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Suppose you wish to test the hypothesis that the students at university A are, on the average, younger than students at university B. A random sample of 80 students is drawn from university A and it is found that their mean age is 22.1 with a standard deviation of 2.6, while a random sample of 64 students from university B is found to have a mean of 23.5 with a standard deviation of 2.3. The samples do indicate that university A's students are younger than university B's; but is the difference significant at the 1% level?
A 95% confidence interval for the proportion of all adults who bought a lottery ticket in the past year is (assume Gallup used an SRS)
Consider a machine that fills soda bottles. The process has a mean of 15.9 ounces and a standard deviation of 0.06 ounces. The specification limits are set between 15.8 and 16.2 ounces. a) Compute and interpret the machine's Cp
Find the point estimate p-hat and the margin of error for the confidence interval (0.444, 0.484)
Two percent of the parts from a production process are defective. A sample of five parts from the production process is selected. What is the probability that the sample contains exactly two defective parts?
Make a decision using the Decision Rule approach at given α = 0.05.
30% of the college of business students major in finance. A random sample of 20 students is selected. What is the probability that no more than 3 students of the selected students are majoring in finance?
If you have a statistical package that computes binomial probabilities, find the probability that at least five funds outperform the market in all 10 years.
Calculate the total cost of interest for both mortgage options. How much does the buyer save in interest with the 20 year option ?
Calculate sample proportion and then also calculate a 99% confidence interval for true population proportion, p.
If the mean number of serious accidents per year in a large factory (where the number of employees remains constant) is five, find the probability that in the current year there will be:
Suppose there are two samples of size 6 and 7, with a rank sum of 58 in the sample of size 6. Using the Wilcoxon rank-sum test, evaluate the significance of the results, assuming there are no ties.
Several questions will be asked but the main outcome measure of interest will be the percentage of customers who were completely satisfied and plan to return and the average amount spent.
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