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You are trying to get an important new customer to buy a product that you produce. Their decision to buy depends on the speed at which you can produce the product once they have placed the order. Currently it takes you 70 hours on average to produce the product with a standard deviation of 8 hours. From historical data you have determined that actual production times follow a normal distribution.
Questions:
(a) What percent of the time can you produce the product within 80 hours?
(b) You want to promise that 95% of the time you will deliver the product in under __ hours?
(c) Assuming the standard deviation stays the same, how much do you have to reduce your average production time so that 95% of the time you can deliver the product in under 75 hours?
Approximately 65% of all marketing personnel are extroverts, whereas about 50% of all computer programmers are introverts.
For the samples summarized below, test the hypothesis at =0.05 that the two variancees are equal.
What is the equation for this regression model?
Suppose an engineer proposes a new model that will weigh 3100 pounds. What could we expect the miles per gallon in the city performance would be?
The National Highway Association is studying the relationship between the number of bidders on a highway project and the winning (lowest) bid for the project.
State the null hypothesis and alternative hypothesis. Indicate the type of test to be performed (left-tailed, right-tailed, or two tailed). Provide a statement in terms of the hypothesis testing process in this problem that would signify a Type I ..
How would the General Counsel's decision in Part (b) change if the cost of selling the second suit were only $200,000? What if the cost were $900000?
To test whether there is significant mean difference between two groups using independent sample t test.
Student record revealed that 16 out of a random sample of 64 of student with loans. It supposed that current rate is persisting across all students. Compute probability that number of students with loans will be less than 375.
We wish to estimate the population proportion. We want to be 95 percent confident of our results and we want the estimate to be with .01 of the population parameter. No estimate of the population proportion is available. What value should we use f..
Is there evidence of a significant difference in the proportion who get their news primarily from newspapers between those 36 to 50 years old and those above 50 years old? (use α = 0.05)
What information is provided by the numeral value of the Pearson correlation? What is the major distinction between the Pearson and Spear man correlations?
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