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If the product is a complete failure, the representative feels that a loss of $80,000 would be incurred. If the product is only moderately successful, a loss of $25,000 would be incurred. Insurance companies have determined that the probabilities that the product will be a failure or only moderately successful are 0.01 and 0.05, respectively. The manufacturing representative is willing to ignore all other possible losses. If the insurance company charges $2,500 for the policy, what is the profit the insurance company will make?
(c) What is the mean and standard deviation of orders received per day?
Write a different example for each assignment that you pick. You do not need to make up data, but you do need to make up statistics
Here are fifty observations on the weight of tea bags. Calculate the Standard Deviation and Variance.
a coefficient of determination of 0.9 shows that 10 of variation in the dependent variable is caused by change in the
Create a five-number summary for the rainfall data in given Example, Table. Write a few sentences describing the dataset. The data are in the dataset rainfall on the companion website.
the meat department of a supermarket sells ground beef in approximate 1 lb packages but there is some variability. a
serum ferritin is used in diagnosing iron deficiency. in a study conducted recently researchers discovered that in a
For a given sample size, the higher the confidence level, the
Now assume that the building has n elevators, which move independently. Compute the proportion of time the first elevator on Mr. Smith's floor moves up.
questiona discuss what is meant by quality control and quality improvement. b what are the limitations of a quality
What type of control chart would be used in this setting, and what would be the control limits for a sample of 100 films?- The chart in part (a) is of little practical value at current quality levels. Explain why.
Mike hears the weather forecast, and there ia a 50 percents chance of rain.Find the probability that he will have to work overtime given taht it rains.
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