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The time that customers take to complete their transaction at a money machine is a random variable with mean = 2 minutes and standard deviation = 0.6 minute. Find the probability that a random sample of 50 customers will take between 90 and 112.5 minutes to complete all their transactions. That is, find the probability that will be between 1.8 and 2.25 minutes.
The average cost of a one bedroom apartment in a town is $550 per month. What is the probability of randomly selecting a sample of 50 one bedroom apartments in this town and getting a sample mean of less then $530 if the population standard deviat..
Suppose a reading between 30 and 40 is called very interesting from an archaeological point of view. Let us say you take readings at n=12 sites chosen at random.
Find the strategy that maximizes the manufacturer's expected net earnings and Should the manufacturer routinely obtain credit rating reports on those retailers who seek credit approval? Why or why not?
Multiple choice questions based on F-distribution.
The director of admissions at Kinzua University in Nova Scotia estimated the distribution of student admissions for the fall semester on the basis of past experience.
A random sample of 72 statistics students was taken to estimate the proportion of students who are also in the Math Club. The 90% confidence interval was 0.438 to 0.642. Using this information, what sample size would be necessary to estimate the t..
Below you are given a partial computer output based on a sample of 21 observations, relating an independent variable (x) and a dependent variable (y).
A random sample of 100 adult workers, 60 men and 40 women, is selected in a large Midwestern city. Of the group, 42 men and 17 women are union members.
The probabilities that an automobile salesperson will sell 0, 1, 2, or 3 cars on any given day in February are, respectively, 0.19, 0.38, 0.29, and 0.15.
Real estate agents always say "location, location, location" is the most important thing in buying a house. We want to know if the sales prices of homes in two neighborhoods are similar. A random sample is taken from each neighborhood. The prices ..
We wish to construct a 90% confidence interval on the mean of a population known to be normally distributed based on a sample of 20 observations having a sample mean of 8 and a sample standard deviation of 2. What is the standard error?
Quality control engineer has been checking output by almost continuous sampling as abnormal condition began. Determine the probability that in sample of 10 pieces.
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