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The information of the American Institute of Insurance indicates the average or median quantity of life insurance per family in the US is $1100, 000. This distribution has a positive slant. The standard deviation of the population is not known.
a) A chance sample of 50 families revealed an average or median of $112,000 and a standard deviation of $40,000. What is the standard error of the average or median?
b) Suppose that you select a 50 families sample. Which is the form expected from the distribution of the average or median of the sample?
c) Which is the probability of selecting a sample with an average or median greater than $112,000?
d) Which is the probability of selecting a sample with an average or median greater than $100,000?
e) Find the probability of selecting a sample with an average or median greater than $100,000 but less than $112,000.
A Correlation matrix (correlation, coefficients and probability level under the hypothesis rho= 0) for a company's sales force (age, years of service, and current sales) is given below. Comment.
Determine the estimated population mean?
In a bumper test, three types of autos were deliberately crashed into a barrier at 5mph, and the resulting damage (in dollars) was estimated. Five test vehicles of each type were crashed, with the results shown below. Are mean crash damages the sa..
What is the probability that a sample mean will be within plus-or-minus two of the population mean for each of the following sample sizes?
Is there evidence to suggest a difference in the mean waiting times at the four body shops?
Clark Heter is an industrial engineer at Lyons Products. He would like to conclude whether there are more units produced on the afternoon shift than on the day shift. A sample of 54 day-shift workers showed that the mean number of units produced w..
Determine the probability that their SAT scores will differ by more than 50 points?
Compare 2 moving averages using MSE and compute Exponential smoothing. The subsiquent data which represents demand for company ABC's products for the last 10 months.
Findout the probability value for normal distribution. Illustrate the weight of football players is normally distributed with a mean of 200 pounds also a standard deviation of 25 pounds.
Find out the critical value for the given degrees of freedom of the F-test also the lower-tailed critical value of F test for the similar level of significance
Does the normal distribution yield a good approximation of the actual results?
Students are the University of New Harmony received 10, 000 course grades last semester. The table below breaks down these grades by which school of the university taught the course.
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