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The Food King Chain employs more than 3,000 people. The worker's ages are approximately normally distributed, with a mean of 31 years and a standard deviation of 4.3 years. The company is thinking of introducing a health care package, and its insurance company wants to sample 31 workers before quoting a price. Calculate the probability that the sample will have an average less than 31?
Using the .10 level of significance, can we conclude that the assembly time using the new method is faster?
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
Find a 90% confidence interval for the population mean weight of all such turtles.
Describe the effect of an outlier or extreme value on the confidence interval - Find the probability that the return for common stocks
A random sample of 41 basketball players from The Official NBA Basketball Encyclopedia gave the sample standard deviation for player height as s=3.32 inches.
Rolling a die Simulate 36 rolls of a fair die. Give the relative frequency and the corresponding theoretical probability of each of the outcomes and compare them.
How could the Central Limit Theorem apply in making a business decision? Try to provide an example from your current or future career.
A test indicates the presence of a particular disease 90% of the time when the disease is present and the presence of the disease 2% of the time when the disease is not present.
Determine the point estimate and 95% confidence interval for the mean family dental expenses of all employees of the company.
Collapse the response categories in the following tables so that it meets the assumptions of the chi-square test; than perform the test.
Create a 95% confidence interval for true mean.
Evaluate probabilities using the laws of probability, the standard normal distribution, t-distribution, or X2-distribution.
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