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if adding bed capacity cost about $100,000 per bed and the rate charged for the hernia surgery varies between about $900 and $2000 with an average rate of $1300 per operation. The surgeons are paid a flat $600 per operation. Due to all the unceratinties in government health care legislation, shouldice would like to justify any expansion within a five-year time period. How would I set this problem up?
Household income does not tend to follow a normal distribution in a particular state, yet average income is approximately $45,000/year in this state, with a standard deviation of about $9000.
The owner was interested in the mean time required to service this model, and decided not to carry the model if the mean repair time appeared to be more than 40 minutes.
Women's heights are normally distributed with mean 63.6 and standard deviation of 2.5 in. A social organization for tall people has a requirement that women must be at least 70 in tall.
Suppose the people have weights that are normally distributed with a mean of 164lb and a standard deviation of 30lb. Find the probability?
Which of the following exam scores should lead to the better grade?
A cereal manufacturer sells boxes of cereal that list the weight as 19 oz. A random sample of 60 boxes was taken, with the contents carefully weighed.
Determine z score corresponding to minimum height requirement and determine z score corresponding to maximum height requirement.
The gambler is paid later as follows, depending on the number of winners he picked. What is his expected gain? Remember, a loss is a negative gain, and that the bookie keeps the gambler's $20.
Develop the opportunitiy loss table and compute the expected opportunity loss for each product. Determine how much the firm would be willing to pay to a market research firm to gain better information about future market conditions.
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?
What is the advantage of a randomized experiment in which the investigators randomly assign treatment conditions to subject over an observational study in which the subject self-select the treatment groups?
What is the mean of the sample proportion of pieces of unread mail? What is the standard error of the sample proportion?
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