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1. The monthly sales demand for a new product is uncertain, but it is considered to be adequately described by a normal random variable with mean 50,000 units and variance 100,000,000. (a) A factory to manufacture the new product has been constructed with enough capacity to meet sales demand 90% of the months. How much capacity does the factory have? (b) The accounting department has indicated that there is a 27% chance that the new product will not generate enough monthly sales volume to make a profit. What is the break-even sales level per month? (c) Find an interval for the observed monthly sales, which is symmetric around the mean of the monthly sales, such that next month's sales have a 0.9 probability of being within the interval. 1. From past experience, an auditor knows that the dollar value of the accounts receivable for the ABC Corporation, denoted by the random variable X, has a normal distribution. Unfortunately, she has forgotten the mean and variance of the accounts receivable distribution. One of her staff members has informed her that the following probability statements are true: P(X ≤ 5000) = 0.25 and P(X ≥ 7000) = 0.25. (a) What are the expected value and variance of X? (b) What is the probability that one account drawn at random will have a dollar value equal to 8500? (c) What is the probability that one account drawn at random will have a dollar value between 5500 and 5800?
Using an appropriate statistical test determine if there is a significant association between gender and satisfaction with the new initiative.
From a population of cereal boxes marked "12 ounces," a sample of 81 boxes is selected and the contents of each box is weighed. You want to test whether the population mean is different from 12 ounces.
Share with your peers the null and alternative hypotheses for a decision that is relevant to your life. This can be a personal item or something at work.
The class to get A's, 30% to bet B's, 30% to get C's, 15% to get D's and 10% F's. What would be the minimum and maximum scores required for each of these grades?
Using the following data, test the question that an equal number of Democrats, Republicans, and Independents voted during the most recent election.
Suppose wheat and sugar are two basic ingredients necessary to bake two items: a loaf of bread and a muffin. A baker has 25 pounds of wheat and 5 pounds of sugar.
Last year the records of Dairy Land Inc., a convenience store chain-What is the p-value? Follow the five-step hypothesis testing procedure.
His least squares regression line equation is: "assembly line output" = 1.03 + (5.1389 x Test Score). Which scatter plot has the graph of his line?
What is the probability that the sample mean will be between M = 510 and M = 520? In symbols, what is p (510
A standard deviation of 50. If an applicant is randomly selected, find the probability of a rating that is between 170 and 220. help solve statistics.
Among 100 people randomly chosen in a survey, exactly 10 stated that they believed that the elected representatives are honest most of the time.
The parameter of interest is the mean score in this population. The sample is an SRS of size n = 4 drawn from the population. a) Find the mean of the 10 scores in the population. This is the population mean.
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