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Suppose you want to sell your house and you have decided to accept the first offer exceeding M dollars, say. Assume that the offers are i.i.d. with common distribution F. Find the expected number of offers received before selling the house.
I do not really know how to start the problem. I expect that I have to use either the Poisson or Exponential Distribution but so far trying this has not lead to anything.
The ANOVA summary table below is the result of a regression of sales on year of sales. Is the relationship statistically significant at .05? Comment.
Which of the following methods could lead to stronger evidence for the outcome of a nonparametric test?
As it is a 2 × 2 table, try also two-tailed two-sample z test for π 1 = π 2 and verify that z 2 is same as your chi-square statistic. Which test do you prefer? Explain why?
In the graphical method, how do you know when a problem is infeasible, unbounded, or when it has multiple optimal solutions? Give a real-world example of when you could have an infeasible problem.
When we move from the basic normal distribution to the sampling distribution of the mean we substitute the standard error of the mean for the standard deviation when we make the conversion to the standardized normal distribution.
Also include information about the number of participants you would assess and how you would go about estimating effect size and statistical power (when relevant).
Eighty-eight shoppers were interviewed at random, and 59 said that they prefer to shop alone.
While it can't be denied that advertising impacts sales, it is also true that advertising is expensive and companies want to advertise in ways that have the greatest benefit for the amount of money spent.
A coin was flipped 60 times and came up heads 38 times. (a) At the .10 level of significance, is the coin biased toward heads? Show your decision rule and calculations. (b) Calculate a p-value and interpret it.
A financial planner wants to compare the yield of income and growth mutual funds. Fifty thousand dollars is invested in each of a sample of 35 income and 40 growth funds
A recent census of a small town in Michigan showed that 60% of the residents are male, 20% have college degrees, and 15% are both male and college graduates.
To test whether the population standard deviation differ significantly using Chi-Square test.
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