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Management of an airline knows that 0.5% of the airline's passengers lose their luggage on domestic flights. Management also knows that the average value claimed for a lost piece of luggage on domestic flights is $600.
The company is considering increasing fares by an appropriate amount to cover expected compensation to passengers who lose their luggage. By how much should the airline increase fares? Why? Explain, using the ideas of a random variable and its expectation.
Suppose a bookie will give you $6 for every $1 you risk if you pick the winner in 3 ballgames. For every $1 bet, you either lose $1 or gain $6. What is the bookies expected earnings per dollar wagered?
The distance (in miles) are as follows:32,18,44,29,25,38,14,21,and 12. Estimate the mean commute distance of all employees of the company.
the number of yearly breakdowns for the power generator observed over the past 20 years at orlando utilities is
Find the mean,median and mode of the data if possible, if any measure cannot be found or does not represent the center of data explain why. Please show work.
Suppose that an automobile manufacturer designed a radically new lightweight engine and wants to recommend the grade of gasoline to use.
the point estimate for a processor that world correctly for at least 1000 hours based on a sample size of 100 is .91.a
The distribution of hits/9-innings is approximately normal with mean 8.72 and standard deviation 1.10. Demonstrate, statistically, why a no-hitter is considered an extremely rare occurrence in MLB.
A university president randomly selects 10 tenured faculty from the College of Arts and Sciences and 10 ten- ured faculty from the College of Business. Each faculty member is then asked to rate his or her job satisfaction on a scale of 1 (very d..
Suppose that the population of heights of female college students is approximately normally distributed with mean m of 66.24 inches and standard deviation s of 5.07 inches.
q1 the weights of packets of cookies produced by a manufacturer have a normal distribution with mean 202 grams and
Timeline, in chronological order, indicate what you would identify as the ten most important events in western history before 1600 CE. Briefly explain your selection of each event. (You do not have to give specific dates, but you do need to give..
Employee salaries at a certain company are normally distributed with a mean salary of $59000 and a standard deviation of $7100 1. Find the z-score for a salary of $70400
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