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A group of investors wants to develop a chain of fast-food restaurants. In determining potential costs for each facility, they must consider, among other expenses, the average monthly electric bill. They decide to sample some fast-food restaurants currently operating to estimate the monthly cost of electricity. They want to be 90% confident of their results and want the error of the interval estimate to be no more than $100. They estimate that such bills range from $600 to $2,500. How large a sample should they take?
The accounting association has 15 members, 10 of which are CPAs. The members are to be selected to study ways to increase membership. What is the probability of all three selected are CPAs?
Need to come up with a regression model to forecast monthly sales of cold beverages for the next year. What variables might be included in the model?
A lab test is 95% effective in detecting a disease. The test gives a false positive (reports the patient has disease when they do not) for 1 % of the healthy population tested.
Suppose that a population is normally distributed with a mean of 100 and a standard deviation of 15. Would it be unusual for the mean of a sample of 3 to be 115 or more?
Suppose adults have basically distributed IQ scores with a mean of 100 and an SD of 15. Find P65, the 65th percentile. Use the Z table.
When studying the simultaneous responses to two categorical questions, we should set up a:
Correlation between the two variables based on scatter plot - Show the scatter plot for the variables.
Considering the simple case of linear regression analysis (one dependent and one independent variable) please share a couple of limiting and empowering factors related to this important tool.
Below are the sample times in minutes. At the .05 significance level, can we conclude that there is a difference in their mean times?
It is impossible to obtain a standard error less than 2 for any sized sample.
College students are a major target for advertisements for credit cards. At a university, 65% of students surveyed said they had opened a new credit card account within the past year.
After the presidential debates, a random sample of 1200 voters showed that 540 favored the Democratic candidate; 480 were in favor of the Republican candidate; 40 were in favor of the Independent candidate, and 140 were undecided. At a 1% level of..
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