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A production facility employs 20 workers on the day shift, 15 workers on the swing shift, and 10 workers on the graveyard shift. A quality control consultant is to select 6 of these workers for in-depth interviews. Suppose the selection is made in such a way that any particular group of 6 workers has the same chance of being selected as does any other group (drawing 6 slips without replacement from among 45). What is the probability that at least one of the shifts will be unrepresented in that sample of workers?
For each of the following three scenarios, state which hypothesis test you would use from among the four introduced so far: the z test, the single-sample t test, the paired-samples t test, and the independent-samples t test.
In each month, the proportion of "Prize" bonds that win a prize is 1 in 11000. There is a large number of prizes and all bonds are equally likely to win each prize.
A portfolio p of consisting 60% of stock X and 40% of stock Y, has a correlation ρpM = 0.62 with the market. What is the portfolio volatility? Statement on the diversification effect.
The media often attempts to predict the outcome of national elections. Why are they often wrong? Based on the concepts presented in this module's readings, how could the system be improved?
In general how is the magnitude of the standard error of estimate related to the value of correlation?
Suppose a student received the following grades for the semester: History, B; Statistics, A; Spanish, C; and English, C. History and English are 5 credit hour courses
What is the point estimate of the students mean salary? What is the point estimate of the standard deviation of the students salaries? Construct a 95% confidence interval for the mean salary of the DM students?
In the end, of course, conclusions are drawn about how an entire population would respond based on the responses from randomly selected group of people.
Determine the distributions given below represent a probability distribution. Justify your answer.
This linear regression model was fitted to a sample of size 50 to produce the following regression equation: yhat = 145 + 1.2x1 + 300x2.
Determine a 90% confidence interval for the mean weight of all university male first-year students.
What is the 95% confidence interval for the standard deviation of birth weights at County General Hospital, if the standard deviation of the last 25 babies born there was 1.1 pounds.
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