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The mean amount spent by a family of four on food per month is $500 with a standard deviation of $75. Assuming that the food costs are normally distributed, what is the probability that a family spends less than $410 per month?
A survey of top executives revealed that 35 percent of them regularly read Time magazine, 20 percent read Newsweek, and 40 percent read U.S. News and World Report. Ten percent read both Time and U.S. News and World Report.
Does the data prove a significant difference in mean GPAs? GPA1 GPA for Randomly Selected Students in Four Business Majors.
If an auction house is selling products to risk neutral buyers, which of the types of auction would you recommend? If you are a potential buyer, what might your strategy be? Support your answers using economic analysis learned in this course.
Discuss why the 90% and 99% confidence intervals are different. What would you expect to happen to the confidence interval in part A if the sample size was increased?
A curious parent observes a cereal commercial that states their product has an average of 50 pieces of real fruit per box with a standard deviation of 6 pieces per box. She decides to check the accuracy of this statement by selecting 100 boxes of cer..
When such digits are randomly generated, what is the distribution of those digits? Given such randomly generated digits, what is a test for "goodness-of-fit"?
If the organization's claim is correct, what is the probability of having a sample mean of 114.6 or less for a random sample of this size?
Given the following frequency distribution, find out the mean, variance, and standard deviation.
Assign probabilities to the sample points and then find the probability that the first envelope purchased contains less than $100.
Suppose that this is a simple random sample of adult residents of Maine.
The average monthly gasoline purchase for a family with 2 cars is 90 gallons. This statistic has a normal distribution with a standard deviation of 10 gallons. A family is chosen at random.
In the past HR uses an average of 25 vacation days per worker in order to make available man-hour and payroll predictions. Is there evidence to show that the number of vacation days decreased over the past year? Use alpha = .05
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