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A manufacturer of industrial seals has production capacity of 1,000 units per day. Currently, the firm sells production capacity for $10 per unit. At this price, all production capacity gets booked about one week in advance. A group of customers have said that they would be willing to pay $15 per unit if capacity was available on the last day. About ten days in advance, demand for the high-price segment is normally distributed with a mean of 250 and a standard deviation of 100. How much production capacity should the manufacturer reserve for the last day?
Eagle Outfitters is a chain of stores specializing in outdoor apparel and camping gear. It is considering a promotion that involves mailing discount coupons to all its credit card customers.
A sample of 25 concession stand purchases at the October 22 matinee of Bride of Chucky showed a mean purchase of $5.29 with a standard deviation of $3.02 for the October 26 evening showing of the same movie
Give the expected value and standard deviation of defective shoes in the ShoeFit store order.
Suppose a simple random sample of size 50 is selected from a population with σ= 10. Find the value of the standard error of the mean in each of the following case?
Let X be the number of tumors in a fish living in a river. Suppose that it has the following probability mass function f(0) = 0.9 f(1) = 0.7 f(2) = 0.02 f(3) = 0.01 A random sample of size n = 30 is selected from this population. Approximate the p..
The researchers planned to use simple linear regression to see if the age at which a baby was first able to crawl could be predicted from the average outdoor temperature six months after each baby's birthdate.
The ages of the cadets in the sample will form a normal distribution.
A medical researcher estimates that no more than 55% of the U.S. adults eat breakfast every day. In a random sample of 250 U.S. adults, 56.4% say that they eat breakfast every day.
Does lovastatin reduce the risk of heart attack? Researchers gave lovastatin to 2,325 people and an placebo to 2,081 people. the average age of both groups in 58 years.
It is able to adjust the standard deviation of the filling process. What would the standard deviation need to be so that no more than 2% of all filled bags weigh more than 52 kilograms?
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?
In a random sample of 26 people, the mean number of books they had read in the past year was 14.93 books and the standard deviation was 16.60 books.
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