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b) A mining company runs copper mines with various levels of fertility, where the profits per tonne of copper extracted are greater in more fertile mines. A greater annual quantity of copper can also be extracted from more fertile mines. As per the sample of mines in the table below, mine A is of highest fertility, mine D is of lowest fertility. Profit per tonne of Annual copper extracted ($) 300 Mine Tonnes of Copper Extracted 50 Mine A Mine B 200 30 Mine C 150 20 Mine D 100 10 What is mean, median and mode profit per tonne of copper extracted? As a shareholder, which measure would you be more concerned with? i. ii. Given that the above table is an unbiased sample of data, what is the variance, standard deviation and coefficient of variation of profit per tonne of copper extracted? iii. Test the hypothesis that the population mean profit per tonne of copper extracted is $250 at the 5% level of significance. If you were told the population variance of profit per tonne of copper extracted was 5,000, how would your answer in part iii) change? iv.

b) A mining company runs copper mines with various levels of fertility, where the profits per tonne of copper extracted are greater in more fertile mines. A greater annual quantity of copper can also be extracted from more fertile mines. As per the sample of mines in the table below, mine A is of highest fertility, mine D is of lowest fertility. Profit per tonne of Annual copper extracted ($) 300 Mine Tonnes of Copper Extracted 50 Mine A Mine B 200 30 Mine C 150 20 Mine D 100 10 What is mean, median and mode profit per tonne of copper extracted? As a shareholder, which measure would you be more concerned with? i. ii. Given that the above table is an unbiased sample of data, what is the variance, standard deviation and coefficient of variation of profit per tonne of copper extracted? iii. Test the hypothesis that the population mean profit per tonne of copper extracted is $250 at the 5% level of significance. If you were told the population variance of profit per tonne of copper extracted was 5,000, how would your answer in part iii) change? iv.

Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter9: Systems Of Equations And Inequalities
Section9.7: The Inverse Of A Matrix
Problem 32E
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b) A mining company runs copper mines with various levels of fertility, where the profits per tonne of copper extracted are greater in more fertile mines. A greater annual quantity of copper can also be extracted from more fertile mines. As per the sample of mines in the table below, mine A is of highest fertility, mine D is of lowest fertility. Profit per tonne of Annual copper extracted ($) Tonnes of Copper Extracted 300 Mine Mine A 50 Mine B 200 30 Mine C 150 20 Mine D 100 10 What is mean, median and mode profit per tonne of copper extracted? As a shareholder, which measure would you be more concerned with? i. Given that the above table is an unbiased sample of data, what is the variance, standard deviation and coefficient of variation of profit per tonne of copper extracted? ii. Test the hypothesis that the population mean profit per tonne of copper extracted is $250 at the 5% level of significance. iii. If you were told the population variance of profit per tonne of copper extracted was 5,000, how would your answer in part iii) change? iv.
Transcribed Image Text:b) A mining company runs copper mines with various levels of fertility, where the profits per tonne of copper extracted are greater in more fertile mines. A greater annual quantity of copper can also be extracted from more fertile mines. As per the sample of mines in the table below, mine A is of highest fertility, mine D is of lowest fertility. Profit per tonne of Annual copper extracted ($) Tonnes of Copper Extracted 300 Mine Mine A 50 Mine B 200 30 Mine C 150 20 Mine D 100 10 What is mean, median and mode profit per tonne of copper extracted? As a shareholder, which measure would you be more concerned with? i. Given that the above table is an unbiased sample of data, what is the variance, standard deviation and coefficient of variation of profit per tonne of copper extracted? ii. Test the hypothesis that the population mean profit per tonne of copper extracted is $250 at the 5% level of significance. iii. If you were told the population variance of profit per tonne of copper extracted was 5,000, how would your answer in part iii) change? iv.
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