Question
In: Statistics and Probability
The value of a car depends on its age, X. A car is drawn at random...
The value of a car depends on its age, X. A car is drawn at random with the probability mass function for X (age) of p(x)=c/x for x=1,2,3,4.
a)What is the value of c?
b)If Value depreciates 5 (thousand dollars) each year so Value=30-5X. What are the expected value and variance of Value?
c)If Value=30-8X+X2, what is the expected value of Value?
Solutions
orchestra answered 2 years agoRelated Solutions
A simple random sample of size n is drawn. The sample mean, x overbar x, is...
A simple random sample of size n is drawn. The sample mean, x
overbar x, is found to be 17.8, and the sample standard
deviation, s, is found to be 4.9.
(a) Construct a 95% confidence interval about mu μ if the
sample size, n, is 34.
Lower bound=
Upper bound=
(Use ascending order. Round to two decimal places as
needed.)
(b) Construct a 95% confidence interval about mu μ if the
sample size, n, is 61.
Lower bound=
Upper...
A random sample of 160 car purchases are selected and categorized by age. The results are...
A random sample of 160 car purchases are selected and
categorized by age. The results are listed below. The age
distribution of drivers for the given categories is 18% for the
under 26 group, 39% for the 26-45 group, 31% for the 45-65 group,
and 12% for the group over 65. Find the P-value to test the claim
that all ages have purchase rates proportional to their driving
rates. Use α = 0.05
Age
under 26
26-45
45-65
over 65...
A random sample of 160 car purchases are selected and categorized by age. The results are...
A random sample of 160 car purchases are selected and
categorized by age. The results are listed below. The age
distribution of drivers for the given categories is 18% for the
under 26 group, 39% for the 26-45 group, 31% for the 45-65 group,
and 12% for the group over 65. Find the P-value to test the claim
that all ages have purchase rates proportional to their driving
rates. Use α = 0.05.
age
under 26
26-45
45-65
over 60...
A simple random sample of size n is drawn. The sample mean, x, is found to...
A simple random sample of size n is drawn. The sample mean, x,
is found to be 18.5, and the sample standard deviation, s, is
found to be 4.6.
(a) Construct a 95% confidence interval about μ if the sample
size, n, is 34.
Lower bound: ___
Upper bound: ___
(Use ascending order. Round to two decimal places as
needed.)
(b) Construct a 95% confidence interval about μ if the sample
size, n, is 61.
Lower bound: ___
Upper bound:...
A simple random sample of size n is drawn. The sample mean, x, is found to...
A simple random sample of size n is drawn. The sample
mean, x, is found to be 35.1, and the sample standard deviation, s,
is found to be 8.7
a) Construct a 90% confidence interval for μ if the
sample size, n, is 100.
b) Construct a 90% confidence interval for μ if the
sample size, n, is 40. How does decreasing the sample size affect
the margin of error, E?
c) Construct a 96% confidence interval for μ if...
A simple random sample of size n is drawn. The sample mean, x , is found...
A simple random sample of size n is drawn. The sample mean, x
, is found to be 18.5 , and the sample standard deviation, s, is
found to be 4.3.
(a) Construct a 95% confidence interval about mean if the
sample size, n, is 35.
(b) Construct a 95% confidence interval about mean if the
sample size, n, is 71. How does increasing the sample size affect
the margin of error, E?
(c) Construct a 99% confidence interval about...
A simple random sample of size n is drawn. The sample mean, x is found to...
A simple random sample of size n is drawn. The sample mean, x
is found to be 19.3 and the sample standard deviation, s, is found
to be 4.7
a. Construct a 95% confidence interval about mu if the sample
size, n, is 35
A car wash firm calculates that its daily production (in number of cars washed) depends on...
A car wash firm calculates that its daily production (in number
of cars washed) depends on the number n of workers it
employs according to the formula
P = 40n − 0.05n2 cars.
Calculate the marginal product of labor at an employment level
of 50 workers. HINT [See Example 3.]
This means that, at an employment level of 50 workers, the
firm's daily production will increase at a rate of cars
per additional worker it hires.
A simple random sample of size n is drawn. The sample mean, x overbarx, is found...
A simple random sample of size n is drawn. The sample mean, x
overbarx, is found to be 18.5, and the sample standard
deviation, s, is found to be 4.3.
(a) Construct a 95% confidence interval about muμ if the
sample size, n, is 34.
Lower bound: ____
Upper bound: ____
(b) Construct a 95% confidence interval about muμ if the
sample size, n, is 51.
Lower bound: ____
Upper bound: ____
(c) Construct a 99% confidence interval about muμ...
A simple random sample of size n is drawn. The sample mean, x overbar, is found...
A simple random sample of size n is drawn. The sample mean, x
overbar, is found to be 18.4, and the sample standard deviation,
s, is found to be 4.8.
Construct a 95% confidence interval about μ if the sample
size, n, is 34.
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