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A local newspaper claims that 60% or more of the items advertised in its classified advertisement section are sold within 1 week of the first appearance of the ad. To check the validity of the claim, the newspaper randomly selected n = 25 advertisements from last years classified advertisements and contacted the people who placed the ads. They found that 14 of the 25 items sold within a week. Suppose that based on this evidence the newspaper infers that less than 60% of the items are sold within 1 week. Find the probability of the type I error, then state your conclusion in words of the problem at a level of significance of 0.07.
Find the 90% confidence interval for the mean, variance, and standard deviation for the price in dollars of an adult single-day ski lift ticket.
A grocery store manager discovers that on any given weekend 70% of the customers sales amount to more than $100. What is the probability that the first 2 sales will be over $100?
Interpret the results at α = .01. (c) Is normality assured? (d) Is the difference large enough to be important? (e) What else would medical researchers need to know before prescribing this drug widely?
Students in the capstone business policy class are assigned to teams of three. In how many different ways could a team contain exactly one student from each concentration?
A particular product is known to have an exponential failure time distribution with a mean of 12 months.
What are the key conceptual differences between these 3 methods? In other words, under what conditions do we choose each method for our analysis, and why?
Let Z be a standard normal random variable. Use the calculator provided to determine the value of c such that P(-c lesser than or equal to Z lesser than or equal to c)= 0.9534
An auditor reviewed 25 oral surgery insurance claims from a particular surgical office, determining that the mean out-of-pocket patient billing above the reimbursed amount was $275.66 with a standard deviation of $78.11.
Construct a 98 percent confidence interval estimate of the difference between the two sample means (Please show work).
The mean is a useful measure, but it can be misleading. Describe a circumstance when the mean is very useful as the average and a circumstance when the mean is very misleading as the average.
The remaining 5 were not given the overview. Here are the scores for students in each group:
Sixty-four students in an introductory college economics class were asked how many credits they had earned in college, and how certain they were about their choice of major.
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