A golf course in Hawaii has determined that the mean time it takes for a group to complete an 18 hole round of golf is 4 hours 35 minutes or 275 minutes with a standard deviation of 14 minutes. The time distribution is also thought to be approximately normal. On a monthly basis, the head pro at the course randomly selected a sam
A City Survey states that 70 percent of all business owners favor increasing the parking fees. The city has commissioned a random sample of n = 100 business owners. Of these, 63 stated that they favor increasing the parking fees. What is the probability of 63 or fewer favoring the idea if the Survey's claim is correct?
A golf course in Hawaii has determined that the mean time it takes for a group to complete an 18 hole round of golf is 4 hours 35 minutes or 275 minutes with a standard deviation of 14 minutes. The time distribution is also thought to be approximately normal. On a monthly basis, the head pro at the course randomly selected a sam
It is assumed that the time failures for an electronic component are exponentially distributed with a mean of 50 hours between consecutive failures. Based on this information, what is the probability that a randomly selected part will fail in less than 10 hours?
It is assumed that the time customers spend in a record store is uniformly distributed between 3 and 12 minutes. Based on this information, what is the probability that a customer will spend more than 9 minutes in the record store?
Assuming that the change in daily closing prices for stocks on the New York Stock Exchange is a random variable that is normally distributed with a mean of $.35 and a standard deviation of $.33. Based on this information, what is the probability that a randomly selected stock will close up $.75 or more?
The actual weight of 2-pound sacks of salted peanuts is found to be normally distributed with a mean equal to 2.04 pounds and a standard deviation of 0.25 pounds. Given this information, the probability of a sack weighing more than 2.40 pounds is 0.4251 True or False?
You are a risk analyst at Max Inc., which operates 15 manufacturing plants in the United States. Industry experts predict that the next year will be a bad one for your industry and 70 percent of the manufacturing plants like yours in the United States will operate at a loss. The CEO of your company has to provide an assessme
The IQ for adults is 100 and the standard deviation is 16. a. What percentage of people have an IQ greater than 140? b. What percentage have IQ's between 100 and 140? c. SmartPeople is an organization that only admits people with IQ's in the top 98 percentile. What IQ score would a person need to be a member of SmartPeo
You are the manager of a softball league in the locality in which there are 5 local teams with 10 people each. The league has been arranged for parity so that each local team has 5 good players and 5 bad players. Another softball league located in another state wants to put together a regional all-star team for a tournament that
1. Identify one each of the following data types used in the article above: ordinal, nominal, and ratio. 2. Use MS Excel and information from the Baseball Salaries spreadsheet above to create a single meaningful frequency distribution table with at least 5 separate categories. 3. For each baseball team listed in the workboo
Please help with the following problems involving normal distribution and populations. Based off the three requirements that must be met before an analysis of variance test (ANOVA) can be used: 1. Samples must be randomly selected from the populations to be evaluated. 2. All populations from which the samples are selected
Consider a binomial distribution with 15 identical trials, and a probability of success of 0.5. Find the probability that x = 2 using the binomial tables. Use the normal approximation to find the probability that x = 2
A study consists of randomly selecting 14 newborn babies and counting the number of girls. If we assume that boys and girls are equally likely and if we let x=number of girls among 14 babies, then x is a random variable because its values depends on chance. The possible values of x are 0,1,2,...,14. The Below table lists the val
Expected Value and Decision Analysis: 1- In a certain state lottery, a lottery ticket cost $8. In terms of the decision to purchase or not to purchase a lottery ticket, suppose that the following payoff table applies: State of nature Decision alternative Wins s1 Lose s2 P
Please provide formulas and logical conclusions for each. Include step by step calculations for each. 8. If the probability of having a boy is .47, find the following a. For families with 10 children i. The mean for the number of boys in a family ii. The standard deviation for the number of boys iii. The probability of h
1- A pharmaceutical company conducted a study to evaluate the effect of an allergy relief medicine. 200 patients with symptoms that included itchy eyes and a skin rash received the new drug. The results of the study are as follows: 90 of the patients treated experienced eye relief 135 had their skin rash clear up, and
Please help me to answer the given problem in detail: Let X be a normal distributed random variable with u=100 and o=10. The probability that X is between 70 and 100 is: a. 8% b. 84% c. 95% d. The answer not listed
I have two pair of black shoes in the closet, a loafer and a tied pair. I am in a hurry getting dressed and the light burns out in the closet. As these are the only shoes in the closet, I reach in and grab two. What is the probability that they match (i.e. l and r loafer, or l and r tie - wearing a tie and a loafer is a f
Banner Mattress and Furniture Company wishes to study the number of credit applications received per day for the last 300 days. To interpret, there were 50 days on which no credit applications were received, 77 days on which only one application was received, and so on. Would it be reasonable to conclude that the population
A person claims that she is a fortune teller. Specifically, she claims that she can predict tha direction of the change (up or down) in the Dow Jones Industrial Average for the next 10 days (such as U, U, D, U, D, U, U, D, D, D). (You can assume that she makes all 10 predications right now, although that won't affect your answ
Sevilla & Somers text. Topic 6, exploration 8b 8. Consider the formula P = 67.38 ? (1.026)t. If we let P represent the population of Mexico in year t where t is the number of years from 1980, confirm that this formula gives the same population values as those given in the table in Example 6.5. b. What would the population
Suppose 1.5 percent of the antennas on new Nokia cell phones are defective. For a random sample of 10 antennas, use the binomial distribution to find the probability that: a. None of the antennas is defective. b. Three or more of the antennas are defective. c. At most 3 are defective. d. All 10 antennas are defecti
Blossom's Flowers purchases roses for sale for Valentine's Day. The roses are purchased for $10 a dozen and are sold for $20 a dozen. Any roses not sold on Valentine's Day can be sold for $5 per dozen. The owner will purchase 1 of 3 amounts of roses for Valentine's Day: 100, 200, or 400 dozen roses. The number of alternatives fo
A random sampling of financial analysts was asked to provide forecasts of earnings per share of a corporation's stock for the next year. The results are summarized as follows: Forecast ($ per share) # Analysts Mi FiMi $8 < $10 2 Analysts $10 < $12 3 Analysts $12 < $14
How can the binomial distribution be used in a business situation? What type of data would you use and what would you learn from this?
I have two pair of black shoes in the closet, a loafer and a tied pair. I am in a hurry getting dressed and the light burns out in the closet. As these are the only shoes in the closet, I reach in and grab two. What is the probability that they match (i.e. l and r loafer, or l and r tie - wearing a tie and a loafer is a fashion
A situation is presented where you have to pick the queen out of 3 cards, the other two are Aces. The person running the game asks you to pick a card, you do, and he turns over a card that you didn't pick to show it was an ace. He then offers you the choice to keep your card or choose the third card. Using your knowledge of p
1. A certain airplane has two independent alternators to provide electrical power. The probability that a given alternator will fail on 1-hour flight is 0.02. What is the probability that (a) Both will fail? (b) Neither will fail? (c) One or other will fail? 2. The contingency table belo
1) Two cards are drawn from an ordinary deck of 52 cards find the probability of each event showing your reasoning carefully a. two aces b. two red cards c. two red aces d. two honor cards (A, K, Q, J, 10). 2) A certain airplane has two independent alternators to provide electrical power the probability that a given alt