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A student wanted to find out the optimal strategy to study for a Business Statistics exam. He constructed the following payoff table based on the average amount of time he needed to put in every week studying for the course and the degree of difficulty of the exam. From the information that he gathered from students who had taken the course, he concluded that there was a 40% probability that the exam would be easy.
16 hours8 hours4 hours
Easy Exam406080
Difficult Exam100500
What is the opportunity loss of spending 4 hours per week on average studying for the exam when the exam turns out to be easy?
For each of the following, indicate whether or not you would expect it to have a strong seasonal component and why.
What effect has the transformation had on the lowest exam mark and what effect has the transformation had on the highest exam mark - STATS 201/8 Data Analysis
Chi-square test for goodness of fit - difference in the use of the four entrances?
A certain brand of automobile tire has a mean span of 3500 miles and a standard deviation of 2000 miles. (assume the life spans of the tires have a bell-shaped distribution)
Findout the probability using normal approximation for the provided values. Findout the specified probability from a table of Normal probabilities.
A lab test is 95% effective in detecting a disease. The test gives a false positive (reports the patient has disease when they do not) for 1 % of the healthy population tested.
In a poll of 150 randomly selected adults 78 said they favored a new proposition. compute a 95% confidence interval for the proportion of all adults in favor of the proposition at the time of the poll.
In a large western university, 15% of the students are graduate students. If a random sample of 20 students is selected, what is the probability that the sample contains:
FBI Report do greater universities that tend to have more property crime. Keep a scatter diagram also sketch the line you think best fits the data.
Is there enough evidence to support the consumer's conjecture at alpha=.10? 7.2 8.1 7.8 7.4 8.0 8.2 8.1 7.9
Although there is a popular belief that herbal remedies such as ginkgo biloba and ginseng may improve learning and memory in healthy adults, these effects are usually not supported by well-controlled research.
A fastener manufacturing company uses a chi-square goodness of fit test to determine if a population of all lengths of ¼ inch bolts it manufactures is distributed according to a normal distribution.
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