Here are the errors associated with a particular forecast over the past 5 months, in chronological order: 5, 10, -15, 0, 8. In which month was the forecast perfectly accurate? In which month was the forecast the least accurate? In which month or months was the forecast too high?
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- If the national economy shrank at an annual rate of 6% per year for three consecutive years, then the economy shrank by 18% over the three-year period. The statement is false because each year is a different reference value. The economy actually shrank ____ % over the three-year period.The owner of a pet store is trying to decide whether to discontinue selling specialty clothes for pets. She suspects that only 10% of the customers buy specialty clothes for their pets and thinks that she might be able to replace the clothes with more interesting and profitable items on the shelves. Before making a final decision she decides to keep track of the total number of customers for a day, and whether they purchase specialty clothes for their pet. a) Assuming the pet store owner is correct in thinking that only 10% of her customers purchase specialty clothes for their pets, how many customers should she expect before someone buys a garment for their pet? b) What is the probability that she does not sell a garment until the 5th customer? c) What is the probability that exactly 4 of the first 10 customers buy specialty clothes for their pet? d) What is the probability that at least 3 of the first 35 customers buy specialty clothes for their pet?…The following question is on statistics. An automatic car wash takes exactly 5 minutes to wash a car. On average, 10 cars per hour arrive at the car wash. Suppose that 30 minutes before closing time, 5 cars are in line. If the car wash is in continuous use until closing time, is it likely anyone will be in line at closing time?
- Suppose a company charges a premium of $150 per year for an insurance policy for storm damage to roofs. Actuarial studies show that in case of a storm, the insurance company will pay out an average of $8000 for damage to a composition shingle roof and an average of $12,000 for damage to a shake roof. They also determine that out of every 10,000 policies, there are 7 claims per year made on composition shingle roofs and 11 claims per year made on shake roofs. What is the company’s expected value (i.e., expected profit) per year of a storm insurance policy? What annual profit can the company expect if it issues 1000 such policies? Determine the probability of a composition shingle roof claim out of 10,000 = ______ Determine the probability of a shake roof claim out of 10,000 = ______ How many claims are made out of 10,000? = _______ What is the probability of no claims out of 10,000? = _______ How much does each shingle roof claim cost the company, don’t forget each person pays $150…If there is no seasonal effect on people getting sick, we would expect equal numbers of people getting sick in each season (winter, spring, summer and fall). A student takes a census of students who took Marketing Research in 2019 and finds that of the 280 students who took Marketing Research in 2019, 75 were sick in winter, 65 were sick in spring, 68 were sick in summer and 72 were sick in fall. She wonders if the excess in the winter is an indication that sickness rates are not uniform throughout the year. Perform the appropriate chi-square test and indicate the chi-square value below. (Report two decimals)A new drug is released to market and it has been determined that the drug is responsible for causing hypertension among those individuals who take the drug if 30276 individuals were prescribed the drug in its 1st year on the market and 17620 individuals developed hypertension what is the point prevalence of hypertension among those individuals described the drug after the drugs 1st year on the market
- The following data correspond to the times in minutes between 6 calls for an ambulance in Mexico City and the arrival of the patient at the hospital: 27, 15, 20, 32, 18 and 26. Use these figures to judge the reasonableness of the statement ambulance service that, on average, it takes 20 minutes between the ambulance call and the patient's arrival at the hospital.Define appropriations , and identify what implications are associated with with the timing (start and stop) of appropriations.If the mean of five observations x, x+2, x+4, x+6, x+8 is 11, find the mean of first three observation =
- A statistics instructor would like to know whether it is worthwhile to require students to do weekly homework assignments. For Section1 of the course, homework is assigned, collected and graded each week. In Section2, students are not required to turn in homework. At the end of the semester, the students are given the same final exam. In Section1, the numbers of students getting each grade are: 16 students got A, 22 students got B, 8 students got C, and 4 students got D. In Section2, the numbers of students getting each grade are: 8 students got A, 18 students got B, 18 students got C, and 6 students got D. Is there an association between assigning homework and exam grade? Test at the alpha = 0.05 level. a. We reject the null hypothesis with two-tailed critical values; there is an association between assigning homework and exam grade. b. We reject the null hypothesis with one-tailed critical value; there is an association between assigning homework and exam…TION 18 Wholemark is an Internet order business that sells one popular New Year's greeting card once a year. The cost of the paper on which the card is printed is $0.05 per card, and the cost of printing is $0.15 per card. The company receives $2.15 per card sold. Since the cards have the current year printed on them, unsold cards have no salvage value. Its customers are from the four areas: Los Angeles, Santa Monica, Hollywood, and Pasadena. Based on past data, the number of customers from each of the four regions is normally distributed with a mean of 2,000 and a standard deviation 500. (Assume these four are independent.)What is the optimal production quantity for the card? (Use Excel's NORM.S.INV() function to find the z value. Round z value to 2 decimal places. Round your answer to the nearest whole number.)If there is no seasonal effect on human births, one would expect equal numbers of children to be born in each season (winter, spring, summer, and fall). A student takes a census of her statistics class and finds that of the 120 students in the class, 26 were born in winter, 37 in spring, 31 in summer, and 26 in fall. She wonders if the excess in the spring is an indication that births are not uniform throughout the year. Complete parts a) through c) below. A. What is the expected number of births in each season if there is no "seasonal effect" on births? B. Compute the chi squared-statistic. C. How many degrees of freedom does the chi squared-statistic have?