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Testing for Population mean.
The average fee charged by a large accounting firm to prepare an individual income tax return is $250 and the standard deviation (σ) is $12. Joan Smith is a CPA who works for the firm and her supervisor thinks she may be charging her clients significantly more for their tax returns. On a random sample of 40 tax returns that Joan completed last year, the average cost was $270. Based on this sample evidence, is Joan's supervisor correct? Use a = .05.
Why is statistical significance not necessarily of practical important difference to a business decision? Provide an example and explain.
Determine the sample size needed in order to be 99% confident that the sample proportion of the current customer accounts is within .03 of the true proportion of all current accounts for this company.
Customers bought 5 times as many boxes of light bulbs as switch plates. How many of each did Light Bright Warehouse sell?
For binomial distribution among given values for n as well as p state whereas or not it is suitable to use normal distribution as an approximation.
A random sample of 85 group leaders and supervisors revealed that they worked an average of 6.5 years before being promoted. The population standard deviation was 1.7 years. Using the 0.95 degree of confidence, what is the confidence interval for ..
Letting μ be the mean composite satisfaction rating for the gaming console, we find that the test should be H o : μ ≤ 42 versus H a : μ > 42
If 36 sand dollars are selected at random for collection, determine the probability that average diameter of those sand dollars is more than 3.80 centimeters. Suppose that variable is normally distributed.
Identifying H0and Hr in ex 5-12 , examine the given statement , then express the null hypothesis H0 and alternative hypothesis H1 in symbolic form.
Assume it is possible to adjust the scales in a linear manner to read Y = aX+b. How should a and b be chosen in order that Y has the same mean but fewer than 2% of the readings of Y exceed 4.2 gm.
Some television stations attempt to gauge public opinions by posing a question on the air and asking viewers to call to give their opinions.
During a recent year the average cost of making a movie was $54.8 million. This year, a random sample of 15 recent action movies had an average production cost of $62.3 million with a variance of $ 8 million.
Compute the appropriate Test Statistic to test null hypothesis that mean of population is 4.3 against alternative hypothesis μ ≠ 4.3.
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