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Professor Bryan noticed that gas is $0.20 cheaper in Madison (where he teaches at a satellite campus) than in Athens (where he lives). He is wondering if it will save him money to fill up each of his cars in Madison. He has a 2000 Dodge Caravan that gets 25 miles per gallon and has a gas tank of 18 gallons. He also has a 2006 Lancer that gets 30 miles per gallon and has a 13 gallon tank. If the distance between Madison and Athens is 30 miles, does it save Bryan money to drive to Madison to buy gas for each of his cars since he has to drive there twice a week anyway? Specifically, does the fuel efficiency savings from driving the Lancer outweigh the price savings from filling the Caravan with cheaper gas?
A pharmaceutical company is testing the effectiveness of a new drug for lowering cholesterol. As part of this trial they wish to determine whether there is a difference between the effectiveness for women and for men. At a=5, what is the test valu..
You're a risk manager of ABC company and you are reevaulating your insurance contract. Your insurer has informed you that the expected value of frequency per month for ABC is 2.43.
The frequency distribution below was constructed from data collected from a group of 25 students. Construct a relative frequency distribution.
Assume there are 18 homes in the Quail Creek area and 9 of them have a security system. Five homes are selected at random: what is the probability all five of the selected homes have a security system?
Describe different methods of establishing correlation between variables and provide an example of each. Discuss the advantages and disadvantages of each method and where each must be applied.
A sample of 100 orders revealed that 82 were delivered within the promised time. At the 0.10 significance level, can we conclude that less than 90% of the orders are delivered in less than 10 minutes?
A random sample of 70 printers discovered that 20 of them were being used in small businesses. Find the 99% limit for the population proportion of printers that are used in small businesses.
A coin is flipped e times and heads (h) or tails (t) are recorded:
Inverse probability based on normal distribution - The data set has a bell-shaped distribution. Between what two prices do 68% of the houses lie?
A random sample of stipends of teaching assistants in economics is listed below. Is there sufficient evidence at the alpha=.05 level to conclude that the average stipend different from $15,000? The data is listed below:
You are interested in investing, and are considering a portfolio comprised of the following two stocks. Their estimated returns under varying market conditions are provided:
Probability of Winning the Lottery: Because the California Fantasy 5 lottery is won by selecting the correct five numbers
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