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The average waiting time per customer at a fast food restaurant has been 7.5 minutes. The customer waiting time has a normal distribution. The manager claims that the use of a new cashier system will decrease the average customer waiting time in the store. Based on a random sample of 16 customer transactions the mean waiting time is 6.3 minutes and the standard deviation is 2 minutes per customer. Test the manager's claim at 5% and 1% significance level tests.
Describe what do you mean by terms 'false positive" and " false negative".
A loan application is received this morning. What is the probability that:
Genetics of peas. According to genetic theory, the blossom colour in the second generation of the certain cross of sweet peas should be red or white in a 3:1 ratio. That is, each plant has probability 3/4 of having red blossoms, and the blossom co..
Key Refining decided to send a special financing plan to charge account customers having the highest 10 percent of the money charges. What is the dividing point between customers who receive the special plan and those who do not.
If a technical breakthrough occurred that raised the profit per unit of X 1 to $3, would this affect the optimal solution?
The price of XYZ Corporation stock is normally distributed all through the year with mean of $42.00 per share and a standard deviation of $2.25 per share. Suppose that the stock is traded 240 days out of the year.
Choice of exponential smoothing constant w has little or no effect on forecast values using exponential smoothing.
A normal distribution with a mean of 55 and a standard deviation of 6 is evaluated to solve a business problem.
You read that statistical test at α=0.01 level has probability 0.14 of making a Type II error when specific alternative is true. Calculate the power of test against this alternative?
To find out the estimate of between and within treatments.Samples were selected from 3 populations. The data obtained follow.
Using the appropriate statistical procedure on the SPSS, test the between group means for a significant difference.
Use expected collision claim amount to find out the collision insurance premium that would permit the company to break even on collision portion of policy.
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