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A contractor is considering a sale that promises a profit of $32,000 with a probability of 0.7 or a loss (due to bad weather, strikes, and such) of $9000 with a probability of 0.3. What is the expected profit?
Derive the standard error of proportion, the margin error and the 95% confidence interval for the proportion indicating preference to flirting.
In a particular region of Rhode Island, it is known that fisherman's trap on average of 32 pounds of lobster per day with a standard deviation of four pounds.
Consider random variables X and Y with a joint pmf, given in the following table. Compute the conditional expectations E[X|Y = 1] and E[X|Y > 1].
In our real world, where the quality and quantity of information ranges from excellent to terrible, would some measure of the certainty of the data tend to lead to better decisions?
If a randomly selected student is a female student, what is the probability she is a C student?
Describe a business situation where you would want to use a t-test. Why would you choose that test? What would you expect to show by doing this?
Can we conclude there is a difference in mean number of surgeries performed by hospital or by day of week?
What is the chance that stock will fall by more than 15% next month? What extra assumption are you making when replying this question?
The sample mean life is 5.5 years with a standard deviation of 0.6 years. If you were constructing a 99% two-sided confidence interval estimate, the lower limit would be?
The Minneapolis Tribune ran an article on gender differences in shopping behavior. When 400 women were asked to respond to the question "Where I shop is influenced by which store has a greater variety," 60% answered "Yes.
Use the binomial distribution in the Data Analysis add - in to simulate the distribution of men and women among the next ten arrivals at an emergency room, assuming that, on average, six people out of ten who arrive are men.
Be certain to mention the direction of the relationship, the strength of the relationship, and whether our findings are statistically significant
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