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Suppose you work for a company that manufactures electronics. The development analysts estimate that 2% of their flagship product will fail after the original warranty period but within 2 years of the purchase, with a replacement cost of $1500.
How much should they charge for a 2 year extended warranty so that they will still make money selling the extended warranties in the long run and keep the cost of the warranties as low as possible to make them more marketable?
Write up your proposal to the VP of marketing and promotions with enough explanation that someone from our class could understand it.
They select every 20th person from the list until a sample of 100 is obtained. They then call these 100 people. Does this sampling plan result in a random sample? Simple random sample? Explain.
Explain your answer to someone who is familiar with the t test for a single sample, but not with the t test for independent means.
With each hypothesis, indicate whether the appropriate analysis would be a one-tailed test or a two-tailed test and indicate a type I and type II error, given the context of the hypothesis.
What sample size must you take to be 96% confident that the results will be within $.75 of the true mean cost per call?
When determining the sample size necessary for estimating the true population mean, which factor is not considered when sampling with replacement
The relationship d = 5000 - 25p describes what happens to demand (d) as price (p) varies. The price can vary between $10 and $50. What is the mathematical expression for total revenue (TRV).
Simplify the principal square root of 64 z^4. Assume that z represents a positive real number.
Perform the chi-square test for a uniform distribution. At α = . 01, does this sample contradict the assumption that readership is uniformly distributed?
A computer manufacturer offers a help line that purchasers can call for help 24 hours a day, 7 days a week. Clearing these calls for help in a timely fashion is important to the company's image.
Suppose that you are the director of an insurance adjustment office. Your office has just received 140 insurance claims to be processed in the next few days half or more of the claims have been padded.
Locate value of the population mean in your sketch and make an estimate of the standard deviation
The ages of circulating pennies are right skewed. Most circulating pennies were minted relatively recently, and extremely old pennies are rare. Assume the ages of circulating pennies have a mean of 12.2 years and a standard deviation of 9.9 years.
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