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Consider these two scenarios:
a You have made a reservation to spend the weekend at the coast. To get the reservation, you had to make a nonrefundable $50 deposit. As the weekend approaches, you feel a bit out of sorts. On balance, you decide that you would be happier at home than at the coast. Of course, if you stay home, you forfeit the deposit. Would you stay home or go to the coast? What arguments would you use to support your position?
b You have decided to spend the weekend at the coast and have made a reservation at your favorite resort. While driving over, you discover a new resort. After looking it over, you realize that you would rather spend your weekend here. Your reservation at the coast can be canceled easily at no charge. Staying at the new resort, however, would cost $50 more. Would you stay at the new resort or continue to the coast?
Are your decisions consistent in parts a and b? Explain why or why not.
What is correlation analysis? How can correlation analysis be used in a business decision or examples specifically related to strategy formulation and implementation?
A researcher claims that the average age of people who buy lottery tickets is 70. A sample of 30 is selected and their ages are recorded as shown below.
the combined weights of passengers and their luggage in kg are uniformly distributed on the interval a b. the weights
Statistics is science of conducting studies to: Solve a system of equations.
One approach would be to contact every psychology graduate student you know and ask them to fill out a questionnaire about it.
Let X1,..., Xn be a random sample from a normal population. A particular realization resulted in a sample mean of 20 with the sample standard deviation 4. Construct a 95% con?dence interval for μ when:
suppose x the number of flaws in a roll of polyethylene insulated cable follows a poisson process where ? is 1.1 flaws
1. a random survey of airline passengers were asked if they had ever flown before. their responses were as
A personnel manager is concerned about absenteeism. She decides to sample the records to determine if absenteeism is distributed evenly throughout the six-day workweek.
What is the probability that the sample mean will be at least 1000? Do you need to use the central limit theorism to answer this question? explain.
to use the t-statistic to test for a difference between the means of two populations what assumptions must be made
Use the .05 significance level and the 5 step hypothesis testing process to check if there is a difference in the mean flight times among the three airlines.
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