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The partner-manager of a franchise of Au Bon Pain, Inc., the French bakery- restaurant chain, believes that the average daily revenue of her business may be viewed as a random variable (she adheres to the Bayesian philosophy) with mean $8,500 and standard deviation $1,000. Her prior probability distribution of average daily revenue is normal. A random sample of 35 days reveals a mean daily revenue of $9,210 and a standard deviation of $365. Construct the posterior distribution of average daily revenue. Assume a normal distribution of daily revenues.
Carry out a hypothesis test to see if our belief can be supported. State the null hypothesis and the alternative hypothesis that we would use for this test.
A USA Today Snapshot summarized the results of a 'State of the Kid' survey conducted by the Highlights magazine. A total of 500 children were surveyed, 200 were considered young kids (with ages 9-10 years old) and 300 were older (with ages 11-14 yea..
A sample of n observations is taken from a population. When performing statistical inference about a population variance, the appropriate chi-square distribution has:
a long-distance cyclists back tire sometimes pops during long rides. because the cyclist knows that her tire has a
1) Explain when and why a histogram is appropriate for describing the data. 2) Explain when and why a Bar Graph is appropriate for describing the data.
calculate the samplenbspcovariancenbspbetween two variables x and y using the formulas described in lecture or
Using the 0.01 level of significance, is there evidence that the mean shopping time at the supermarket is different from the claimed value of 22 minutes?
1.suppose x is a continuous random variable taking values between 0 and 1 and having a probability distribution
Critically illustrate out the difference between a histogram and a dot plot. When might a dot plot be better than a histogram?
the addition of a new accelerator is claimed to decrease the drying time of latex paint by more than 4. several test
What is the probability that an individual shopper spends between $17.25 and $21.60 on impulse buys?
Laura wanted to build a multiple regression model based on advertising expenditures and coffee times price index. Based on the selection of all normal values she obtained the following:
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