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Suppose we sample from a Poisson distribution with unknown parameter λ. Using a Gamma(α, β)-distribution as the prior for λ, determine the general form of the posterior distribution.
Statistics and Probability, Statistics
An electronics store receives a shipment of 37 graphing calculators, including 5 that are defective. Eight calculators are chosen at random to be sent to a local high school. How many selections contain 3 defective?
The company's cleaning service states that they spend more than 46 minutes each time the cleaning service is there. The company times the length of 37 randomly selected cleaning visits and finds the average is 47.6 minut ...
In a specific sample size of 100, what is the range within the groups average iron level would be considered ususal? Using the Central Limit Theorem and the Empirical Rule
"A Financial Planning Licensee striving for excellence in their fiduciary duty has decided to set a maximum limit of gearing for all client financial plans they construct." Comment on the merit of taking such an approach ...
According to the national health interview survey, 4.7% of U.S adults 50 and older have had a total knee replacement. A random sample of 20 adults 50 and older has been selected. Use the Poisson distribution to approxima ...
The following frequency table summarizes the distances in miles of 100 patients from a regional hospital. Distance Frequency 0-2 30 2-4 35 4-6 20 6-8 ...
The times that customers spend in a book store are normally distributed with a mean of 39.5 minutes and a standard deviation of 15.9 minutes. A random sample of 25 customers has a mean of 36.1 minutes or less. Would this ...
Let X be a continuous random variable. Suppose that we know that Pr(X 5), and how do you know? (Hint: X is not necessarily normally distributed, but you can still consider how much area is under the curve, no matter the ...
In random sampling, why is cluster sampling an example of probability sampling?
A fair die is rolled 36 times. What is the standard deviation of the even number (2, 4, or 6) outcomes?
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Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate
Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p
Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As
Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int
Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As