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The probability is 1 in 4,000,000 that a single auto trip in the United States will result in a fatality. Over a lifetime, and average U.S. driver takes 50,000 trips. (a) What is the probability of a fatal accident over a lifetime? Explain your reasoning carefully. Hint: Assume independent events. Why might the assumption of independence be violated? (b) Why might a driver be tempted not to use a seat belt "just on this trip"?
A random sampling of financial analysts was asked to provide forecasts of earnings per share of a corporation's stock for the next year. The results are summarized as follows:
What is the marginal revenue equation? Find the output to the nearest thousand cameras that will produce the maximum revenue. What is the maximum revenue?
Find out coefficient of correlation between variables. Interpret the value.
Can you determine the exact number of days that it rained? Can you conclude anything about the number of days that it rained? Explain.
Setup Null and Alternate hypotheses to test if average amount of soda in each can is less than 32 oz. Test the hypothesis using a = 0.05. What can you conclude from all this?
Finding Normal probabilities using standard normal table or Excel built in functions
A local bank wants to install motion detector burglar alarms. Each has a 70% chance of detecting a burglar. If the bank wants to be 99% certain of detecting a burglar how many need to be installed?
Calculate, test, and interpret the relationship between two variables using the correlation coefficient.
Nancy believes that the average running time of movies is equal to 140 minutes. A sample of 4 movies was taken and the following running times were obtained. Assume the population of the running times is normally distributed.
Which measures of central tendency will always have but one (1) value for a set data?
How would you go about studying a nonlinear or curvilinear relationship between two variables using contingency tables and chi-square tests? Provide examples from you own professional experience.
Identify the population, the variable of interest, and the sample in the context of this problem. What are some inferences of possible interest to a stockbroker? How would the reliability of the inferences be assessed?
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