For the following tablet weight measurements: 204, 196, 202, 192, 205, 213, 206, 209, calculate:

• the mean, b) standard deviation, (c) variance, (d) coefficient of variation (%RSD), (e) range, and (f) median.

You may need to use the appropriate technology to answer this question.

The following estimated regression equation based on 10 observations was presented. ŷ = 23.1570 + 0.5305x₁ + 0.4980x₂

Here, SST = 6,728.125, SSR = 6,215.375, s_b1 = 0.0813, and s_b2 = 0.0561.

(a) Compute MSR and MSE. (Round your answers to three decimal places.)

MSR=

MSE=

b) Compute F and perform the appropriate F test. Use α = 0.05.

Find the value of the test statistic. (Round your answer to two decimal places.)

F =

c) Perform a t test for the significance of β₁. Use α = 0.05.

Find the value of the test statistic. (Round your answer to two decimal places.)

t =

(d) Perform a t test for the significance of β₂. Use α = 0.05.

Find the value of the test statistic. (Round your answer to two decimal places.)

t =

Case Study 8.1

In February 2017 the price of a daily pass to drive on a Volusia County beach was $10, and at that price 26,467 daily passes were sold. In February 2018 the price of a daily pass rose to $20, and at that price the number of daily passes sold dropped to 17,994.

1. What is the elasticity of demand for the daily pass? Is the demand elastic or inelastic? Explain the meaning of your answer in the context of this problem. Is revenue increasing or decreasing?
2. The County Council may consider raising the price of a daily pass to $30 next year. Based on elasticity of demand, should the Council consider another increase? Please justify your answer.

Case Study 8.2

Demand for tickets to a theme park, based on average daily attendance, is given by           Dp=-7.7p2+495.8p+20,000, where p is the daily admission price. The current admission price is $75, but the park is considering raising the price to $80.

3. At $75, what is the elasticity of demand for the tickets? Is the demand elastic or inelastic? Based on elasticity of demand, should the price be increased?
4. What should the ticket price be for maximum revenue?

In a certain small company, 8 people work in the morning, 7 people work in the evening, and 5 people work in the night time. The human resources manager selects 4 people from this entire group.

a) How many selections result in all 4 people coming from the morning group?

b) What is the probability that all 4 selected people will be from morning group?

c) What is the probability that all 4 selected people will be from the same group (either from morning, evening or night)?

The original true mean is 31 with a standard deviation of 9. With the top 12% of grades being an A, the next 20% are Bs, the next 35% are Cs, the next 25% are Ds, and the rest (8%) should not pass. (a) Between what two scores would a student earn a B? (b) If the goal is to generate the same percentages for all grades as the original distribution, what would the curved average and standard deviation be if the curved range for B grades was set between 80 and 90?

Construct a frequency distribution table with five classes on the approved credits of 40 students (sample) of the Nursing Program:
32 34 56 43 31 24 19 24
58 45 68 51 46 30 29 37
63 59 73 21 53 42 32 16
19 66 75 17 48 21 23 19
24 88 70 19 53 12 24 27

Make a frequency distribution table that has the limits, borders, class marks or midpoints, frequencies or absolute frequencies, accumulated frequencies, relative absolute frequencies and relative accumulated frequencies. The first class must have limits of 10-25.

2. Answer:
to. Class width
b. Class mark of the third class
c. Absolute frequency fourth class
d. Relative absolute frequency first class
and. Cumulative frequency third class
F. Lower limit second class
g. Upper border fifth class

      3. Draw a frequency polygon to represent the previous data.
      HINT: Remember that you must use the class marks or points on the X axis
      means and on the Y axis, the absolute frequencies.

      4. Draw a histogram to represent the previous data.
      HINT: Remember to use the X axis, the borders and the Y axis, the
      absolute frequencies.

      5. Name three conclusions you can draw from this distribution of data from the
      Nursing students.

A Company must decide which one of the three products to produce. For product A, the fixed costs are $100,000 with a variable cost of $3 per unit. For product B, fixed costs are $50,000 and variable costs are $6 per unit, and for product C the respective figures are $20,000 fixed and $8 variable. The marketing department projects three possible sales levels. Either the company will sell 20,000 units (probability = .7), 40,000 units (probability = .2), or 60,000 units (probability = .1). The respective per unit selling prices are for A it’d $9, for B it’s $10, and for C it’d $12.

Determine the appropriate payoff matrix and Identify any inadmissible acts.

The length of human pregnancies from conception to birth varies according to a distribution that can be modeled by a normal random variable with mean 267 days and standard deviation 15 days.

Question 1. What percent of pregnancies last less than 240 days? Note that the answer is requested as a percent. Use 2 decimal places in your answer.

%

Question 2. What percent of pregnancies last between 240 and 270 days? Note that the answer is requested as a percent. Use 2 decimal places in your answer.

%

Question 3. The longest 20% of pregnancies last at least how many days? (round to the nearest whole day)

days.

