Statistics for Business

The sample size is based on the 20 day sample. The probability of the event (.03765) was determined in Question #2, the cumulative probability of Four-D rejecting a shipment (based on a sample of 10).

2. In order to determine the average amount spent in November on Amazon.com a random sample of 144 Amazon accounts were selected. The sample mean amount spent in November was $250 with a standard deviation of $25. Assuming that the population standard deviation is unknown, what is a 95% confidence interval for the population mean amount spent on Amazon.com in November?

a) Probability that it is a student = 800 / 1000 = 0.80 or 80%

(a) Then mean of the sample and the value of Z with an area of 10% in right tail.

9. Assume the weight, W, of a randomly selected adult has a normal distribution with a mean

6. Based on questions 3, 4, and 5 is the mean or median a better estimate for the parameter of interest? Explain your reasoning.

Find P(12 < x < 23) when mu = 19 and sigma = 6. Write your steps in probability notation.

c. Construct a 98% confidence interval estimate of the mean weight of all organic green tea bags produced by Ryerson Inc.

6. Based on questions 3, 4, and 5 is the mean or median a better estimate for the parameter of interest? Explain your reasoning.

3. List the probability value for each possibility in the binomial experiment that was calculated in MINITAB with the probability of a success being ½. (Complete sentence not necessary)

distribution with an average of 2 per 30 second period. What is the probability of having

8. The measure of how likely an event will occur is probability. Match the following probability with one of the statements. There is only one answer per statement.

28. The Polo Development Firm is building a shopping center. It has informed renters that their rental spaces will be ready for occupancy in 19 months.  If the expected time until the shopping center is completed is estimated to be 14 months, with a standard deviation of 4 months, what is the probability that the renters will not be able to occupy in 19 months?

would be 0.5; there would be a 50 percent chance that any two randomly selected people would

The probability is one of the sampling techniques of choosing the equivalent elements. These are specified as random sampling. The sampling is helped to develop the sampling frame; it selects the elements as randomly.