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Suppose you work for a company that produces cables, and wish to state that less than 0.1% (0.001) of your cables are defective.
a. How many observations must you take so that you can use the normal approximation?
b. Using Minitab, generate a set of n observations from a binomial distribution with 1 trial and an event probability of 0.002, where n is your answer from
10a. Using the normal approximation, calculate the test statistic and rejection criteria (by hand/calculator).
c. Using your answers to 10b, conduct a hypothesis test to determine if the probability is equal to 0.001 or not equal to 0.001. Given that you know the actual event probability is 0.002, is the answer given by your hypothesis test correct or incorrect?
d. Check your answer by conducting the same hypothesis test using Minitab and the normal approximation. What is the p-value of the test statistic?
The average salary of a group of sales people is $32,500 with a standard deviation of $2,500. Answer the following: How much would a salesperson make if he/she is 2 standard deviations above the mean?
A recent article in theWall Street Journal reported that the prime rate for large banks now exceeds 9 percent. A sample of eight small banks in the Midwest revealed the following prime rates (in percent):
Average (arithmetic mean) of 15 years with a standard deviation of 4 years. How does the relative dispersion in the distribution of salaries compare with that of the lengths of service?
a sample of nine public universities and nine private universities was taken. the total cost for the year including
What are the expexted value and standard deviation, respectively, of the number of successful first serves? What is the probability she makes 90 or more successful first serves?
What are the 5 steps involved in hypothesis testing using the traditional/classical method; Can you use a simple real world example to explain it.
A recent article in the Denver Post indicated that the mean selling price of the homes in the area is more than $220,000. Can we conclude that the mean selling price in the Denver area is more than $220,000? Use the .01 significance level. What is..
Suppose the correlation between weight and height for adults is +.80. What proportion (or percentage) of the variability in weight can be explained by the relationship with height?
By using the normal probability distribution, what is the probability the car will be repaired in 35 minutes or less?
Develop a regression model for predicting the difference in the asking price and selling price.
the average hourly wage of workers at a fast food restaurant is 6.50hr with a standard deviation of 0.45. assume that
Using the .05 level, do the results support the researcher's theory? (a) Use the steps of hypothesis testing, (b) sketch the distributions involved.
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