The Acme Company manufactures widgets. The distribution of widget weights is bell-shaped. The widget weights have a mean of 37 ounces and a standard deviation of 6 ounces. Use the Standard Deviation Rule, also known as the Empirical Rule. Suggestion: sketch the distribution in order to answer these questions. a) 95% of the widget weights lie between and b) What percentage of the widget weights lie between 19 and 49 ounces? % c) What percentage of the widget weights lie above 31 ? % Get help: Video LicensePoints possible: 2
In: Statistics and Probability
You have just been hired as the marketing manager at a small retail clothing store. In the past, the store has done all the inventory purchasing, marketing and sales promotions based on intuition. Of course, as a marketing professional, you know that this is not the best strategy. You must convince your new boss to use a more empirical approach based on marketing metrics. Write a few organized paragraphs explaining to your boss what marketing metrics should be used and how they can help make decisions.
In: Economics
Assume the average age of an MBA student is 30.7 years old with a standard deviation of 2.2 years.
a) Determine the coefficient of variation.
b) Calculate the z-score for an MBA student who is 26 years old.
c) Using the empirical rule, determine the range of ages that will include 95% of the students around the mean.
d) Using Chebyshev's Theorem, determine the range of ages that will include at least 94% of the students around the mean.
e) Using Chebyshev's Theorem, determine the range of ages that will include at least 80% of the students around the mean.
In: Statistics and Probability
Target-date mutual funds adopt “glide paths” such that the funds allocate investments across stocks, bonds, and other assets based on the weights that are set in the funds’ set schedules. For example, a 2050 target date fund is likely to be heavily invested in stocks relative to bonds in 2019, but the fund’s investments will gradually shift toward bonds as the year 2050 approaches. What behavior do stock market returns need to display in order for this approach to be optimal? Does the empirical evidence support or refute this required feature of returns?
In: Finance
It is generally believed that nearsightedness affects about 15% of children. A school district gives vision tests to 111 incoming kindergarten children. Use the empirical rule (68%-95%-99.7% Rule) to determine what proportion of nearsighted children we might expect to see in samples of 111 children (I'm not looking for the number of children). Assume conditions are met! No need to draw the model, though if you find it easier to do so you may draw it by hand and attach a picture of your model using the picture button.
In: Statistics and Probability
The weight of an organ in adult males has a bell shaped distribution with a mean of 300 grams and a standard deviation of 20 grams. Use the empirical rule to determine the following:
a) About 99.7% of organs will be between what 2 weights?
b) What percentage of organs weigh between 260 grams and 340 grams?
c) What percentage of organs weigh less than 260 grams and more than 340 grams?
d) What percentage of organs weigh between 260 grams and 360 grams?
In: Statistics and Probability
he weight of an organ in adult males has a bell-shaped distribution with a mean of
320
grams and a standard deviation of
30
grams. Use the empirical rule to determine the following.
(a) About
68%
of organs will be between what weights?
(b) What percentage of organs weighs between
230
grams and
410
grams?
(c) What percentage of organs weighs less than
230
grams or more than
410
grams?
(d) What percentage of organs weighs between
260
grams and
350
grams?
In: Statistics and Probability
Suppose that a certain brand of light bulb has a mean life of 450 hours and a standard deviation of 73 hours. Assuming the data are bell-shaped: (Show work to get full credit)
a. Would it be unusual for a light bulb to have a life span of 320 hours? 615 hours? Justify each response.
b. According to the Empirical Rule, 99.7% of the light bulbs have a lifetime between what two values?
c. Determine the percentage of light bulbs that will have a life between 304 and 596 hours.
In: Statistics and Probability
The quantitative reasoning GRE scores are known to approximately have a Normal distribution with a mean of = 151.3 points and a standard deviation of = 8.7 points.
a. Use the Empirical Rule to specify the ranges into which 68%, 95%, and 99.7% of test takers fall. Include a picture to illustrate the ranges.
b. A graduate program in Public Policy Analysis admits only students with quantitative reasoning GRE scores in the top 30%. What is the lowest GRE score the program will accept?
c. Above what score do the top 1% of GRE scores fall?
In: Statistics and Probability
I need solution for this issue with all the details./Br/Ha
Nada Eissa and Jeffrey Liebman analysed an extension of the EITC that took place in 1987 in their study titled “Labor Supply Response to the Earned Income Tax Credit”.
a) How did the study exploit the extension of the EITC? That is what was the empirical strategy? What is the main assumption when using this strategy? Do you think that this assumption was satisfied in the case here?
b) What did the study find? Is this in line with the predictions made by the model used in Q.1)?
In: Economics