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Even though commercial airlines have excellent safety records, in the weeks following a crash, airlines often report a drop in the number of passengers, probably because people are afraid to risk flying.
a. A travel agent suggests that since the law of averages makes it highly unlikely to have two plane crashes within a few weeks of each other, flying soon after a crash is the safest time. What do you think?
b. If the airline industry proudly announces that it has set a new record for the longest period of safe flights, would you be reluctant to fly? Are the airlines due to have a crash? Explain your answer.
When 6 telephones are received, all of them are free of defects. What is the written description of the complement of the above event?
Independent random samples of 12 users of the other system rate their system on the same scale. Based on these data, are the two telecommunication system equally liked? Explain.
The maximum allowable payback and discounted payback statistic for the project are 2 and 2.5 years, respectively. Use the NPV decision rule to evaluate this project; should it be accepted or rejected?
Researcher asked group of 30 students - 12 of them supported change, 13 of them didn't, and 5 had no opinion. This is not binomial model as?
Explain in detail what the optimum Neyman=Pearson test is for all values of the false alarm probability a in the open interval (0,1).
Develop a multiple regression model with categorical variables that incorporate seasonality for forecasting sales using the last three years of data in the Excel file New Car Sales.
What is the difference between a descriptive model that is developed using multiple regression analysis with time-series data and a model that is considered predictive?
A biologist had mice and rats run through a maze and recorded the number that finished the maze successfully and the number that did not. This table lists the results of the study.
a) 95% of confidence intervals generated will include the sample mean X. b) 5% of the confidence intervals generated will include the true mean μ
Assume that the smiling time of eight-week old babies, in seconds, follows a uniform distribution between 0 and 23 seconds, inclusive. This means that any smiling time from 0 to and including 23 seconds is equally likely.
What is the best estimate of the average tread life for the entire population of these tires?
According to an IRS study, it takes a mean of 330 minutes for taxpayers to prepare, copy and electronically file a 1040 tax form. The distribution of times follows the normal distribution and the standard deviation is 80 minutes. A consumer watchd..
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