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Assume that the United States faces a serious energy crisis. Turmoil in the Middle East has disrupted that supply and domestic reserves have been seriously depleted. Gas prices have risen to $10 a gallon. As a result the country has sunk into a deep recession. The largest known reserves of oil in the US lie beneath the Indian lands described in this scenario; developing these resources would likely have a significant impact on the price of gasoline and help restore the nation's prosperity. The tribal leaders steadfastly refuse to allow drilling, insisting that the land is sacred and must not be disturbed. Should the US government or private oil companies have the power to develop these resources without the tribal leaders' permission? Explain your answer.
Build a scatter plot if you have two or more interval ratio variables. What type of relationship, if any, can you observe between the variables?
The reliabilities of the components are 0.96, 0.91, and 0.80. What is the probability that the device will work when needed?
An insurance company states that 90% of its claims are settled within 5 weeks. A consumer group selected a random sample of 100 of the company's claims and found 75 of the claims were settled within 5 weeks.
If the decision maker knows nothing about the probabilities of the three states of nature, what is the recommended decision using the optimistic, conservative and minimax regret approaches?
What is the difference between point estimation and interval estimation? Determine a 95 percent confidence interval for the population mean.
The event "the price of stock X has increased and the price of stock Y has not increased" may be written as??
Recent medical research demonstrated there is a strong (r=.60) correlation between the excessive weight and incidences of breast cancer. How can we interpret this statement?
A food snack manufacturer samples 13 bags of pretzels off the assembly line and weighs their contents. If the sample mean is 14.7 oz. and the sample standard deviation is 0.50 oz., find the 95% confidence interval of the true mean.
The Rio-River Railroad, headquartered in Santa Fe, New Mexico, is trying to devise a method for allocating fuel costs to individual railroad cars on a particular route between Denver and Santa Fe.
the operator of a large production plant would like to estimate the mean amount of time a worker takes to assemble a
the indicator that results in total revenues being equal to total cost is called
In a normal distribution with mean 59 and standard deviation 22, how large a sample must be taken so that there will be at least a 90 percent chance that its mean is greater than 53?
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