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Benford's Law claims that numbers chosen from very large data files tend to have "1" as the first nonzero digit disproportionately often. In fact, research has shown that if you randomly draw a number from a very large data file, the probability of getting a number with "1" as the leading digit is about 0.301. Suppose you are an auditor for a very large corporation. The revenue report involves millions of numbers in a large computer file. Let us say you took a random sample of n = 463 numerical entries from the file and r = 122 of the entries had a first nonzero digit of 1. Let p represent the population proportion of all numbers in the corporate file that have a first nonzero digit of 1. Test the claim that p is less than 0.301 by using What is the P-value of the test statistic?
In the boom years of the late 1990s, it was often said that rapidly increasing stock prices were responsible for much of the rapid growth of real GDP. Explain how this could be true, using aggregate demand and aggregate supply analysis
A random sample of 58 fish is taken from the tank. Let x be the mean sample length of these fish. What is the probability that x is within 0.5 inch of the claimed population mean? (Round your answer to four decimal places.)
Metal stamping machine is producing 10 defective parts per hour. Determine the probability that three or fewer defective parts will be output in a randomly chosen hour, by using the Poisson distribution?
Sketch density curves that might explain distributions with fallowing shapes: symmetric, but with two peaks( i.e., two strong clusters of observations)
Normalized matrix for one decision criterion at Firm T is given below.
The length of a Colorado brook trout is normally distributed. What is the probability that a brook trout's length:
You are interested in knowing if there is a statistical difference in driving speeds between Day 1 and Day 10. Which statistical test would be appropriate? Why?
Determine a forecast for the average weekly sales in year 5 for each of the three seasons.
What is the probability that there will be more than three trucks either being loaded or waiting?
A state survey investigates either the proportion of 8percent for employees who commute by car to work is higher than it was five years ago.
Find the value of k that makes f(x; y) a valid probability distribution.
Compute z values for each and comment on your findings.
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