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Jim Overstreet, inventory control manager for Itex, receives wheel bearings from Wheel-Rite, a small producer of metal parts. Unfortunately, Wheel-Rite can only produce 500 wheel bearings per day. Itex receives 10,000 wheel bearings from Wheel-Rite each year. Since Itex operates 200 working days each year, its average daily demand for wheel bearings is 50. The ordering cost for Itex is $40 per order, and the carrying cost is 60 cents per wheel bearing per year. How many wheel bearings should Itex order from Wheel-Rite at one time? Wheel-Rite has agreed to ship the maximum number of wheel bearings that it produces each day to Itex when an order has been received.
Plot fitted values against residuals. Does this plot point out any problems with homoscedasticity?
Show the sampling distribution of p if a random sample of 150 insured individuals is used to estimate the proportion having received at least one ticket.
Drug manufacturer knows that for a certain antibiotics, the average number of doses ordered for a patient is 20. Steve Simmons, a salesman for the company
Do the data indicate a significant difference between the frequency distributions for male and females? Test at the .05 level of significance and describe the difference.
A statistic practitioner working for Major League Baseball determined the probability that the hitter will be out on ground balls is .75. in a game where there are 20 ground balls, find the probability that all of them were out.
Determine the margin of error that corresponds to the given values of n (times) and x (successes) and the degree of confidence: n=1400, x=420, 95%. Go 3 decimal places of precision.
If random sample of size n = 16 are selected, can we say anything about the xbar distribution of sample means?
The accompanying two histograms represent the distribution of acceptance rates (percent accepted) among 25 business schools in 1995. The histograms use different class intervals, but are based on the same data. In each class interval, the left endpoi..
At the .05 significance level, can she conclude that there is a difference in the mean amount of weight loss among the three diets?
Determine the point estimate in this study? Compute the standard error in this example?
He argues that the regression effect says people who perform very poorly in their previous job tend to perform well in their next job. Is this what the regression effect says? Explain.
Supposing that there is no cost of entering the sweepstakes, find the expected value of the amount won for one entry. Determine the expected value if the cost of entering this sweepstakes is the cost of a postage stamp. Is it worth entering the cont..
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