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Question: An FBO (a "fixed-base-operator", usually the manager of a small-town airport) makes his revenue in three ways: flight instruction, charter flights, and aircraft maintenance. These activities earn revenues of $25/hour, $40/hour, and $35/hour respectively. The FBO has enough work to guarantee at least 40 hours of work per week. He also, for reasons of sanity and family, refuses to work more than 60 hours per week. He has at least ten hours of each activity to do each week, but refuses to more than twenty hours of any one of these activities to keep himself from getting bored with any one activity. How should he schedule his time to optimize his revenue?
Seventy million pounds of trout are grown in the U.S. every year. Farm-raised trout contain an average of 32 grams of fat per pound, with a standard deviation of 7 grams of fat per pound.
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?
Researchers at a pharmaceutical company have found that the effective time duration of a safe dosage of a pain relief drug is normally distributed with mean 2 hours and standard deviation 0.3 hour.
A company has 25 cars of this model. What is the probability that the mean nitrogen oxide emissions of these cars is above the 0.3g/mi limit?
When coaching or training athletes, the tests employed to predict performance or determine training methods incorporate statistical methods. Why are these methods so effective?
An election poll reported that a candidate had an approval rating of 48% with a margin of error E of 3%. Construct a confidence interval for the proportion of adults who approve of the candidate.
A report on the U.S. economy indicates that 28% of Americans have experienced difficulty in making mortgage payments. A news organization randomly sampled 400 Americans from 10 cities named the "fastest dying cities in the U.S."
The following table provides the weight in grams of a sample of 50 bags produced in one hour by a single machine: Compute the arithmetic mean and median.
The time needed for college students to complete a certain paper-and-pencil maze follows a Normal distribution, with a mean of 70 seconds and a standard deviation of 15 seconds.
A student with a 3.5 to 4 grade point average who took standardized test is randomly selected. Determine the probability that students test score is less than 36.
It was thought that the national average price per pound for Ospertan Basil Oil in 1999 in the US was $14 per pound. Since that time the Ospertan Basil Oil Cartel (OBOC) has tried to limit the supply of Ospertan Basil Oil reaching the U.S in order..
If you were to accept the null hypothesis, even though the null hypothesis was false, what type of error would you have commited?
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