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The American Auto Association reports that the mean price per gallon of regular
gasoline is $3.10, with a population standard deviation of $0.20. Assume a random
sample of 16 gasoline stations is selected and their mean cost for regular gasoline is
computed. What is the likelihood the sample mean is greater than $3.08?
The _________ method for computing a weighted price index uses current year
weights.
A test statistic is computed using ________________ information.
When a time series is non-linear, suggest a method for transforming the data so that the
least squares method can be applied.
If we divide one dollar by the CPI and multiply this result by 100, the result is called
the _________________________.
A major credit card company has determined that customers charge between $100 and
$1,100 per month. If the monthly amount charged is uniformly distributed, the average
charge would be ______.
The average return for a particular act or decision alternative is called the
_____________________.
A major distributor buys shoes from a supplier. The distributor randomly samples the
shoes to inspect for quality. The distributor's specifications state that a delivery of 100
pairs of shoes will be accepted only if the number of defective pairs of shoes in a
sample of 10 pairs is two or less. Based on the sampling plan, what is the probability of
accepting the delivery of 100 pairs of shoes if the actual percent defective is 0.10?
Suppose your annual 2001 salary was $40,000 and your 2006 salary was $52,000.
Assume the annual CPI rose from 177.1 to 202.9 during this period of time. In which
year was your "real" income larger?
