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The State Transportation Department is interested in estimating the proportion of vehicle owners that are operating vehicles without the required liability insurance. If they wish to estimate the population proportion within 0.03 and use 95 percent confidence, what is the largest random sample that they will need?
Suppose that the mean amount wagered by all patrons is $287 with a standard deviation of $15. You should give free accomodations to those individuals who wager over how much money?
Using goodness-of-fit test and.01 level of significance, find out whether accidents are evenly distributed all through the day. Write a short description of your conclusion.
The MacBurger restaurant chain claims that the waiting time of customers for service is normally distributed,
You attempt a 50 item (n = 50) true-and-false exam. You did not study for the material and your attempt to answer any item is a guess, with a 50% chance that you will get any item correct. You need a score of 30 or better to pass the exam.
NCAA Basketball Tournament. Each year, 64 college basketball teams compete in the NCAA tournament. Sandbox.com recently offered a prize of $10 million to anyone who could correctly pick the winner in each of the tournament games.
Tweleve cases of leukemia are reported in people living in a particular census tract over a 5 year period. Is this number of cases abnormal if only 6.7 cases would be expected based on national cancer incidence rates?
An economist found that a random sample of 42 high school teachers had an average annual salary of $56,490. A previous study showed that the population standard deviation is $4150. Find the 99% confidence interval for µ, the average annual salary ..
Assuming a normal distribution, if 70 percent of the costs for tires is less than $171.00, what is the standard deviation? How is this calculated?
The heights, in feet, of the five tallest buildings in four large cities are compared. What is the critical value if the level of significance is 0.10?
7% chance of making $40,000; a 20% chance of making $10,000; and 70% chance of making $0. How much should you be willing to pay for this deal?
Average performance evaluation is higher for managers hired from outside firm compared with those promoted from within? What other stories does this graph tell?
Explain how you would settle on a reasonable level of significance for your scenario. Also explain what the type I and II errors would be if you reached the incorrect conclusion in your test.
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