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People in a large population average 60 inches tall. You take a random sample and will be given a dollar for each person in your sample who is over 65 inches tall. For example if you sample 100 people and 20 turn out to be over 65 inches tall, you get $20. Which is better: a sample of size 100 or a sample of size 1,000? Choose one and explain. Does the law of averages relate to the answer you give?
Shopper Trak is a hidden electric eye designed to count the number of shoppers entering a store. When two shoppers enter the store together one walking in front of the other, the following possibilities apply.
What percentage of observations of a normal distribution are represented by the mean plus or minus 1.96 standard deviations?
A financial adviser is interested in predicting bond yield based on bond terms, i.e., one year, two years, etc. What is the dependent variable?
The probability of the patient being chosen at random as having meningitis as only site of infection is?
Critically discuss the purpose of developing a frequency distribution? What is the relationship between the relative frequency and the cumulative frequency? Could a frequency distribution contain qualitative data? Why?
If a single card is drawn from an ordinary deck of cards, what is the probability of drawing either a heart or a 6? (Answer in a fraction).
Explain the concept of risk analysis and how monte carlo simulation can provide useful information for making decisions.
Supposes that the diameter of bearings are independent normally distributed random variables with mean µB = 1.005cm and variance σ²B = (0.003)² cm² . The diameter of shafts are independent normally distributed random variables having mean µB = 0.9..
Joe Mauer of the Minnesota Twins had the highest batting average in the 2009 Major League Baseball season. His average was .461. So assume the probability of getting a hit is .461 for each time he batted. In a particular game, assume he batted fou..
The following data shows the service ratings for eight ramdomly selected small ships, eight randomly selected large ships. All ships are rated on a 100-point scale, with higher valuse indicated better service (traveler Feb 2003)
The paired data below consist of the test scores of 6 randomly selected students and the number of hours they studied for the test.
Regression equation Credits=15.4-.07. Select the correct statement. Increase in number of hours worked per week increases the expected number of credits.
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