead it raises price by 20%, what is the per..
Before Missy decides the discount policy, she needs a better understanding of the dollar-amount distribution of the mail orders she receives. Missy had an assistant randomly select 50 recent orders and record the value, to the nearest dollar, of e..
Assume that a regulator assigns property rights on the externality, i.e. right to make noise or to enjoy an environment free of noise. Show that by agreeing on the airport traffic and on compensations, the two firms reaches the efficient outcome (..
Plant A is much more highly automated than plant B, which in turn is more highly automated than plant C. For each type of plant, average variable cost is constant so long as output is less than capacity, which is the maximum output of the plant.
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