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A local tire dealer wants to predict the number of tires sold each month. He believes that the number of tires sold is a linear function of the amount of money invested in advertising. He randomly selects 6 months of data consisting of tire sales (in thousands of tires) and advertising expenditures (in thousands of dollars). The equation of the least squares line is, y = 3 + 1x. Provide a managerial interpretation of the estimated slope.
Drug manufacturer knows that for a certain antibiotics, the average number of doses ordered for a patient is 20. Steve Simmons, a salesman for the company
Analyze the process of statistical quality control and determine which part of the process would be most difficult and what steps could be taken to mitigate the anticipated difficulty.
Let us suppose you have taken 100 samples of size 49 each from normally distributed population. Compute standard deviation of sample means if population's variance is 16. Area to left of ‘z' is 0.9976.
The owner of a restaurant serving Continental-style entrees has the business objective of learning more about patterns of patron demand for the Friday to Sunday weekend time period.
What is the best point estimate of the mean weight of babies born to mothers who did not use cocaine during their pregnancies?
Industry standards suggest that 10 percent of new vehicles require warranty service within the first year. What is the probability that none of these vehicles requires warranty service?
Do the association between the sizes of the heads and bodies of the two species appear to be strong? Explain.
Defective components in a unit? further what is the probability in a unit(i)less then 3 components are defective? (ii)exactly 3 components are defective?
The company sells lawnmowers for $895 each. The variable cost per lawnmower is $520. The company's monthly fixed costs are $84,500.
Of 146 adults selected randomly from one town, 31 of them smoke. Construct a 99% confidence interval for the true percentage of all adults in the town that smoke.
Environmental health indicators include air quality, water quality, and food quality. Twenty-five years ago, 47% of U.S. food samples contained pesticide residues. In a recent study, 44 of 125 food samples contained pesticide residues.
Suppose you are given the following estimated regression equation: Debt Ratio = 4000 + .20 Cash Flow. If the t-stat for the slope estimate is 3.25, what can you conclude?
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