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Suppose you are a consultant to a fast food chain. The fast food chain is interested in measuring the population variance in the number of customers it has on a daily basis in all its stores in the U.S. However, it is limited in its ability to track this number across all stores and has to select a sample. Think critically about the following questions:
1. There are two estimators for the population variance with different levels of bias and variance. Explain how you would go about choosing between these two estimators.
2. You are interested in coming up with a 95% confidence interval for the population variance. How would you go about deciding the number of outlets to sample?
The Spanish patients, two men and two women, were elderly and very ill. All four had undergone routine dialysis at the Hospital de la Princesa.
Suppose a random sample of 600 credit card users is taken. What is the probability that more than 150 credit card users are very close to the total limit on their card(s)?
Suppose that plants of a particular species are randomly dispersed over an area so that the number of plants in a given area follows a Poisson distribution with a mean density of λ plants per unit area. If a plant is randomly selected in this area..
Do students tend to improve their SAT Mathematics (SAT-M) score the second time they take the test? A random sample of four students who took the test twice received the following scores
What percent of the Fords traveled 62.000 miles or less during the year?
Add line-of-best fit (trend line/linear regression line) to your scatterplot. Write down the equation of the trend line below.
In multi-choice test, each question has four options. Students wil get 10 points for each correct answer; lose four points for each incorrect answer; and receive no points for unanswered questions.
Tungsten content of the mined mineral. Further mining of the drift would be justified if the grade is above 1.25% W; can we be 95% confident that this is the case?
Develop a 95% confidence interval of the the mean times turtles hid in their shells.
A personal computer manufacturer produces both desktop computers and notebook computers. The monthly proportions of customer orders received for desktop and notebook computers that are shipped within one weeks time can be viewed as the outcome of..
A medical researcher estimates that no more than 55% of the U.S. adults eat breakfast every day. In a random sample of 250 U.S. adults, 56.4% say that they eat breakfast every day.
Download the monthly data of the index for the calendar year 2007 and make a time plot of the data. Comment on the volatility of the index, looking at the plot. Report the standard deviation of the data.
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