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The EPA will grant a tax credit if the city-highway mileage estimate is at least 31 mpg. Construct the 95% and 99% confidence intervals for the mean mpg [miles per gallon] if we have a data sample with 49 observations of mileage of a new car model, with x-bar = 31.5531 mpg and known std. dev. sigma = 0.8 mpg. Which CI is wider and why? Would the EPA grant a tax credit if the 99% CI is (31.26, 31.85) and why? This is an example of hypothesis testing using CIs. If the EPA minimum qualifying mileage were 33 mpg, instead of 31 mpg, would the EPA grant a tax credit with the same 99% CI?
A new product has the following profit projections, associated probabilities, and indifference probability:
What is the test value? A sociologist wants to determine if the life expectancy of people in Africa is less than the life expectancy of people in Asia. Calculate the critical value. Use a=0.05.
The population standard deviation can be assumed known as .24. What is the 95% confidence interval estimate of the mean undergraduate GPA for students admitted to the top graduate business schools.
What is the difference between the Confidence Interval and the Prediction Interval given in a Minitab printout of a multiple regression? When do you use each?
Small Wonder, an amusement park, experiences seasoned attendance. It has collected two years of quarterly attendance data and made a forecast of annual attendance for the upcoming year.
A civil service exam is given to 200 job applicants. In recent years, grades have followed a normal distribution with mean 66.5 and variance 100. The grades of the job applicants are distributed as follows:
Determine the likelihood of accepting a lot which is 1% defective?
What is the probability that fewer than 59 CEOs agree that it is attractive to have a joint venture to increase global competitiveness and what is the probability that between 53 and 61 (inclusive) CEOs agree with that assertion?
If a random sample of 40 voters is chosen, approx. the probability that more than 20 favor this candidate. Use the normal approximation to the binomial with a correction for continuity.
Hanna Properties specializes in custom-home resales in the Equestrian Estates, an exclusive subdivision in Phoenix, Arizona. A random sample of nine custom homes currently listed for sale provided the following information on size and price.
Construct a 99 percent confidence interval for the true mean diameter of a nickel. (c) Discuss any assumptions that are needed. (d) What sample size would ensure an error of ± 0.0005 inches with 99 percent confidence?
Determine a 95% confidence interval for true time battery pack can function before having to be recharged.
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