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The purchase of a coin-operated laundry is being considered by a potential entrepreneur. The present owner claims that over the past 5 years the average daily revenue has been $675 with a standard deviation of $75. A sample of 30 selected days reveals a daily average revenue of $625.
a. State the null and alternative hypothesis
b. Is there evidence that the claim of the present owner is not valid? (use a .01 level of significance.)
c. What will your answers be in (b) if the standard deviation is now $100?
d. What will your answer be in (b) if the sample mean is $650?
A sample of 25 MBA students taking OTM course in the Spring of 2013 shows an average income of $85,000 with the sample standard deviation of $5,000. Find the 95% confidence interval of the population mean income of MBA students.
The following table presents data on political party affiliation and class level for sample of students in certain university: If the student is selected at random from sample, determine the probability that student is Republican.
Each year the local country club sponsors a tennis tournament. Play starts with 128 participants. During each round, half of the players are eliminated.
The results of the simple linear regression are provided below.
Assume that a random variable, x, is distributed according to a normal distribution with mean 46 and standard deviation 12. (a) What is the standard error of the estimate, x-bar, if a sample of size 25 is taken?
To determine whether the mean is greater than 16 ounces using large sample test.
The formula for a 95% confidence interval yields the interval 640 ± 5.88. Find out whether each of the given statements is true or false.
State the alternative hypothesis that would be used to determine if Brand A has a higher proportion of defective smoke detectors than Brand B. Calculate the test statistic for determining if a difference exists between the failure rates of the two..
Identify each of the random variables as continuous or discrete.
A group of students collected data at the Cedar Point amusement park and reported that the "wait time" to ride the "Top Thrill Dragster" roller coaster is consistently distributed within a range of 40 minutes to 90 minutes.
What factors might cause the company to order a larger or smaller amount than the EOQ?
Show the sampling distribution of p if a random sample of 150 insured individuals is used to estimate the proportion having received at least one ticket.
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