Problem 1. How may a company use probability to determine whether or not it is feasible to use primary data in a research study? Explain your answer.
Problem 2. Should a company make a decision based solely on probability instead of doing a research study? Justify your answer.
Problem 3. Does the number of students in this class affect your chances of receiving an A? Why or why not?
Problem 4. Why do we want to assume that our sample data represent a population distribution?
Problem 5. What do confidence intervals represent?
Problem 6. What are the differences between z-statistics and t-statistics?
Problem 7. In regards to the stock market returns, what is the significance of the Law of Large Numbers?