A study by professors in the College of Business at Bradley University in Peoria, Illinois, revealed that the response time to 911 emergency calls was 4.8 minutes, with a standard deviation of 1.2 minutes. It was assumed that response times were normally distributed. The mayor of Peoria wanted to reduce mean response time enou
The owners of Spiffy Lube want to offer their customers a 10-minute guarantee. Normal distribution problem.
The owners of Spiffy Lube want to offer their customers a 10-minute guarantee on their standard oil change service. If the oil change takes longer than 10 minutes to complete, the customer is given a coupon for a free oil change at the next visit. Based on past history, the owners believe that the time required to complete an
Describe how the following frequency table was prepared. Check several of the intervals to see if you get the same frequency. Frequency distribution of ages (at last birthday) of 400 HIV positive men, San Francisco Reported age limits Frequency (fi ) 20-24 2 25-29 85 30-34 135 35-39 91 40-44 57 45-49
5. If spouses yearly earnings are varying Normally with X m ~ N (50, 9) X f ~ N ( 60, 15) What is their family total earning per year. What is the distribution and mean and std. deviation.
NB:Please use Excel(where possible--preferred) for this and could you send me a few notes with step by step break-down on how to make it easy to figure out next time? refer to the real estate excel data set at : http://highered.mcgraw-hill.com/sites/0073030228/student_view0/index.html (see Real Estate Attachment ) Qu
What is the difference between Paramaeter & Statistics What is the concept of operationalize???? What are focus groups What is the meaning of lodging double variable, validity & liability Explain Normal Distribution What is mean, median mode What is range & dispersion What the independent & dependent variable Explain e
I have attached a Word document that contains 29 True/False questions and 4 questions where you need to figure out 'what is wrong.' TRUE or FALSE - all responses must be at least 25 words! 1. Class width = Upper limit of a class - Lower limit of the same class. 2. A class frequency may be equal to zero. 3. The data 9, 12
An industrial oven used to cure san cores for a factory manufacturing engine blocks for small cars is able to maintain fairly constant temperatures. The temperature range of the oven follows a normal distribution with a mean of 450 F and a standard deviation of 25 F. Leslie Larsen, president of the factory is concerned about t
Using the standard normal table, determine the following probabilities. Sketch the associated areas. a. P(0 less than or equal to z less than or equal to 1.00) b. P(-2.50 less than or equal to z less than or equal to 3.01) c. P(z greater than or equal to 3.25) d. P(z less than or equal to -2.50)
1. As a Realtor, would be more beneficial to quote the mean or median price of homes in your area? Why or Why Not? 2. If you wanted your salary critiqued against others, would you prefer the HR Manager to use mean or median? Why or Why Not? 3. If a study examines: who/what/when/how much, it is termed a ______
A. Simulate 50 observations from a normal distribution with mean 0 and standard deviation 1. make a normal plot. b. Repeat the simulation of (a) but use an exponential distribution with mean = 1 how does the shape of the plot compare to the plot using normal data? c. Repeat the simulation in (a) but use a uniform distribu
1. The total area under a probability distribution graph is equal to _____. 2. The normal distribution is a _____ distribution. 3. Discuss the shape of the normal curve. 4. Define "confidence level" in estimating mu, the population mean.
See attached file for full problem description. summary of options purchased at beginning of 4th quarter with 3 months to expiration (european style options) position shares premium strike price long calls 63,000 $20.45 $110 long puts 63,000 $13.15 $110 beginning end 4th Quarter 4th Quarter underly
Option Valuation and Strategies: call option, Black-Scholes, Put-call parity, arbitrage opportunity, hedge ratio, delta, hedge the position
1. A call option is the right to buy stock at $50 a share. Currently the option has six months to expiration, the volatility of the stock (standard deviation) is 0.30, and the rate of interest is 10 % a) What is the value of the option according to the Black-Scholes model if the price of the stock is $45, $50, or $55? b) What
An executive at Westinghouse drives from his home in the suburbs near Pittsburgh to his office in the center of the city. The driving times are normally distributed with a mean of 35 minutes and a standard deviation of 8 minutes.
An executive at Westinghouse drives from his home in the suburbs near Pittsburgh to his office in the center of the city. The driving times are normally distributed with a mean of 35 minutes and a standard deviation of 8 minutes. a. In what percent of the days will it take him less than 30 minutes to drive to work? b.
