Problem 1: A consumer advocate claims that 80 percent of cable television subscribers are not satisfied with their cable service. In an attempt to justify this claim, a randomly selected sample of 50 cable subscribers is selected. Assuming independence, find:
1) The probability that 30 or fewer subscribers in the sample are not satisfied with their service.
2) The probability the more than 40 subscribers in the sample are not satisfied with their service.
3) The probability that between 40 and 45 (inclusive) subscribers in the sample are not satisfied with their service.
4) The probability that exactly 25 subscribers in the sample are satisfied with their service.
5) Suppose that when we survey 50 randomly selected cable television subscribers, we find that 30 are not satisfied with their service. Using a probability you found in this problem as the basis for you answer, do you believe the consumer advocate’s claim? Explain in one or two sentences.
Problem 2: A consensus forecast is the average of a large number of individual analysts’ forecasts. Suppose the individual forecasts for a particular interest rate are normally distributed with a mean of 5.0 percent and standard deviation of 1.2 percent. A single analyst is randomly selected.
a. Find the probability that his/her forecast is:
1) At least 3.5 percent.
2) At most 6 percent.
3) Between 3.5 and 6 percent.
b. What percentage of individual forecasts are at or below the 10th percentile of the distribution of forecasts? What percentage are at or above the 10th percentile? Find the 10th percentile of the distribution of individual forecasts.
c. Find the first quartile, Q1 and the third quartile, Q3, of the distribution of individual forecasts.
Problem 3: Each day a manufacturing plant receives a large shipment of drums of Chemical ZX-900. These drums are supposed to have a mean fill of 50 gallons, while the fills have a standard deviation known to be 0.6 gallons.
a. Suppose that mean fill for the shipment is actually 50 gallons. If we draw a random sample of 100 drums from the shipment, what is the probability that the average fill for the 100 drums is between 49.88 gallons and 50.12 gallons?
b. The plant manager is worried that the drums of Chemical ZX-900 are undefiled. Because of this, she decides to draw a sample of 100 drums from each daily shipment and will reject the shipment (send it back to the supplier) if the average fill for the 100 drums is less than 49.85 gallons. Suppose that a shipment that actually has a mean fill of 50 gallons is received. What is the probability that this shipment will be rejected and sent back to the supplier? What percent of the time will this happen?
Our customer is the center of what we do and thus we offer 100% original essays..
By ordering our essays, you are guaranteed the best quality through our qualified experts.All your information and everything that you do on our website is kept completely confidential.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
The paper ordered is very original. Orders are checked by the most advanced anti-plagiarism software in the industry which ensures that the the essay written is 100% original. In that regard,we have a zero tolerance policy for plagiarism.Read more
Our Company thrives on excellence and thus we help ensure the Customer’s total satisfaction with the completed Order.To do so, we provide a Free Revision policy as a courtesy service. To receive free revision the Company requires that the Customer provides the request within Fifteen (15) days from the first completion date and within a period of thirty (30) days for dissertations and research papers.Read more
The Company is committed to protect the privacy of the Customer and it will never resell or share any of Customer’s personal information, including credit card data, with any third party. All the online transactions are processed through the secure and reliable online payment systems.Read more
By placing an order with us, you agree to the service we provide. We will endeavor to do all that it takes to deliver a comprehensive paper as per your requirements. We also count on your cooperation to ensure that we deliver on this mandate.Read more