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An insurance company receives an average of 100 claims per month and each claim results in a payment (independently of the others) with probability 0.95. Let X be the number of payments and Y the number of claims submitted.
(a) Choose modeling distributions for Y and X|Y .
(b) Compute E(X) and Var(X).
a fair six sided die is rolled 10 times. calculate the expected value of the sum of the numbers observed. then compute
if independent random samples of size n1n28 come from normal populations having the same variance what is the
Suppose a small bicycle manufacturer makes cheap bikes that sell for 180$ each. The total cost of producing x bikes (in $) is given by c(x)=6000+240x-0.8x^2, where x is up to 200 bikes.
How many questions must the test contain in order to reduce the standard deviation of Julie's proportion of correct answers to one-fourth its value for an 100-item test?
The daily revenue totals for the next 30 days will be monitored. What is the probability what the mean daily revenue for the next 30 days will exceed $7500?
If you were designing a study which group, a population or a sample, would you gather data from and why? Provide an explanation regarding whether or not the standard deviation is a biased or unbiased estimate.
the thickness of manufactured metal plates is the variable of interest. due to many factors such as slight variations
In a Gallup poll of 1,038 adults, 540 said that second-hand smoke is very harmful. What is the percentage of adults who said second-hand smoke is very harmful.
Suppose we measured all the heights in centimeters, instead. There are 2.54 cm/inch? Question: What will happen to the covariance?
What do confidence intervals represent? What is the most controllable method of increasing the precision of or narrowing the confidence interval?
Why do we have so many several measures of central tendency? Are all really essential or do they essentially give same information?
Identify and justify which type of sampling (random, stratified, systematic, cluster, convenience) is used in the following examples.
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