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The information of the American Institute of Insurance indicates the average or median quantity of life insurance per family in the US is $1100, 000. This distribution has a positive slant. The standard deviation of the population is not known.
a) A chance sample of 50 families revealed an average or median of $112,000 and a standard deviation of $40,000. What is the standard error of the average or median?
b) Suppose that you select a 50 families sample. Which is the form expected from the distribution of the average or median of the sample?
c) Which is the probability of selecting a sample with an average or median greater than $112,000?
d) Which is the probability of selecting a sample with an average or median greater than $100,000?
e) Find the probability of selecting a sample with an average or median greater than $100,000 but less than $112,000.
Compute a 5-month moving average forecast for June through January.
Once again, suppose that the standard deviation of the average or median is $5.00. Which is the probability that the average or median of the sample is greater than $22.50 but less than $25.00?
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At the .01 significance level, is there a relationship between job pressure and age?
Using the p- value approach, test the hypotheses at the 5% level of significance.
At the .05 significance level, is the number of units produced on the afternoon shift larger?
Collapse the response categories in the following tables so that it meets the assumptions of the chi-square test; than perform the test.
Sampling distributions. Given a normal distribution with μ = 50 and standard deviation σ = 9, if a sample of n = 100 is selected.
What is the probability that a particular driver has two speeding violations.
A Cornell university study of wage differentials between men and women reported that one of the reasons wages for men are higher than wages for women is that men tend to more years of work experience than women. Suppose the following results were ..
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Mention the critical value of test statistic (Or give the p-value of the test.)
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