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Could you explain the Pearson or product-moment correlation? If we were to use a partial correlation, would you want to look at the relationship between two variables while removing the effect of one or two other variables?
The probability that a parolee will commit a crime while on parole is 0.68. A parole officer is in charge of 8 parolees. What is the probability that at least 7 of them will commit a crime while on parole?
Find out the estimate of the population mean.The mean daily sales at the Stop and Go are $20,000 for a sample of 40 days. The standard deviation of the sample is $3,000.
At the .10 significance level you will test to determine if there has been an increase in selling time. What is your decision?
Calculate the population mean and population standard deviation.
If a single test is run and indicates that oil is present, what is the revised probability that oil is actually present?
A fair die is rolled nine times. What is the probability that an odd number (1,3 or 5) will occur less than 3 times?
A new-car dealer is leasing various brand-new models for the monthly rates(in dollars) listed below. Estimate the true population variance and standard deviation in leasing rate with 90% confidence.
Company A is hoping to expand its operations and a small group of investors is visiting next week. You are tasked with the duty of explaining how Company A uses this information from a linear programming model to optimize its shipping.
Paul has calculated the indifference probability for the lottery having a payoff of $160K with probability p and -$80K with probability (1-p) as follows:
Explain the difference between a discrete and a continuous random variable. Give two examples of each type of random variable.
Gas consumption of 3 cars (labeled car A, car B, and car C) using 4 different kinds of gasoline. Is there difference among kinds of gasoline?
A survey is planned to determine the mean annual family medical expenses of employees of a large company. The management of the company wishes to be 95% confident that the sample mean is correct to within plus-or-minus $50 of the population mean.
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