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Suppose that the small, independent measurement errors combine not by addition but by multiplication. In particular, suppose each error alters the measurement by some proportion (which implies multiplication). A log-normal distribution results (which gets its name from the fact that if the logarithm is taken, the distribution becomes normal). But why is that plausible?
An investment counselor would like to meet with 12 of his clients on Monday, but he has time for only 8 appointments. How many different combinations of the clients could be considered for inclusion into his limited schedule for that day?
List the steps involved in hypothesis testing using: a) the traditional/classical method; b) the probability-value method. Provide an example of each.
Discuss how to perform a test of hypothesis to determine whether the variances of two populations are equal. Include a discusssion of why the larger sample variance is placed in the numerator in the Test Statistic for comparing two variances.
We could then perhaps form a linear regression by charting the points of IQ for each person and their mother on a graph to determine if a correlation can be made between the IQ score of the individual and the IQ score of the mother. If the scores ..
For the following investigative scenarios, state the null hypothesis, and the alternative hypothesis. Also identify the Type 1 and Type 2 errors which can result based on the hypotheses that you defined.
Construct a 99% confidence interval for the true average amount of time customers spent in the restaurant. With a .99 probability, how large of a sample would have to be taken to provide a margin of error of 2.5 minutes or less?
The following data resulted from an experiment to study the effects of leaf removal on the ability of fruit of a certain type to mature:
A new industrial oven has just been installed at the Piatt Bakery. To develop experience regarding the oven temperature, an inspector reads the temperature at four different places inside the oven each half hour.
What percent of trucks logged more than 57,060 but less than 58,280 miles? What percent of Fords travelled 62,000 miles or less in the year?
Can one conclude at a level of significance of .01 that the new ball has improved his game?
A researcher wishes to forcast the proportion of fish in a perticular lake which is inedible due to pollution of the lake.
A work-study engineer times a certain operation, and discovers that the average time it takes is 10 minutes, but on 15% of occasions it takes more than 13 minutes.
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