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Testing for population mean.
ATMs must be stocked with enough cash to satisfy customers making withdrawals over an entire weekend. But if too much cash is unnecessarily kept in the ATMs, the bank is foregoing the opportunity of investing the money and earning interest. Suppose that at a particular branch the expected average amount of money withdrawn from ATMs per customer transaction over the weekend is $160 with an expected standard deviation of $30.
State appropriate hypotheses.
If a random sample of 36 customer transactions is examined and the sample average amount withdrawn is $172, is there evidence to believe that the population average withdrawal is no longer $160?
What happens as you use different levels of significance? Different values of the standard deviation?
Why might supposition of normal population be doubtful? Problem arises when?
The 95% prediction interval for a new patient with a 2-day cholesterol level of 220 is
A certain airplane has 2 independent alternators to provide electrical power. The probability that a given alternator will fail on a 1 hour flight is 0.02. What is the probability that (a) both will fail? (b) Neither will fail? (c) One or the othe..
Let x = number of the ball obtained on any selection. Then the probability distribution for x is given by:
Let X be the number of correct guesses by your friend in the 100 trials and Use the Normal approximation with the continuity correction - Which of the following might be reasonably modeled by the binomial distribution
In 1965, a newspaper carried a story about a high school student who reported getting 9207 heads and 8743 tails in 17,950 coin tosses. Is this a significant discrepancy from the null hypothesis H 0 = 1/2.
Explain the value of test statistic using t distribution for the given value. Illustrate value of the t test statistic if you are testing a hypothesis.
The best estimator or appreciative for the population proportion is 0.45. How large must the sample be?
What was the cost for the 10 percent of employees who incurred the highest dental expense?
The standard deviation of the sample is $3,000. Interpret your findings.
The mean, median, and mode are the most common measures of dispersion (spread).
In certain normal distribution of scores, mean is 50 and standard deviation is 4. Determine z-score corresponding to a score of 55.
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