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Historically,on Christmas day the weather in a certain Midwestern city has had the following distribution:
Event Relative Frequency
Clear & dry 0.20
Cloudy & dry 0.30
Rain 0.40
Snow 0.10
a- Based on these data, what is the probability that next Christmas will be dry?
b- Based on the data,what is the probability that next Christmas will be rainy or cloudy and dry?
c- Supposing next Christmas is dry, determine the probability that it will be also cloudy?
Create the box plot to represent data. Explain the distribution. Ensure to recognize the first and third quartiles and median.
Using the finite population correction factor, compute the standard error for each of the three firms given a sample of size 50.
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A mean of 25 inches and a standard deviation of 5 inches. What is the probability that the area receives at least 30 inches of rain in a year?
A sample of 50 customers resulted in a sample mean of $90. What is the probability of obtaining a sample with a sample mean smaller than $90?
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Develop a 99% confidence interval for the population proportion.
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Will a 5% across-the-board raise increase the spread of the distribution as measured by the distance between the quartiles? Do you think it will increase the standard deviation?
Show that marginal cost and marginal revenue are given by? Show that the profit maximizing quantity which equates marginal revenue and marginal cost is?
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