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A random sample of 21 nickels measured with a very accurate micrometer showed a mean diameter of 0.834343 inches with a standard deviation of 0.001886 inches. (a) Why would nickel diameters vary? (b) Construct a 99 percent confidence interval for the true mean diameter of a nickel. (c) Discuss any assumptions that are needed. (d) What sample size would ensure an error of ± 0.0005 inches with 99 percent confidence?
You are the sales manager of a life insurance agency. All of your sales representatives are successful in selling a policy on 30% of their sales calls. Determine the probability of a sales representative's selling at least four policies if he (she..
If you assume returns follow a normal distribution, which investment would give a better chance of getting at least a $40 million return? Explain how your answer could change if you knew returns followed a skewed distribution instead of a normal d..
We could then perhaps form a linear regression by charting the points of IQ for each person and their mother on a graph to determine if a correlation can be made between the IQ score of the individual and the IQ score of the mother. If the scores ..
A sales person at a company sold 6,903,435 of hardware equipment last year, a figure that represented the eighth decile of sales performance at the company. What can you conclude about the salesperson performance?
Tavern has budget of $2,000 for beer for Super Bowl Sunday. Betty desires to find out number of gallons of each brand of beer to order so as to maximize profit. Create a linear programming model for this problem.
The distribution of IQ scores is normal, what proportion of the population would score higher than Bob? Lower than Bob?
Based on a simple random sample of one hundred an analyst estimates the average hourly wage earned by workers in a city to be $30 and computes the margin of error to be $5.
Describe a psychological research situation or scenario that would use a nonparametric test. Why would the nonparametric test be used?
A manufacturer of flashlight batteries took a sample of 13 batteries from a day's production and used them continuously until they failed to work.
When creating a 99% confidence interval for the true average difference in cholesterol levels by the drug, what is the margin of error?
The average on an exam is 75 and the standard deviation is 17. If the instructor assigned grades based on the Normal distribution what percentage of students will make A's and what percentage will make B;s in teh exam. Assume standard cut-off for ..
The following table gives the approximate age distribution in the United States from the 2000 census.
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