A government agency is putting a large project out for low bid. Bids are expected from ten contractors and will have a normal distribution with a mean of $3.4 million and a standard deviation of $0.25 million.Devise and implement a sampling experiment for estimating the distribution of the minimum bid and the expected value of the minimum bid.Place "Mean" and "Std Dev" in column A in rows 1 and 2, respectively, and place their corresponding values in column B. Place the column headers "Bid 1", "Bid 2", and so on out to "Bid 10" in cells C1, D1, andso on out to L1, respectively. To generate random numbers for the first bid, in the cells in the "Bid 1" column, enter the formula =NORM.INV(generate random numbers for the remaining bids, enter‚$$,$$) in the cells in column C below C1. Tothe winning bid for the bids in row 2, enter the column header "Winner" in cell M1, and enter the formula =MIN() in cell M2. Winners for other rows can be calculated usingin the cells in columns D through L below row 1. To determine

To calculate the mean of a dataset in Excel, we can use the =AVERAGE(Range) function where Range is…

Answered: A government agency is putting a large…

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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Calculate the observed z value using a sample mean of 25, a population average of 20, and a standard error of the mean of 8.
A marketing researcher wants to estimate the mean amount spent per year ($) on a web site by membership member shoppers. Suppose a random sample of 100 membership member shoppers who recently made a purchase on the web site yielded a mean amount spent of $55 and a standard deviation of $52. Complete parts (a) and (b) below. a. Is there evidence that the population mean amount spent per year on the web site by membership member shoppers is different from $51? (Use a 0.01 level of significance.) State the null and alternative hypotheses. Ho: H (Type integers or decimals. Do not round. Do not include the $ symbol in your answer.) Identify the critical value(s). The critical value(s) is/are (Type an integer or a decimal. Round to two decimal places as needed. Use a comma to separate answers as needed.) Determine the test statistic. The test statistic, 1STAT, is (Type an integer or a decimal. Round to two decimal places as needed.) State the conclusion. Ho. There is evidence that the…
Fran is training for her first marathon, and she wants to know if there is a significant difference between the mean number of miles run each week by group runners and individual runners who are training for marathons. She interviews 42 randomly selected people who train in groups and finds that they run a mean of 47.1 miles per week. Assume that the population standard deviation for group runners is known to be 4.4 miles per week. She also interviews a random sample of 47 people who train on their own and finds that they run a mean of 48.5 miles per week. Assume that the population standard deviation for people who run by themselves is 1.8 miles per week. Test the claim at the 0.01 level of significance. Let group runners training for marathons be Population 1 and let individual runners training for marathons be Population 2. Step 2 of 3 : Compute the value of the test statistic. Round your answer to two decimal places.
An analyst found that the average amount of money in bank accounts at his/her bank is $2,000 with a standard deviation of $150. What would be the variance?
A marketing researcher wants to estimate the mean amount spent per year ($) on a web site by membership member shoppers. Suppose a random sample of 100 membership member shoppers who recently made a purchase on the web site yielded a mean amount spent of $58and a standard deviation of $55.Complete parts (a) and (b) below. a. Is there evidence that the population mean amount spent per year on the web site by membership member shoppers is different from $51? (Use a 0.01 level of significance.) State the null and alternative hypotheses.
Barron's has collected data on the top 1,000 financial advisers. Company A and Company B have many of their advisers on this list. A sample of 16 of the Company A advisers and 10 of the Company B advisers showed that the advisers managed many very large accounts with a large variance in the total amount of funds managed. The standard deviation of the amount managed by the Company A advisers was s1 = $583 million. The standard deviation of the amount managed by the Company B advisers was s2 = $488 million. Conduct a hypothesis test at ? = 0.10 to determine if there is a significant difference in the population variances for the amounts managed by the two companies. What is your conclusion about the variability in the amount of funds managed by advisers from the two firms? State the null and alternative hypotheses. H0: ?12 ≠ ?22 Ha: ?12 = ?22 H0: ?12 ≤ ?22 Ha: ?12 > ?22 H0: ?12 = ?22 Ha: ?12 ≠ ?22 H0: ?12 > ?22 Ha: ?12 ≤ ?22 Find the value of the test statistic.…
light examined data on employment and answered questions regarding why workers separate from their employes. According to the article, the standard deviation of the length of time that women with one job are employed during the first 8 years of their career is 92 weeks. Length of time employed during the first 8 years of career is a left skewed variable. For that variable, do the following tasks. A. determine the sampling distribution of the sample mean for simple random samples of 50 women with one job. Explain your reasoning B. Obtain the probability that the sampling error made in estimating the mean length of time employed by all women with one job by that of a random sample of 50 such women will be at most 20 weeks
A population has a mean μ=139 and a standard deviation σ=24. Find the mean and standard deviation of the sampling distribution of sample means with sample size n=48.
Rhys is a quality control manager at a facility that manufactures snack foods. He is interested in the number of whole mini- pretzels that are in the 10 oz bags in the latest lot produced. Rhys selects 24 bags of mini-pretzels at random from the latest lot and counts the number of pretzels in each bag His sample has a mean of 158 pretzels with a standard deviation of 1.6 pretzels. What is the margin of error with 95% confidence (2 = 2.07)? O 0.02 O 66.76 O 0.68 O 6.34

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