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Our decisions depend on how the options are presented to us. Here's an experiment that illustrates this phenomenon. Tell 20 subjects that they have been given $50 but can't keep it all. Then present them with a long series of choices between bets they can make with the $50. Scattered among these choices in random order are 64 choices between a fixed amount and an all-or-nothing gamble. The odds for the gamble are always the same, but 32 of the fixed options read "Keep $20" and the other 32 read "Lose $30". These two options are exactly the same except for their wording, but people are more likely to gamble if the fixed option says they lose money. Here are the percent differences ("Lose $30" minus "Keep $20") in the numbers of trials on which the 20 subjects chose to gamble:
37.5 30.8 6.2 17.6 14.3 8.3 16.7 20.0 10.5 21.7
30.8 27.3 22.7 38.5 8.3 10.5 8.3 10.5 25.0 7.7
a) Make a stemplot. Is there any sign of a major deviation from Normality?
b) All 20 subjects gambled more often when faced with a sure loss than when faced with a sure win. Give a 95% confidence interval for the mean percent increase in gambling when faced with a sure loss.
How many subjects would you approximately need to reduce the length of the 95% confidence interval to 2 units?
Consider the following portion of an electric circuit with three relays. Current will flow from point A to point B if there is at least one closed path when the relays are activated. The relays may malfunction and not close when activated.
At the .05 level, you are testing whether there is a significant difference in the proportions of college students and similar aged non college students having accidents during the two year period. Is this a test of sample means or sample proporti..
In his wardrobe at home, a businessman has 7 suits and 8 ties. From those suits and ties he has on hand, he plans to take 3 of the 7 suits and 2 of the 8 ties with him to a conference in San Francisco.
There were 3 defectives in the first batch and 5 in the second. Find a 95% confidence interval for the difference in the proportion of defectives.
Two men are carrying a girl on a large plank that is 10m long and weights 200N. If the girl on a plank weighs 445N and sits 3m from one end, how much weight must each man support?
At.02 significance level is it sensible to conclude that mean number of shoes sold at mall stores is larger than at outlet stores?
Calculate the appropriate test statistic to test the hypotheses related to the concern and test at 5% and 1% (indicate which test you are performing; show the hypotheses, the test statistic and the critical values and mention whether one-tailed or..
For the samples summarized below, test the hypothesis at ∞ =.05 that the two variances are equal. Variance Number of data values Sample 1 19 8 Sample 2 9 18
The standard deviation is estimated to be 0.279. Use the 99% level of confidence.
In terms of measures of association, how is Lambda different from the other measures used for nominal level data?
Give an example of a hypothesis test you could perform at work or at home. State what the Null and the Alternative hypotheses would be in your test.
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