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Hardware Store: Income Trevor is interested in purchasing the local hardware/sporting goods store in the small town of Dove Creek, Montana. After examining accounting records for the past several years, he found that the store has been grossing over $850 per day about 60% of the business days it is open. Estimate the probability that the store will gross over $850.
a. At least 3 out of 5 business days.
b. At least 6 out of 10 business days.
c. Fewer than 5 out of 10 business days.
d. Fewer than 6 out of the next 20 business days. If this actually happened, might it shake your confidence in the statement p = 0.60? Might it make you suspect that p is less than 0.60? Explain.
e. More than 17 out of the next 20 business days. If this actually happened, might you suspect that p is greater than 0.60? Explain.
What is the probability of selecting a female or an accounting major? Which rule of addition did you apply?
Give the Z score for person who scores (a) 340, (b) 310, and (c) 260. Give the raw scores for persons whose Z score on this test are (d) 2.4, (e) 1.5, (f) o, and (g) -4.5
At α = .05, is there a difference in variances? Illustrate all steps clearly, including illustration of the decision rule.
For this same sample of n = 45, find out the width of confidence interval around population mean? Illustrate all work.
Estimate with 90% confidence the difference in the level of satisfaction with service between the two branches.
Solve different inventory control problems using an appropriate OR method.
Calculate the range, variance, and standard deviation for these sample data.
From her district, consisting of several hundred stores, she selects a random sample of 30 stores. For each store she gathered the following information.
A manufacturing process makes items whose weights are normally distributed. It is known that 22.57% of all the items made weigh between 100 grams up to mean and 49.18% weigh from the mean up to 190 grams. Find out the standard deviation.
Assume the population standard deviation is 1.2 hours. The standard error of the mean is:
Illustrate what decision should be made depended on the mini-max regret criterion. Decision based on the Mini-max criterion.
Iindicate all samples are approximately Normal with no outliers. Is the ANOVA appropriate?
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