Question: After running a simulation with 5000 trials, you observe a 95% certainty interval for your outcome that is between $1500 and $2500. The appropriate way
After running a simulation with 5000 trials, you observe a 95% certainty interval for your outcome that is between $1500 and $2500. The appropriate way to report this is:
- You are 95% confident that the true proportion of the population falling between $1500 and $2500 is contained within your upper and lower limits.
- 95% of the simulated outcome values in your simulation fell between $1500 and $2500
- You are 95% confident that the true population mean falls between $1500 and $2500
- 95% of all sample means of size n=5000 from the true population will fall between $1500 and $2500
- None of these
2. A variable can take on any value between 0 and 1, all with equal probability of occurrence. This variable follows the ____ distribution.
- discrete uniform
- uniform
- binomial
- yes/no
- None of these
3. As clinic manager, you want to estimate the total monthly revenue your clinic can earn by taking on new patients each month. From your research, you know that your clinic is equally likely to see anywhere from 50 to 100 new patients each month. The office visit revenue per new patient per month ranges from $50 to $125 and is most likely $80. The average procedure revenue per new patient per month is $250 with a standard deviation of $25.
Which probability distribution should be assigned to new patients per month?
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