**Analyzing Confidence Interval Scenarios****Scenario 1:**Minnie owns a boutique that specializes in selling hair-bows and bow-ties. On a typical day, the boutique experiences numerous sales. These sales have an average selling price that is approximately normally distributed, with a standard deviation of $0.72. Minnie is interested in determining the average selling price of the products sold on a specific day. To achieve this, she investigated a sample of 36 sales from that day, discovering an average selling price of $4.78. Based on this data, a 93% confidence interval was constructed.In this scenario, students are tasked with deciding whether to use a **z** or **t** distribution for the confidence interval calculation, without performing any additional computations. Given that the standard deviation is known and the sample size is relatively large (n=36), the appropriate distribution for this scenario is likely the **z** distribution.

The 93% confidence interval for the average selling price of products sold on one day, will signify…

Answered: 2. For the following scenarios,…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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A tube of listerine tartar control toothpaste 4.2 ounces. As people use the toothpaste the amount remaining in any tube is random. Assume the amount of toothpaste remaining in the tube follows a uniform distribution. What is the probability that there is more than 1.5 ounces remaining in the tube?
Jeremiah earned a score of 530 on Exam A that had a mean of 450 and a standard deviation of 40. He is about to take Exam B that has a mean of 63 and a standard deviation of 20. How well must Jeremiah score on Exam B in order to do equivalently well as he did on Exam A? Assume that scores on each exam are normally distributed.
Risk taking is an important part of investing. In order to make suitable investment decisions on behalf of their customers, portfolio managers give a questionnaire to new customers to measure their desire to take financial risks. The scores on the questionnaire are approximately normally distributed with a mean of 50 and a standard deviation of 14. The customers with scores in the bottom 15% are described as "risk averse." What is the questionnaire score that separates customers who are considered risk averse from those who are not? Carry your intermediate computations to at least four decimal places. Round your answer to one decimal place.
Exercise 6. Regression Fallacy. Historically, scores on the two midterms had a correlation of 0.48. Suppose that Jeri scored 2.1 standard deviations below the mean on the first midterm. (a) How many standard deviations [above or below?] the mean would you predict for her second midterm?
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Give a brief example of both a theoretical distribution of data.
Q10 The heights of the adults in one town have a mean of 67.4 inches and a standard deviation of 3.4 inches. What can you conclude from Chebyshev's theorem about the percentage of adults in the town whose heights are between 57.2 and 77.6 inches? A. The percentage is at most 99.7% B. The percentage is at least 88.9% C. The percentage is at most 88.9% D. The percentage is at least 99.7%
Risk taking is an important part of investing. In order to make suitable investment decisions on behalf of their customers, portfolio managers give a questionnaire to new customers to measure their desire to take financial risks. The scores on the questionnaire are approximately normally distributed with a mean of 49 and a standard deviation of 16 . The customers with scores in the bottom 15% are described as "risk averse." What is the questionnaire score that separates customers who are considered risk averse from those who are not? Carry your intermediate computations to at least four decimal places. Round your answer to one decimal place.
The items have a standard cost of $81/unit. The monthly demand for items is normally distributed with a mean of 220 and a standard deviation of 40. The annual holding rate is 23% and the ordering cost is $200/order. it takes 3 weeks to receive the ordered items from the supplier. (4 weeks in a month, 12 months in a year, 48 weeks per year) You have been ordering a quantity of 237 units every time the inventory level fall under 195 units. What is the average cycle stock considering your policy?
The lengths of pregnancies in a small rural village are normally distributed with a mean of 267 days and a standard deviation of 15 days.In what range would you expect to find the middle 95% of most pregnancies?Between and .If you were to draw samples of size 55 from this population, in what range would you expect to find the middle 95% of most averages for the lengths of pregnancies in the sample?Between and .

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