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Suppose that Total Revenue = 200Q and Total Cost = 80 + 50Q where Q, the quantity sold, is a random variable with expected value 20 and variance 4.
What is the expected value of total profit?
What is the standard deviation of total profit?
In order to test the assumption of a Poisson distribution, a random sample of 150 ten-minute intervals was taken.
Is this statistically significant evidence that candidate has sufficient valid signatures overall? Describe.
the probability that a household is both prosperous and educated is P (A and B) = 0.082. What is the probability P (A or B) that the household selected is either prosperous or educated.
The credit score of a 35 year old applying for a mortgage at Ulysses Mortgage Associates is normally distributed with a mean of 600 and a standard deviation of 100.
Finding the probability of a pointer to land in a color among given three colors.
Should Katie conduct a between-subject ANOVA or a within-subject ANOVA? Describe your answer.
Determine critical value if alpha = 0.05? If p-value for this test is 0.025, this p-value means?
Translate this into a statistical hypothesis-testing problem and carry out the test. Be sure to give the null and alternative hypotheses, the value of the test statistic, the p-value, and your conclusions.
Find out the probability that: First electric brush chosen is defective?
Based on these data, does it seem that strength of relationship between sales and promotions expenditures is enough to permit using linear regression forecasting model? Describe why?
A study was recently done in which 500 people were asked to point out their choices for one of three products. Following table illustrates the breakdown of responses by gender of the respondents.
A normal population has a mean of 60 and a standard deviation of 3. You select a sample of 36. Compute the probability the sample mean is (Round z values to 2 decimal places and final answers to 4 decimal places):
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