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1. Repair calls. A small engine shop receives an average of 1.7 repair calls per hour, with a standard deviation of 0.6. What is the mean and standard deviation of the number of calls they receive for an 8-hour day? What, if anything, did you assume?
2. Insurance company. An insurance company estimates that it should make an annual profit of $150 on each homeowner's policy written, with a standard deviation of $6000.
a) Why is the standard deviation so large?
b) If the company writes only two of these policies, what are the mean and standard deviation of the annual profit?
c) If the company writes 1000 of these policies, what are the mean and standard deviation of the annual profit?
d) What circumstances could violate the assumption of in- dependence of the policies?
Ethics. The one-time fling! Have you ever purchased an article of clothing (dress, sports, jackets, etc.) worn the item once to a party, then returned the purchase?
Give two alternative representations of the log-likelihood function - How would the log-likelihood function differ for the logit model?
Indicate which of the following responses below is correct. Discuss why it is correct or discuss why standard deviation is such a valuable statistic in so many situations.
find the 95 confidence interval for the difference between two means based on this information about two samples.
Determine the mean, median, and standard deviation. Determine the first and third quartiles. Develop a box plot. Are there any outliers? Organize the distribution of funds into a frequency distribution.
What is the probability that a randomly selected student will have a score of 80 or higher? If there were 97,680 students with scores higher than 91, how many students took the test?
The number of customers who have requested a reservation at full fare for this flight in the past always has a normal distribution with mean 40 and standard deviation 10. Determine how many seats should be reserved for customers who pay full fare.
1. according to investment digest diversification and the riskreward relationship spring 2011 1-3 the mean of the
A recent study of 25 students showed that they spent an average of $18.53 for gasoline per week. the standard deviation of the sample was $3.00. find the 95% confidence interval of the true mean.
We are intersted in the number of students who prefer brand C cola. identify the distribution of the random variable and the mean,standard deviation.
Discuss contingencies and how they are reported on financial statements. What conditions must be met before a contingency can be charged against income?
A recent study compared the time spent together by single- and dual-earner couples. According to the records kept by the wives during the study, the mean amount of time spent together watching television among the single-earner couples
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