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Management of Madeira Manufacturing Company is thiking introduction of new product. Fixed cost to begin production of product is $30,000. Variable cost for product is uniformly distributed between $16 and $24 per unit. Product will sell for $50 per unit. Demand for product is best explained by normal probability distribution with mean of 1200 units and standard deviation of 300 units. Create the spreadsheet simulation. Use 500 simulation trials to reply the question: What is the mean profit for the simulation?
Using Area of Residence (Area A or Area B) as my stratification factor, explain, in detail, how you would select a sample of 60 inhabitants by using stratified random sampling.
What is the purpose for post tests? To determine how much difference exists between the treatments.
Market researchers would like to know if customers prefer a well-known brand over a generic brand of soft drink. They give a large sample of people the two drinks to taste in a random order and ask them which one tastes better.
What is the probability that the mean weight for a sample of 40 trout exceeds 405.5 grams?
A professor is targeting a score of 80 on an exam. His forty-nine students averaged 78 on an exam with s = 7. Are the scores significantly less than 80 at a significance level of 0.05? Show your work and state the conclusion.
Explain the difference between descriptive and prescriptive (optimization) models. Describe how to use Excel data tables, scenario manager, and goal seek tools to analyze decision models.
It is suspected that the mean turnover has changed and is not 6.0. Use the .05 significance level. State the decision rule.
Suppose you went to the Bureau of Labor Statistics web site and found several predictors of your salary. State three possible predictors and a simulated multilinear regression equation along with their p-values. What does your p-values tell you ab..
Find the average age at which people will experience their first cardiac incident, given that 17% of all initial cardiac incident victims are younger than 50. Please, interpret the result.
A researcher wanted to invetigate whether there is a significant difference in the average age of instructors, assistant professors, assocated professors and full professors at a university. The faculty was selected at random and their ages were r..
A person claims to have ESP (extrasensory perception). A coin is tossed 16 times, and each time the person is asked to predict in advance whether the coin will land heads or tails.
A chi-square test for goodness of fit is used to test whether or not there are any preferences among 3 brands of cola.
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