Imagine that you work as the quality engineer for a foam manufacturer. Foam samples were compressed to 50% of their original thickness and stored at different temperatures for nine years. At the start of the experiment as well as during each year, sample thickness was measured, and the thicknesses of the eight samples at each storage condition were recorded. There are two storage conditions (50oC and 60oC) and the sample data showing the thicknesses for each storage condition is as follows. Alpha is 5% 50oC : 0.047, 0.060, 0.061, 0.064, 0.080, 0.090, 0.118, 0.165, 0.183 60 o C : 0.062, 0.105, 0.118, 0.137, 0.153, 0.197, 0.210, 0.250, 0.375 (a) Is there evidence to support the claim that mean compression (thickness) increases with the temperature at the storage condition? Alpha =5% (b) Find a 95% confidence interval for the difference in the mean compression for the two temperatures. (c) Is the value zero contained in the 95% confidence interval? Explain the connection with the conclusion you reached in part (a).

A bank executive believes that average bank balances for individuals equals $15,000. The executive takes a random sample of 25 individuals and finds a sample mean of $12,800 and a sample standard deviation (s) of $4,000. Test the hypothesis at the 0.05 and 0.01 levels.

Assume we know that the population standard deviation of income in the United States (σ) is $12,000. A labor economist wishes to test the hypothesis that average income for the United States exceeds $64,000. A random sample of 900 individuals is taken and the sample mean is found to be $65,000. Test the hypothesis at the 0.05 level of significance. What is the p-value of the test statistic?

The First Chicago Bank is reviewing its service charges and interest-paying policies on checking accounts. The daily balance of a checking account is defined to be the balance in the checking account at 2:00pm. The bank has found that for all personal checking accounts the mean of all the daily balances is $900 and the standard deviation is $175. In addition, the distribution of personal checking account daily balances can be approximated very well with a normal model.

Question 1. What percentage of the bank's customers carry daily balances between $700 and $1,000? (Use 2 decimal places in your answer. Note that the answer is requested as a percent, that is, a value between 0 and 100).

Question 2.The bank is considering paying interest to customers carrying daily checking account balances in excess of a certain amount. If the bank does not want to pay interest to more than 4% of its checking account customers, what is the minimum daily balance on which it should be willing to pay interest? (Round your answer to the nearest dollar)

I measured the height of a sample of marigolds by the Union. The values were 7, 10, 12, 9, 10, 12, 10, 9, 10, 11, 8, 12, 10, 9, 11, 10, 9, 10, and 11 inches. I then walked downtown and saw some marigolds growing on Broadway, so I measured a sample of them. The values were 6, 9, 13, 10, 12, 10, 8, 11, 7, 14, 10, 12, 8, 7, 14, 9, 8, 13. Calculate the mean, the variance, and the standard deviation for the Union and Broadway samples. If I wanted to select artificially for different sized marigolds, from which group of plants would I take seeds? Explain.

The value of a sports franchise is directly related to the amount of revenue that a franchise can generate. The accompanying data table gives the value and the annual revenue for 15 major sport teams. Suppose you want to develop a simple linear regression model to predict franchise value based on annual revenue generated. Complete parts​ (a) through​ (e) below.

a. Construct a scatter plot. (Already Answered)

b. Use the​ least-squares method to determine the regression coefficients

c. Interpret the meaning of b0 and b1 in this problem. Choose the correct answer below.

A.The​ Y-intercept, b0​, implies when the annual revenue is​ zero, the franchise value is b0​,in millions dollars. The​ slope,b1​,implies the revenue is equal b1​, in millions of dollars.

B.The​ Y-intercept,b0​,implies that if the annual revenue is​ zero, the franchise value is equal to the value of b0​,in millions of dollars. The​ slope,b1​,implies that the average franchise value is equal to b1​,in millions of dollars.

C.An interpretation of the​ Y-intercept,b0​,is not meaningful because no sports franchise is going to have a revenue of zero. The​ slope,b1​,implies that for each increase of 1 million dollars in annual​ revenue, the franchise value is expected to increase by b1​,in millions of dollars.

D.The​ Y-intercept,b0​,implies that if the annual revenue is​ zero, the franchise value is equal to b0​,in millions of dollars. The​ slope,b1​,implies that for each increase of 1 million dollars in annual​ revenue, the franchise value is expected to decrease by b1​,in millions of dollars.

d. Predict the mean franchise value​ (in millions of​ dollars) of a sports team that generates​$200 million of annual revenue.

Yi=$_______million ​(Round to the nearest integer as​ needed.)

e. What would you tell a group considering an investment in a major sports team about the relationship between revenue and the value of a​ team?

A.The value of the franchise is not affected by the changes in revenue.

B.The value of the franchise can be expected to decrease as revenue increases.

C.The value of the franchise can be expected to increase as revenue decreases.

D.The value of the franchise can be expected to increase as revenue increases.

Data Table

Using the table below, find the Probability of Ordering as a decimal and percent. Please show your work and formulas you would use in excel.