Ultimate Gaming is curious how likely they are to reach their annual profit target. Experience suggest that annual revenue follows a typical bell-shaped distribution, with a mean of $12 million and a standard deviation of $2 million. Ultimate Gaming has set a profit goal of $14
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Ultimate Gaming is curious how likely they are to reach their annual profit target. Experience suggest that annual revenue follows a typical bell-shaped distribution, with a
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- The amount people pay for electric service varies quite a bit, but the mean monthly fee is $168 and the standard deviation is $34. The distribution is not Normal. Many people pay about $90 in rural areas of the country and about $150 in urban areas of the country, but some pay much more. A sample survey is designed to ask a simple random sample of 1,200 people how much they pay for electric services. Let X be the mean amount paid. Part A: What are the mean and standard deviation of the sample distribution of x? Show your work and justify your reasoning. Part B: What is the shape of the sampling distribution of X? Justify your answer. Part C: What is the probability that the average electric service paid by the sample of electric service customers will exceed $170? Show your work.A statistical program is recommended. A company that sells musical instruments has been in business for five years. During that time, sales of pianos increased from 12 units in the first year to 77 units in the most recent year. The firm's owner wants to develop a forecast of piano sales for the coming year. The quarterly sales data follow. Year Quarter 1 Quarter 2 Quarter 3 Quarter 4 1 2 3 4 5 4 6 10 13 19 2 4 3 9 10 1 4 5 7 13 5 14 16 22 35 Total Yearly Sales 12 28 34 51 77 = 1 if quarter 1, 0 otherwise; X₂ = (a) Use the following dummy variables to develop an estimated regression equation to account for any seasonal and linear trend effects in the data: X₁ quarter 2, 0 otherwise; and x3 = 1 if quarter 3, 0 otherwise. (Let t = 1 denote the time series value in quarter 1 of year 1; t = 2 denote the time series value in quarter 2 of year 1; t = 20 denote the time series value in quarter 4 of year 5. Round your numerical values to two decimal places.) (b) Compute the quarterly forecasts…Part 3 a. Find the mean for percent of low-income working families and percent of 18–64-year-old with no HS diploma. Compare these two means. What do you observe? b. Find the standard deviation for each of these two groups. Which group has the larger variation? c. Construct the boxplots for each group. Attach a copy of the boxplot to the project Is there any outlier for each group? Find the value of Q1 for each group. Which group has the lower value of Q1? Data: percent of income working families | percent of 18-64 years old with no Hs diploma Alabama 37.3 15.3Alaska 25.9 8.6Arizona 38.9 14.8Arkansas 41.8 14California 34.3 17.6Colorado 127.6 10.1Connecticut 21.1 9.5Delaware 27.8 11.9District of Columbia 23.2 10.8Florida 37.3 13.1Georgia 36.6 14.9Hawaii 25.8 7.2Idaho 38.6 10.7Illinois 30.4 11.5Indiana 31.9 12.2Iowa 28.8 8.1Kansas 32 9.7Kentucky 34.1 13.6Louisiana 36.3 16.1Maine 30.4 7.1Maryland 19.5 9.7Massachusetts 20.1 9.1Michigan 31.6…
- Varatta Enterprises sells industrial plumbing valves. The following table lists the annual sales amounts for a portion of the salespeople in the organization for the most recent fiscal year. a. Compute the mean (in $1000), variance (in $10002), and standard deviation (in $1000) for these annual sales values. Round your answers to the nearest whole number. b. In the previous fiscal year, the average annual sales amount was 290 thousand with a standard deviation of 95 thousand. Discuss any differences you observe between the annual sales amount in the most recent and previous fiscal years. Which of the following is correct? (i) The difference in the mean annual sales amount is very small and is most likely due to random change in demand for these products. (ii) The sample mean annual sales amount and standard deviation for the previous fiscal year were significantly higher. (iii) The sample mean annual sales amount and standard deviation for the previous fiscal year were significantly…The monthly income of residents of Daisy City is normally distributed with a mean of $3000 and a standard deviation of $500. The mayor of Daisy City makes $2,250 a month. What percentage of Daisy City's residents has incomes that are more than the mayors? (Round up to 4 places of decimals )92.30% 6.68 % 93.32% None of the above.You hypothesize that people in stats classes are happier than people in all other classes. You compare happiness scores in three of your classes: Statistics, Developmental Psychology, and Social Psychology. In Statistics there are 15 students and the mean happiness rating is 23.1 with a standard deviation of 9.78. In Developmental Psychology there are 15 students and the mean happiness rating is 24.4 with a standard deviation of 2.92. In Social Psychology there are 15 students with a mean rating of 17.7 and standard deviation of 8.46. The sum of squares between groups is equal to 384. The sum of squares within groups is equal to 2461. Use the One-Way ANOVA calculation table to help calculate. What is the degrees of freedom between samples?
- Insurance companies make bets. They bet that you’re going to live a long life. An insurance company offers a “death and disability” policy that pays average of $10,000 when you die with a standard deviation of $1,000 or pays average $5000 if you are permanently disabled with standard deviation of $1,000. Assuming the distribution of the policy payout is normal. What percentage of pay will lie between payout of $7,000 and $9,000 when you die? What percentage of the payout will lie below $7,500 if you are permanently disabled? What percentage of the policy will lie above $8,100 when you die?Professors at a local university earn an average salary of $80,000 with a standard deviation of $6,000. The salary distribution is approximately bell-shaped. What can be said about the percentage of salaries that are less than $68,000 or more than $92,000? Multiple Choice It is about 5%. It is about 68%. It is about 95%. It is about 32%.You hypothesize that people in stats classes are happier than people in all other classes. You compare happiness scores in three of your classes: Statistics, Developmental Psychology, and Social Psychology. In Statistics there are 15 students and the mean happiness rating is 23.1 with a standard deviation of 9.78. In Developmental Psychology there are 15 students and the mean happiness rating is 24.4 with a standard deviation of 2.92. In Social Psychology there are 15 students with a mean rating of 17.7 and standard deviation of 8.46. The sum of squares between groups is equal to 384. The sum of squares within groups is equal to 2461. Use the One-Way ANOVA calculation table to help calculate. What is the degrees of freedom within samples?
- U.S. Civilian Labor Force (thousands) Year Labor Force Year Labor Force 2007 153,918 2012 155,628 2008 154,655 2013 155,151 2009 153,111 2014 156,238 2010 153,650 2015 157,957 2011 153,995 2016 159,640 1. Fit three trend models: linear, exponential, and quadratic. Which model would offer the most believable forecasts? 2. Make forecasts using the following fitted trend models for years 2017-2019. t Exponential 11 12 13The problem below looks at forecasting methodologies to determine which forecasting model results in the most accurate forecasts. Accuracy is determined by the lowest mean absolute deviation. Emergency calls to the 911 system of York County for the past 24 weeks are shown below. Accurate forecasts are needed to determine the number of operators needed to staff the station. Week # of Calls 1 50 2 35 3 25 4 40 5 45 6 35 7 20 8 30 9 35 10 20 11 15 12 40 13 55 14 35 15 25 16 55 17 55 18 40 19 35 20 60 21 75 22 50 23 40 24 65 SIMPLE LINEAR REGRESSION Use all of the data, weeks 1 - 24, to calculate the regression equation for this data. Use the weeks (1-24) as the independent variable (x) and number of calls as the dependent variable (y). Once you have the equation, forecast weeks 4 through 24 (enter 4, 5, 6, etc. as the x…Solve the attached problem
