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A bank wonders whether omitting the annual credit card fee for customers who charge at least $2400 in a year will increase the amount charged on its credit cards. The bank makes this offer to an SRS of 200 of its credit card customers. It then compares how much these customers charge this year with the amount that they charged last year. The mean increase is $332, and the standard deviation is $108. Give a 99% confidence interval for the mean amount of the increase. Does omitting the annual fee induce customers to charge more on their credit cards?
At the .01 significance level, can the manufacturer conclude that the price reduction resulted in an increase in sales?
The number of passengers on the Carnival Sensation during one-week cruises in the Caribbean follows the normal distribution.
Solve problem graphically1. Describe optimal solution and objective function value in context of the problem.
Construct a 95 percent confidence interval for the true mean.
What is a discrete random variable and how does it differ from a continuous random variable? Give examples.
A customer wants delivery to be ensured between 10 am and 2 pm. Your truck leaves the factory at 4 am and time taken to reach the customer is normally distributed with an average of 8 hrs and a standard deviation of 1 hr.
The starting salaries of individuals with an MBA degree are normally distributed with mean of $40,000 and standard deviation of $5,000. What percentage of MBA's will have starting salaries of $34,000 to $46,000?
Suppose that you select a 50 families sample. Which is the form expected from the distribution of the average or median of the sample?
What is the probability that: The amount requested is $80,000 or more?
The Financial Advisor exam has a mean of 500 and a standard deviation of 20. If the bank chooses to hire either Steve or Mark based solely on their exam performance, who is the bank more likely to hire? Show evidence for your answer.
The goal is to get people thinking about how they can actually use correlation and regression in their real life, and where and how can they can really benefit from these techniques?
Prepare tables of descriptive statistics (mean, median, Quartiles, IQR, and Standard Deviation) by firm for net profit margin (PROFITS). Discuss.
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