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1. To reduce operating costs, First UP Bank wants to make sure that the loan department in its branches manage the number of courier packages sent out to appraisers etc. to 15 or less every week. The Bank examined the loan departments of 25 randomly chosen branches and the results show that an average of 14.2 packages with a standard deviation of 2.2 packages were sent during one week in late February. These numbers were fed into the Megastat Add-in in Excel and yield the following output:
Hypothesis Test: Mean vs. Hypothesized Value
15.000 hypothesized value
14.200 mean Packages
2.200 std. dev.
0.440 std. error
25 n
24 df
-1.82 t
.0408 p-value (one-tailed, lower)
At the 0.1 level of significance, is the true average number of packages less than 15? Please state the null and alternative hypothesis as well as the decision rule that you use to arrive at the conclusion.
2. A coin was flipped 80 times and came up tails 54 times. At the 0.05 level of significance, is the coin biased toward tails? Show your decision rule and calculations.
The response of the GSS question in 2006 about the number of hours daily spent watching TV, the responses by the seven subjects who identified themselves as Hindus were 2,3,2,1,0,1,4,3. find a point estimate of the population mean for Hindus. The ..
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What is the 95% confidence interval estimate of the population mean cost for a prescription of Zocor?
Toby's trucking company determined that the distance traveled per truck per year is normally distrinuted, with a mean of 50.0 thousand miles and a standard deviation of 12.0 thousand miles.
Be sure the appropriate assumptions and conditions are satisfied before you proceed.
Using smoothing constant of w = .80, compute the value of exponentially smoothed series in 1983.
In a certain state, an appeals court consists of seven judges. For a routine case, three judges are chosen at random as a panel to hear a case and render a decision. How many distinct panels can be formed?
The university police department must write, on average, five tickets per day to keep department revenues at budgeted levels. Suppose the number of tickets written per day follows Poisson distribution with a mean of 9 tickets per day.
After a logarithmic transformation, we obtain the following regression result of Cobb-Douglas production formula for a firm:
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