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A bus company believes that it will need the following numbers of bus drivers during each of the next 5 years: 60 drivers in year 1; 70 drivers in year 2; 50 drivers in year 3; 65 drivers in year 4; 75 drivers in year 5. At the beginning of each year, the bus company must decide how many drivers to hire or fire. It costs $4000 to hire a driver and $2000 to fire a driver. A driver's salary is $10,000 per year. At the beginning of year 1 the company has 50 drivers. A driver hired at the beginning of a year can be used to meet the current year's requirements and is paid full salary for the current year. a. Determine how to minimize the bus company's salary, hiring, and firing costs over the next 5 years.
Determine regression line for predicting January temperature from latitude.
Find the standard error of the difference in sample means,
If you are told a population has a mean of 25 and a variance of 0, what must you conclude? a) Someone has made a mistake. b) There is only one element in the population.
Which of the following exam scores should lead to the better grade?
Ace Machine Works estimates that the probability its lathe tool is properly adjusted is 0.8. When the lathe is properly adjusted, there is a 0.9 probability that the parts produced pass inspection.
Determine SSE, SS (Total) and the explained sum of squared variation SSR and find the estimated y intercept slope and write the regression equation.
Create a flow diagram for entire process. Include flow paths for students (solid lines) and prescriptions (dashed lines).
What are some of the words that form clues? How does one know what is a population parameter and a test statistic?
It has been determined empiracally that for a certain egg producer, the number of cracked or broken eggs X, in a randomly slected box containing six eggs, follows approximately the distribution given in the table below:
Top management earn between $50,000 and $100,000 per year. A histogram of all salaries would have which of the following shapes?
What is the difference between a sample and a population? When can the same information (e.g. the age of each of the ten students in our class) be considered both sample data and population data?
Twelve cases of leukemia are reported in people living in a particular census tract over a 5-year period. Is this number of cases abnormal if only 6.7 cases would be expected based on national cancer-incidence rates?
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