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A travel agency offers 4 different vacation packages to Europe. Their net profit for package 1 is $500, for package 2 it is $750, for package 3 it is $900, and for package 4 it is $1,500. From past experience they know that 20% of their customers purchase package 1, 15% of their customers purchase package 2, 40% of their customers purchase package 3 and 25% of their customers purchase package 4. Find the expected value or average profit per customer and determine how much profit they should expect if 10 people purchase one of their European vacation packages.
A researcher plans to compare two treatment conditions by measuring one sample in treatment 1 and a second sample in treatment 2. The researcher will then compare the scores for the two treatments. If there is a difference between the two groups o..
When modelling E(y) with single qualitative independent variable, number of 0 - 1 dummy variables in model is equal to number of levels of qualitative variable.
In the following observational studies, describe changes that could be made to the data collection process that would result in an experiment rather than an observation study. Also, offer suggestions about unseen biases or lurking variables that m..
Find the mean and standard deviation for the batting average for a player in the most recently completed MBL season. What batting average would separate the top 5% of all hitters from the rest?
We want to test the hypothesis about fairness of spinning the coin. Evaluate the true proportion of heads. Use 95% confidence interval. Do not forget to check conditions first.
This is a question pertaining to multivariate contingency analysis and partial correlation coefficientSet .05 as the significance level, what is the partial correlation coefficient and the t ratio?
What type of probability distribution is appropriate for this problem? Determine the probability of getting no calls between eight and nine in the morning. Calculate the probability of getting exactly five calls between eight and nine in the morning
A survey of 51 randomly selected students finds that on average students study 138 minutes per night with a standard deviation of 32 minutes. What conclusion can be made from this data?
Give an example of a polynomial of a degree 2 that satisfies the following two conditions: (1) the coefficient of x^2 is 1 and (2) the polynomial cannot be factored. Explain why the polynomial cannot be factored.
Does there seem to be any difference in the effects of the antibiotics on clearance of otitis media? Express your results in terms of relative risk (RR). Consider separated analyses for unilateral and bilateral cases. Also consider and analysis co..
Suppose that SAT score is normally distributed with a mean 988 and a standard deviation of 211 in 2004.A local college plans to set up a scholarship budget for 2005 where $5000 will be awarded to each incoming freshman whose SAT score is higher th..
Explain how we test independent against dependent variables in a regression analysis? What's the set up? How are regression analyses often misused / misinterpreted at work or in the news? Cite an example.
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