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A consultant is beginning work on three projects. The expected profits from these projects are $ 37. thousand, $ 68. thousand, and $ 28. thousand.
The associated standard deviations are $ 8. thousand, $ 10. thousand, and $ 2. thousand. Assuming independence of outcomes, find the mean and standard deviation (in thousands of $) of the consultant's total profit from these three projects.
Round off your answer to two decimal places.
Provide an example of an application of the normal distribution. Explain why standard normal distribution can be used to find the probabilities for all normal distributions?
A recent article in the Wall Street Journal reported that the 30-year mortgage rate is now less than 6 percent. A sample of eight small banks in the Midwest revealed the following 30- year rates (in percent):
In a poll to estimate presidential popularity, each person in a random sample of 1000 voters was asked to agree with one of the following statements:
Find the distribution of profit for a unit price of $500. Use the Decision Table tool to find the best price between $400 and $600 in steps of $25.
Construct a 99% confidence interval for the mean time taken by all statistics students to solve the computer assignment.
Your quality control department has just analyzed the contents of 20 randomly selected barrels of materials to be used in manufacturing plastic garden equipment.
iven an infinite population with a mean of 75 and a standard deviation of 12, the probability that the mean of a sample of 36 observations taken at random from this population exceeds 78 is?
What is an appropriate null hypothesis to compare the quality of the product manufactured in the overseas plants and the U.S. plants? Why?
The Normal distribution with mean 130 gallons and standard deviation 12 gallons. On a randomly selected day, the probability that the store sells at least 154 gallons is?
You attempt a 50 item (n = 50) true-and-false exam. You did not study for the material and your attempt to answer any item is a guess, with a 50% chance that you will get any item correct. You need a score of 30 or better to pass the exam.
Assume that the number of calories in a McDonald's Egg McMuffin is a normally distributed random variable with a mean of 290 calories and a standard deviation of 14 calories. What is the probability that a particular serving contains fewer than 300..
Show all the steps of your hypothesis test including a) the claim being tested , b) the null and alternative hypothesis, c) the test statistic, d) the p value, e) initial conclusion, and f) a final conclusion about the original claim.
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