Estimate average waiting time using sample mean, Basic Statistics

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Estimate average waiting time using sample mean

The following data represents the time it takes a company to respond to an account inquiry for opening a new account.

A. Using the exponential distribution estimate the average waiting time using the sample mean.

1	1	18	0	22
1	36	0	1	1

B. preform a hypothesis test to determine if the wait time is different from 2 days with type 1 error or 0.05, what is the conclusion?

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Basic Statistics: Estimate average waiting time using sample mean

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Basic Statistics: Estimate average waiting time using sample mean

Reference No:- TGS0731243

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Recent Questions Asked Basic Statistics

Q : How much did the company last pay as a dividend

Q : Calculate the maximum you would want to pay for the firm

Q : Standard deviation of hole diameter

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Q : Estimate average waiting time using sample mean

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Q : Average number of people entering the store

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Request for Solution File

Ask an Expert for Answer!!

Basic Statistics: Estimate average waiting time using sample mean

Reference No:- TGS0731243

Recent Questions Asked Basic Statistics

Q : How much did the company last pay as a dividend

Q : Calculate the maximum you would want to pay for the firm

Q : Standard deviation of hole diameter

Q : Calculate the least squares estimates

Q : Estimate average waiting time using sample mean

Q : Sample standard deviation

Q : Ages and systolic blood pressure

Q : Deviation of sample means and distribution of population

Q : Average number of people entering the store

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