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A car dealer is using the number of years customers have owned their vehicles to predict how long it will be before they elect to replace them. The correlation between the two is rxy = -.723 (the longer they have owned their present vehicles, the more quickly they are expected to replace them). The other relevant data are as follows for 32 customers:
Based on the information above, answer the following questions:
For a sample of 138 independent observations from a normal distribution of unknown μ and variance σ 2 = 2.6, the sample mean is 52.3. What is the width of the 95% confidence interval for μ?
It is suspected that the mean turnover has changed and is not 6.0. Use the .05 significance level.
In a batch of 8,000 clock radios 9% are defective. A sample of 15 clock radios is randomly selected without replacement from the 8,000 and tested.
A Tamiami shearing machine produced 8 percent defective pieces. The quality control engineer has been checking the output by almost continuous sampling. What is the probability that in a sample of 9 pieces:
He can award a bonus to 20 percent of the representatives. What is the cutoff point between those who earn a bonus and those who do not?
Kannon Camera has developed a new camera that it claims can take an average of more than 10 photographs per second. You decide to evaluate the company's claim.
Name three elements of the inferential statistical analysis.
Explain the concept of risk analysis and how monte carlo simulation can provide useful information for making decisions.
If we reandomly select 5 ball with replacement, what is the probability distribution of x-the number of red balls in the sample?
The amount of money spent by a customer is uniformly distributed over (0,100). Find the mean and variance of the amount of money that the store takes on a given day.
The survey reported that 31% of the respondents feel they have to save more for retirement to make up for what they lost. Develop a 95% confidence interval for the population proportion.
An average computer mouse inspector can inspect 50 mice per hour. The 48 computer mice inspectors at a particular factory can only insppect 46 mice per hour with a standard deviation of 10.
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