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Truck tire life is normally distributed with a mean of 60,000 miles and a standard deviation of 4,000 miles. You bought four tires. What is the probability that the average mileage of the four tires exceeds 66,000 miles?
Give a brief definition and an example of the following: a. Descriptive Statistics b. Inferential Statistics
Some of the factors affect statistical power for a one sample t test. How does statistical power change (increase or decrease) for each of the following changes?
How many jackets should the store owner order if she wants to maximize her expected profit?
It took a contractor 5000 hours to manufacture their first unit of an item. If the contractor expects to achieve a 94% unit learning curve, how many hours would be required to manufacture units 76-100?
Given CAPM as the benchmark, is either of the two managers over-performing the market? What if you use the Sharpe Ratio as benchmark? Explain the answer carefully.
We are interested in testing to find out whether the variance of the population is vitally more than 0.003
By using the 0.10 level of significance, is there evidence that the population mean is above the $300?
What is the probability the Time/CNN poll will provide a sample proportion within plus-or-minus 0.02 of the population proportion?
Describe the standard normal distribution. Explain why it can be used to find probabilities for all normal distributions.
Now we would like to evaluate regression equation for X using Y as independent variable.
The American Sugar Producers Association wants to estimate the mean yearly sugar consumption. A sample of 16 people reveals the mean yearly consumption to be 60 pounds with a standard deviation of 20 pounds.
Choice of exponential smoothing constant w has little or no effect on forecast values using exponential smoothing.
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