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A sample of 120 homes sold recently in a big city gave the mean price of homes equal to $270,000 and the standard deviation equal to $70,000.
a) What is the point estimate of the mean price of all homes in the big city?
b) Construct a 99% confidence interval for the mean price of all homes in the big city.
c) Explain the advantage of the confidence interval over the point estimate.
Here are fifty observations on the weight of tea bags. Calculate the Standard Deviation and Variance.
The means appear to be very close, but not the variances. At α = .05, is there a difference in variances? Show all steps clearly, including an illustration of the decision rule.
How many boxes must the processor sample to be 95 percent confident that the sample mean does not differ from the population mean by more than 0.2 pounds?
If W denotes the total number of spaces one moves under these special conditions, find the mean and standard deviation of W.
The Central Limit Theorem states that the sampling distribution of means is:
Graph the least-squares line on your scatter diagram. Be sure to use the point (x, y) as one of the points on the line.
Test the hypothesis that the annual incomes of corporate trainers in areas of more than 500,000 are significantly more than those in areas of less than 100,000.
Would it be sensible to conclude that more than 10% of applicants are now failing the test?
At α = 0.05, is the correctness of the prediction different for the two types of cola drinkers?
Find out the decision strategy company must follow, expected value of strategy, and maximum amount the company must pay market research firm for survey results.
By using 0.05 level of significance, is there any evidence of difference in mean life of bulbs produced by two kinds of machines?Calculate p-value and interpret its meaning.
The number of passengers on the Carnival Sensation during one-week cruises in the Caribbean follows the normal distribution.
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