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Question: The partner-manager of a franchise of Au Bon Pain, Inc., the French bakeryrestaurant chain, believes that the average daily revenue of her business may be viewed as a random variable (she adheres to the Bayesian philosophy) with mean $8,500 and standard deviation $1,000. Her prior probability distribution of average daily revenue is normal. A random sample of 35 days reveals a mean daily revenue of $9,210 and a standard deviation of $365. Construct the posterior distribution of average daily revenue. Assume a normal distribution of daily revenues.
(Suggested by Sam Kaufmann, Indiana University MBA, who runs Harrah's Lake Tahoe Casino.) A high roller has come to the casino to play 300 games of craps.
In drawing a pie chart we have total costs of running a factory as $12,000,000. If wages and salaries are $3,000,000 what proportion of the pie is that sector representing this cost element?
in a states pick 3 lottery game you pay 1.28 to select the sequence of three digits such as 222. if you select the
Please see the attached file for the fully formatted problems. Convert the following equations into logarithmic form:
Standard deviation equal to 500 and 50 hours, respectively. Find the probability that a random sample of 15 bulbs will have an average life of less than 475 hours.
Create a 95%confidence interval for the value of the population mean, given that their is a sample mean of 49 and a standard deviation of 3 but now found those valuesfrom a sample of only 20 observations.test the hypothesis allowing for type 1 error ..
Discuss the link between the estimate and the parameter in the context of an hypothesis test. Be sure to reference the appropriate steps of the five step process in your response, based on the steps below:
Search for and select a quantitative article specific to your discipline and related to t-tests; my discipline is education. Can you find an article about childhood obesity or bullying.
Two rainstorms occurred in one week in a certain area. The first storm lasted 25 hours, and the second storm lasted 35 hours, for a total 2050ml of rain.
The mean weight of loads of coal placed in train cars by a loading machine is 43.0 tons with a standard deviation of 8.0 tons. Assuming that the weight of loads placed in the train cars by this loader are normally distributed
Count how many of each kind of coin you have (pennies, nickels, and so on, or the equivalent for your country). Draw a pie chart illustrating the distribution of your coins.
Write an example of a confidence statement, with supporting sketches, that illustrates each of the following situations: (i) large confidence interval but large degree of confidence and (ii) small confidence interval but small degree of confidence..
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