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The Statistical Abstract of the United States published by the U.S. Census Bureau reports that the average annual consumption of fresh fruit per person is 99.9 pounds. The standard deviation of fresh fruit consumption is about 30 pounds. Suppose a researcher took a random sample of 38 people and had them keep a record of the fresh fruit they ate for one year.
a. What is the probability that the sample average would be less than 90 pounds?
b. What is the probability that the sample average would be between 98 and 105 pounds?
c. What is the probability that the sample average would be less than 112 pounds?
d. What is the probability that the sample average would be between 93 and 96 pounds?
The following hypothetical data demonstrate the relationship. The dependent variable is a measure of language skill at age 3 for each child. Do the data indicate any significant differences? Test with α=0.05.
Carleton Chemical claims that they can produce more than 800 tons of meladone on average per week. A random sample of 36 weeks of production yields the following results.
Describe the meaning of a Nash Equilibrium when companies are competing with respect to price. Explain why is the equilibrium stable?
Consider the two-period repeated game in which this stage game is played twice and the repeated-game payos are simply the sum of the payos in each of the two periods.
The time it takes a symphony orchestra to play beethovens ninth symphony has a normal distribution with a mean of 64.3 minutes and a standard deviation of 1.15 minutes. If an orchestra plays it so slowly that 80% of the orchestras play faster than..
Determine which pair of strategies would competing companies A and B choose given this payoff matrix?
A manufacturer of a new, less expensive type of light bulb claims that this product is very well made and even more reliable than the higher priced competitive light bulbs.
In a one shot game, if you promote and your rival promotes, you will earn $7 million and your rival will earn $2 million in profits.
Assume two competitors every face important strategic decisions where payoff to each decision depends upon reactions of the competitor. Company A can select either row in the payoff matrix defined below,
There is 0.02% probability that a credit card holder of a company reports the loss or theft of the credit card each month. The company has 15,000 credit cards in Memphis. Use the Poisson distribution to answer the following questions.
In a Gallop poll of 1012 randomly selected adults, 9% said that cloning of humans should be allowed. We are going to use a .05 significance level to test the claim that less than 10% of all adults say that cloning of humans should be allowed. The ..
Critical Thinking: Suppose you and a friend each take different random samples of data pairs (x,y) from the sample population. Assume the samples are the same size.
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