1. The use of simulation to examine corporate operations (industrial dynamics), national economies (econometric models), and urban governments is known as A. Monte Carlo Methods B. Operational Gaming C. System Simulation D. Queuing Methods 2. PERT A. Is a network technique that uses three time estimat
14. Approximately ______ of the area (cases or observations) under the normal curve is found between 1 standard deviation above and 1 standard deviation below the mean. 15. What percentage of area (or cases or observations) is found above a z value of 1.96? ._____ 16. A random sample of 20 observations is drawn from a
The number of passengers on the Carnival Sensation during one-week cruises in the Caribbean follows the normal distribution. The mean number of passengers per cruise is 1,820 and the standard deviation is 120. 1. What percent of the cruises will have between 1,820 and 1,970 passengers? 2. What percent of the cruises will ha
The scores of the GRE exam are transformed so they have a mean of 500 and a standard deviation of 100.
1. The scores of the GRE exam are transformed so they have a mean of 500 and a standard deviation of 100. The scores are known to be normally distributed. What is the percentage of students that score below 750? 2. In 10 Bernoulli trials, 130 outcomes contain exactly three successes. Is this a true statement? 3.The pr
13. The quality assurance department for Pepsi Distributors, Inc. maintains meticulous records on the bottling line for two-liter Pepsi bottles. Records indicate that the process follows the normal probability distribution with a mean amount per bottle of 2.01 liters and a standard deviation of 0.025 liters. The foreman random
#2 There is some concern that exposure to gases used in anesthesiology may be harming the health of anesthesiologists. In one study of 525 Michigan nurse anesthesiologists, 10 reported a new malignancy other than skin cancer during the previous year. 2.1 What is the appropriate choice of distribution for the incidence of ne
#1 A botanist grows a large number of individually potted eggplants, all treated identically. After 30 days, the total leaf area of each plant was measured. The population distribution of the total leaf area was found to be normal with a mean of 800 cm2 and a standard deviation of 90 cm2. 1.1 What percentage of the plants
Finding Probability and Sample size using Normally Distributed Sample. For complete description of the questions, please see the problems.
Question (1) The price of shares of Bank of Florida at the end of trading each day for the last year followed the normal distribution. Assume there were 240 trading days in the year. The mean price was $42.00 per share and the standard deviation was $2.25 per share. a. What percent of the days was the price over $45.00? How
The problems posted and solved are based on Normal Distribution and Probability. For a Complete description of the problems, Please see the posted problems.
16. For a normal population with mean=50 and standard deviation=10, what is the probability of obtaining a sample mean greater than 52 for each of the following sample sizes n=5 _________________% n=10 _________________% n=50 _________________% n=100 _________________% An assessment of optimism forms a normal distributio
1. Find the area under the Normal Distribution from the mean to a z-score of -2.07. 2. Find the z-score that corresponds to an area of 0.5557 under the Normal Distribution. 3. The average age of statistics students nationwide is 22. The standard deviation is 2.5 years. Assume the age is a normally distributed variable
1. Given that z is a standard normal random variable, compute the following probabilities. a. P(-1≤z≤0) b. P(-1.5≤z≤0) c. P(-2<z<0) d. P(-2.5≤z≤0) e. P(-3≤z≤0) 2. Given that z is a standard normal random variable, compute the following probabilities. a. P(0≤z≤.83) b. P(-1.57≤z≤0) c. P(z>44) d
The following table displays information on the abortion rate- the number of abortions per 1,000 women- for each U.S. state and the District of Columbia in 2000. a. What are the mean and the standard deviation for the abortion rate for all states? b. Using the information from (a), how many states fall more than 1 standard dev
If Chebychev Inequality gives the lower bound for probability. For the present problem the lower bound for the probability is 0.75 and actual probability is 0.87. There is no contradiction between empirical rule and Chebychev Inequality Given percentage (87%), does the empirical rule apply? What does the Empirical Rule s
IQ's have a mean of 100 and a standard deviation of 15. Find the IQ score that defines the top 2.5% of all IQ scores.
Give a brief description of the variable and whether the scale of measurement is nominal, ordinal, interval, or ratio, and why. The Measurement Principles Nominal : People or objects with the same scale value are the same on some attribute. The values of the scale have no 'numeric' meaning in the way that you usually think