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How does one find expected profit from a probability demand distribution?
For example, if revenue for producing one TV set is $5, and cost is $2, while demand is 200 (with a probability of 0.1), what would be the profit from producing 200 TV sets?
In addition, what would the profit be from producing 200 TV sets, with a demand of 300 (with a probability of 0.2)?
Describe the shape of the distribution? what proportion of the players had no hits? how many players had 4 or fewer hits? what percentage of the players had one or fewer hits?
Triathalon Times Jeff Parent is a statistics instructor who participates in triathalons. Listed below are times (in minutes and seconds) he recorded as riding a bicycle for five laps through each mile of a 3-mile loop.
Four students each received a raw score of 22 on a different test. Compute the z-score for the raw score value of 22 for each student, given information about the distributions of X values for each test.
Construct a 96% confidence interval for the mean weight of all firefighters six months after the exercise rooms were installed.
When is it important to have matched pairs rather than two independent sets of data?
Fit a least squares trend line to the merger data. What type of trend (linear or curved) might best fit to this time series? Compute the forecast for year 20 based on the trend (linear or curved) that best fits the data?
Genzero Pharmaceuticals developed the following regression model based on time series data from the past 33 quarters, for one of its non-prescription cold remedies:
At the .05 significance level, can we conclude that there is a difference in their mean times?
Judging from recent experience, 5 percent of the computer keyboards produced by an automatic, high-speed machine are defective
Explain why it makes sense for a set of data to have a correlation coefficient of zero when the data show a very definite pattern.
Find a 90% confidence interval on the difference in the mean number of production units for the two shifts.
Heights of 18-year-old men are approximately normally distributed, with mean 68 inches and standard deviation 3 inches.
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