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Toss a pair of dice. if either die is a "one", you lose all your money. If not, you win the amount that equals the sum of the faces. This is added to your total. After any toss, you may quit or you may continue. What is the "best strategy" ie gives the largest expected value? Is it "one toss", "two tosses", "three tosses", ....etc Justify your answer by showing all steps in reaching your conclusion.
The error between the sample mean and the population mean for a sample of n = 16 is 5 points and the error between a sample men and population mean for a sample of n = 100 is 2 points. Explain the difference in the standard error for the two sampl..
Let X be the number of calls you need to make until you find your friend. Give the probability mass function for X. How many calls do you expect to make until you find your friend?
If the analyst finds evidence that the boast of dealership A is correct. What will be your critical value? What is the value of the test statistic? the boast of dealership A is correct?
In a random sample of 10 cell phone users, what is the probability that exactly 2 have used their phones to access the Internet? More than 2?
Let n = 269 represent the number of ticket reservations. Let r represent the number of people with reservations who show up for the flight. What expression represents the probability that a seat will be available for everyone who shows up holding ..
Calculate the mean and standard deviation of the sample mean based on data from 100 stores.
Construct a 99% confidence interval on the difference of the average ages for the viewers of the two TV programs. How can you interpret this interval?
(a) Compute the arithmetic mean of the subscribers' incomes. (b) Compute the modal and median incomes.
Confirm that these statements are accurate by finding the geometric mean rate of increase.
A researcher wishes to estimate within $300 the true average amount of money a country spends on road repairs each year. If she wants to be 90% confident, how large a sample is necessary? The standard deviation is known to be $900.
Increasing the confidence-interval level from .95 to .99
Find the Probability and inverse probability for the given Normal distribution.
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