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Problem 1. Confidence Intervals: t tests. Digitized Documents, Inc., is a small but rapidly growing firm in the digitized document translation business. The company reads architectural and engineering drawings into a scanning device that translates graphic information into a digitalized format that can be manipulated on a personal computer or work station. During recent weeks, the company has added a total of five new clerical and secretarial personnel to help answer customer questions and process orders. Data on the number of years of work experience for these five new workers is as follows:
5 4 3 4.5 3
A. Compute the mean, median and mode measures of central tendency for the number of years of work experience. Which measure does the best job of describing central tendency for this variable? The mean is 3.9 years per worker. The median is 4. The mode is 3. Each measure of central tendency offers a highly similar view of the typical observation.
B. Compute the sample range, variance and standard deviation for this data series, and the 95% confidence interval within which you would expect to find the population's true mean. The range for these workers if from 3 to 5 years experience. The sample variance is 0.8 (years squared) with a standard deviation 0.894427 years.
Use normal disrtibution of fish lengths for which the mean is 8 inches and the standard deviation is 5 inches. Assume the variable x is normally distributed.
The lifetimes of light bulbs of a particular type are normally distributed with a mean of 370 hours and a standard deviation of 5 hours. What percentage of bulbs has lifetimes that lie within 1 standard deviation of the mean on either side?
Security B has an expected return of 12 percent, a standard deviation of returns of 10 percent, a correlation with the market of 0.7 and a beta coefficient of 1.0.
You are the production manager of a company. Parachutes are woven in your factory using a synthetic fiber purchased from one of four different suppliers. The most important outcome for parachutes is strength of the fabric.
At 5% level of significance, does this sample prove violation of guideline that average patient must pay no more than $250 out of pocket?
Find out the probability that: (a) The amount requested is between $65,000 or more?
What is the correct answer to Suppose you were trying to decide which of two machines to purchase. Furthermore, suppose the length to which the machines cut a particular product part was important.
Your friend tells you that the proportion of active Major League Baseball players who have a batting average greater than .300 is greater than 0.56, a claim you would like to test. The hypotheses for this test are Null Hypothesis: p ≤ 0.56, Altern..
University of Waterloo are much susceptible to hypnosis which University of Tennessee undergraduates. Set up H0 and Ha for the test.
What fraction of the calls last between 4.2 and 5 minutes?
Which of the following is the appropriate conclusion from carrying out these multiple comparisons
Assume that you are conducting a survey of customer satisfaction regarding their cellular phone.
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