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The quality control department of Widgets Manufacturing needs your help. They can't decide which significance level is appropriate for testing the claim that fewer than 50% of widgets from a production run are defective. One group feels that the primary consideration for choosing between alpha=0.01 and alpha=0.05 should be to keep the rejection rate of good widgets as small as possible, while the other group feels they should try to keep the number of defective widgets that make it through to a minimum. Write two paragraphs detailing the arguments might each group make to support their position. Your paragraphs should include the terms alternative hypothesis, Type I error, Type II error, and sample size. Which significance level would you choose? In a sample of 1500 widgets it is found that 679 are defective. Test the claim at the significance level you chose and state your conclusion in non-technical terms. Make sure to show all the steps of the hypothesis testing.
Compare among expected monetary approach also expected utility approach. Sketch the brokers utility curve and describe what it says about her risk profile.
Note down a research that requires a decision making with probabilities.
how many individuals will I need to sample if I want a 95% margin of error to be no more than 3%, I want to know if the results are significant at = 10%. With the information given.
The weights (in pounds) of a sample of five boxes being sent by UPS are: 12, 6, 7, 3, and 10.
The Starbucks in the Bauer College of Business found that 24% of customers purchase more than one cup of coffee per day from their shop. If 180 customers are randomly selected one day, what is the probability that no less than 25% of them purchase..
What is the probability of selecting an accounting major, given that the person selected is a male?
To estimate the true proportion of students who abstain from alcohol at LBCC, you will need to take a simple random sample.
She is interested in testing the null hypothesis that the mean SAT score is the same for each type of schooling using the one-way ANOVA. Some summary statistics for the three groups are given below, followed by the one-way ANOVA table.
Determine z score corresponding to minimum height requirement and determine z score corresponding to maximum height requirement.
Compute the median number of dependents?
What is the estimated standard error of the sample mean? Construct a 95 percent confidence interval for the population mean category fluency test score.
At the .05 significance level, can we conclude that the guideline is still reasonable?
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