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A contractor must pay a $40,000 penalty if construction of an expensive home requires more than 16 weeks. He will receive a bonus of $10,000 if the home is completed within 8 weeks. Based on experience with this type of project, the contractor feels there is a 0.2 chance the home will require more than 16 weeks for completion, and there is a 0.3 chance it will be finished within 8 weeks.
If the price of the home is $350,000 before any penalty or bonus adjustment, how much can the buyer expect to pay for her new home when it is completed?
1. Consider a branching process with reproduction mean m 1. Suppose also, as before, that X(0) = 1.
Find/discover an example of statistics in the news to discuss the following statement that represents one of the objectives of statistics analysis: "Statistics helps us make decisions based on data analysis.
Find the mean and the standard deviation of the sampling distribution of x, and find an interval containing 95.44 percent of all possible sample mean returns.
As a variant of the histogram, the 'tree map' provides a visual display of, in this instance, the UK finances. Like a histogram, the area of each box is proportional to the amounts spent or received. This version of a tree map represents UK Govern..
In this problem we want to run a test of goodness of fit to check whether the coats in the consignment follow the indicated probabilities.
The Web-based company Henrietta Balloons has a goal of processing 96% of its orders on the same day they are received. If 95 out of the next 100 orders were processed on the same day, would this prove that they are exceeding their goal, using a 90%..
As you know, the percentile for a value is a measure of where that value stands with respect to the rest of the data. As a criterion for college admissions, why would many schools use a percentile value for a standardized test, rather than a raw s..
He argues that the regression effect says people who perform very poorly in their previous job tend to perform well in their next job. Is this what the regression effect says? Explain.
You are given the sample mean and the sample standard deviation. Use this information to construct the 90% and 95% confidence intervals for the population mean. Which interval is wider? If convenient, use technology to construct the confidence int..
Suppose that in a random sample of 230 hockey players, 19 of them indicated that they are left-handed. Find the 97% Wilson estimate (plus four) confidence interval for the proportion of all hockey players that are left-handed.
suppose that 14 individuals take a two-day course that is supposed to improve their knowledge of web page design which
Find the expected position of the next book requested when the system is in its stationary distribution, which we will call μ. Note that μ is a function of p1, pn and what is the probability that she is picked up by a bus?
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