For a Particular Diamond Mine, 75% of the Diamonds Fail

question 59

Multiple Choice

For a particular diamond mine, 75% of the diamonds fail to qualify as "gemstone grade". A random sample of 110 diamonds is analysed. Find the probability that less than 81% of the sample diamonds fail to qualify as gemstone grade

• A)0.0735
• B)0.9265
• C)0.0548
• D)0.9452

Understand how technology like machine learning and natural language processing enhances tools and applications.

Differentiate between e-business and e-commerce concepts.

Classify businesses based on their transaction types (B2B, B2C, etc.).

Identify jobs in e-commerce that can be performed remotely and those that require physical presence.

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Definitions:

Significance Level

A threshold used in hypothesis testing that determines the probability of rejecting a null hypothesis when it is actually true.

Type I Error

The incorrect rejection of a true null hypothesis, also known as a "false positive."

Type II Error

The error that occurs when a statistical test fails to reject a false null hypothesis, also known as a "false negative."

Confidence Interval

A range of values, derived from sample statistics, that is believed to cover the true population parameter with a specified level of confidence.