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Although it appears that price helps explain consumption, the scatterplot seems to show some nonlinear patterns. Find the residuals from your regression in (b) and plot them against time. Connect the successive points by line segments to help see the pattern. Are there systematic effects of time remaining after we regress consumption on price?
If the standard deviation of the process is unknown, another approach is to use the sample range as a measure of process variability. Calculate the control limits for the above process using the sample range.
Suppose that January sales for the fourth year turn out to be $295,000. What was your forecast error? If this is a large error, Karen might be puzzled about the difference between your forecast and actual sales value.
Some students see a steady price, while others see regular sales that temporarily cut the price. Students are asked the price they would expect to pay. This is an example of?
Using the Student's t distribution statistical table, determine 1.645 value. Describe why t distribution approaches z distribution as sample size gets larger.
One possible explanation for why some birds migrate and others maintain year round residency in a single location is intelligence.
Kind of examination produced significant main effects on both mean mark and time taken to complete the examination.
What is the standard error of the difference between the means?
Sample mean is 50, t-statistic is 1.96, and standard error of sample mean is 2. Determine the 95 percent confidence interval?
If an auditor takes a random sample of 36 accounts what is the probability that the mean balance will be less than 45?
A simple random sample of 1600 families is chosen. What is the chance that between 9% and 11% of the sample families will not own car?
Perform the indicated test of hypothesis. HO: M 7, given x= 0.01, N=25, Xbar = 7.019 and SD is =.1681. Assume the sample is selected from a normally distributed population.
Psychologists wanted to test whether a certain accelerated class' IQ was different than average. There were 25 students in the class; their mean IQ score was 108.
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