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The quartiles of any distribution are the values with cumulative proportions 0.25 and 0.75. They span the middle half of the distribution. What are the quartiles of the distribution of gas mileage?
Simulation results will always equal analytical results if 30 trials of the simulation have been conducted.
What is the maximum amount a decision maker would pay for additional information?
A joint probability is the probability that two or more events that are mutually exclusive can occur simultaneously. Is the above true or false and why?
What is the expected number of throws you need to win? You have $6 in your pocket and decide to play this game until you either win or you go broke. What is your chance of winning?
Two hundred simulation runs were completed using the probability of a machine breakdown from the table below. The average number of breakdowns from the simulation trials was 1.93 with a standard dev
There are 5 red balls and 3 blue balls in a box. 3 balls are drawn from the box at once. If at least 1 blue ball is drawn, the draw is marked a "success." Let X denote the number of successful draws
Calculate the residual standard deviation for predicting a person's IQ score at age 35 from his/her IQ score at age 18. Using this information, roughly 99.7% of all people who had an IQ of 120 at age
Determine a 4-year weighted moving average forecast for 2009, where weights are W1 = 0.1, W2 = 0.2, W3 = 0.2 and W4 = 0.5.
Robert wants to know if there is a relation between money spent on gambling and winnings.
Of three cards, one is painted red on both sides, one is painted black on both sides and one is painted red on one side and black on the other. A card is randomly chosen and placed on a table.
A rental truck agency services its vehicles on a regular basis, routinely checking for mechanical problems. Supose that the agency has six moving vans, two of which need to have new brakes. During a
What are the psychometric properties of The MBTI for bulimia and /or eating disorders?
There are two soda machines at a school. A can soda costs $.75 from Machine A and works 100% of the time. A can of soda from Machine B costs $.50 and this machine works 60% of the time. When B doesn
According to an internet ratings survey, about 59% of the population of the US and Canada had accessed the internet recently. If 4 people from the US or Canada had been selected at random, find the
Suppose that for a certain caribbean island in any 3-year period the probability of a major hurricane is .25, the probability of water damage is .44, and the probability of both a hurricane and wate
A machine has 9 identical components that function independently. The probability that a component will fail is 0.2. The machine will stop working if more than three components fail. Find the probab
Suppose that computer literacy among people 40 and older is being studied and that the following table describes the probability distribution for four randomly selected people, where x is the number
A bank's loan officer rates applicants for credit. The ratings are normally distributed with a mean of 200 and a standard deviation of 50. Find P60, the score which separates the lower 60% from the
The Environmental Protection Agency is concerned with the problem of setting criteria for the amounts of certain toxic chemicals to be allowed in freshwater lakes and rivers.
There are 1000 such numbers. A bet of $10 is placed on a number. If the number is selected, the player wins $1,000. If any other number is selected, the player wins nothing. Find the expected value
What is the measure of the strength of the relationship between independent and dependent variables.
Consider a sample with data values of 10, 20, 12, 17, and 16. Compute the z-score for each of the five observations (to 2 decimals).
The difference between the forecast and actual demand is called forecast mistake. Is this true or false and why?
Assume that the probability distribution of the lifetimes of the participants is approxately a normal distribution with a mean of 68 years and a standard deviation of 4 years.