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Q1) Time it takes international telephone operator to place overseas phone call is normally distributed with mean of 45 seconds, and standard deviation of 10 seconds.
a) Determine the probability that my call will go through in less than 1 minute?
b) Determine the probability that will get through in less than 40 seconds?
c) Find out the probability that I will have to wait more than 70 seconds for my call to go through?
Q2) Chemical plant has emergency alarm system. When emergency situation exists, alarm sounds with probability 0.95. When emergency situation doesn't exist, alarm system sounds with probability 0.02. Real emergency situation is rare event with probability 0.004. Given that alarm has just sounded, find out the probability that real emergency situation exists?
A certain model of remote-control Stanley garage door opener has nine binary (off/on) switches. The homeowner can set any code sequence.
By using the maximax criterion, what decision should be made by the decision maker?
Using one mean Z test to test whether or not to support the claim - Is there evidence that the average hours is below 6? Describe.
What is the likelihood all four of the selected flights arrived within 15 minutes of the scheduled time?
Suppose you are given a grant to run a controlled experiment. Explain how you would structure the experiment in order to estimate the casual effect of hours on sat.
A portfolio p of consisting 60% of stock X and 40% of stock Y, has a correlation ρpM = 0.62 with the market. What is the portfolio volatility? Statement on the diversification effect.
Looking at the data, the manufacturer is incorrect in its label claim. Perform hypothesis testing to prove or disprove it. Is the manufacturer correct in its label claim? Explain.
Determine the probability that particular call lasted between 110 and 180 seconds?
Assume then money spent is uniformly distributed between these amounts. Determine the mean amount spent on insurance?
At α = .05, is there a difference in variances? Illustrate all steps clearly, including the illustration of the decision rule.
Which of the following is the appropriate conclusion from carrying out these multiple comparisons
would this prove that they are exceeding their goal, using α = .025?
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