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Question: A car was machine washes each car in 5 minutes exactly. It has been estimated that customers will arrive according to a Poisson distribution at an average of 8 per hour. Calculate:
1) Expected average time ( in minutes) a customer spends at the station
2) Average number of cars in the station ( both in line and being washed)
The 4 assumptions of regression: 1. Variables are normally distributed 2. Linear relationship between the independent and dependent variables 3. Homosced
why we use dummy variable
The following table shows the results of fitting a linear regression model of starting annual salaries on a constant, GPA (4 point scale), and a variable (Metrics =1) indicating wh
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Analytical Approach We will illustrate this through an example. Example 1 A firm sells a product in a market with a few competitors. The average price charged by the
implications of multicollinearity
Mode The mode is the value which occurs most frequently in a set of observations on the point of maximum frequency and around which other items of the set cluste
Differentiate between data and database
The decision maker ranks lotteries according to the utility function (i) State the independence assumption. Does this decision maker satisfy it? (ii) Is this decision ma
Ask question #MinimumA wedge is small piece of material having two of their opposite faces not parallel. To lift block of weight W, it is pushed by horizontal force P which lifts t
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