QUESTION1 Using the binomial PMF, when p=.6 and n=8 what is P(X=7)? (Answer to the third decimal place).
QUESTION2 The probability of a getting a new sales contract with any given client is .44. A sales representative works with 8 clients this week. What is the probability he will get exactly 3 contracts this week? (Answer to the third decimal place.)
QUESTION3 The vice president of the fraud department has 21 employees that report to her. During a holiday period she must make work assignments to ensure that someone is on call each day. There are five days that she must cover and she will assign no one to more than one day. How many different combinations of workers assigned for the holiday week are possible?
QUESTION4 Using the Poisson PMF, when the mean is 6, what is P(X=9)? (Answer to the third decimal place).
QUESTION5 Suppose you have a product which you sell in two markets of comparable size and you want to test the hypothesis that the demand for the product is the same in the two markets. In practice you test that the quantity demanded is the same and find that for sample of 17 different time periods with different prices the average quantity demanded in the first market is 1765 and in the second market it is 1688. The standard deviation of the differences is 60.5. True or False: we reject the null hypothesis of equal means for quantity demanded at the .05 level of significance.True False
QUESTION6 Consider the ANOVA table here. How many observations were there in this data set?
QUESTION7 Consider the ANOVA table here. What is MSTR? Answer to two decimal places.
QUESTION8 When the confidence coefficient is .6, alpha is
QUESTION9 When the confidence coefficient is .75, alpha is
QUESTION10 A 2009 sample of New York hotel room prices had an average of $273. Assume this was from a sample of 48 hotels with a sample standard deviation of $72. Construct a 99% confidence interval and report the lower bound for the interval. (Answer to one decimal place and do not include a $ sign).
QUESTION11 For a sample of 54 discount brokers the average price of a $5,000 trade was $33.77. Past surveys of this kind show a standard deviation of $15 so we assume that is the known population standard deviation. Construct a 90% confidence interval and enter the lower bound for the interval. (Answer to one decimal place and do not include a $ sign).
QUESTION12 You are going to test a hypothesis concerning the difference between two population means. One of the steps to do this is to find the standard error. Suppose you have two samples with 50 observations each and standard deviations of 73.1 and 66.6. What is the standard error? Answer to two decimal places.
QUESTION13 You are going to test a hypothesis concerning the difference between two population means. One of the steps to do this is to find the standard error. Suppose you have two samples with 40 observations each and standard deviations of 74.3 and 106.5. What is the standard error? Answer to two decimal places.
QUESTION14 Suppose there are 3 numerator degrees of freedom and 15 denominator degrees of freedom. What is the critical F value for a .05 level of significance test? Answer to two decimal places.
QUESTION15 Suppose there are 4 treatments and each one has 6 observations. You are using the data to conduct ANOVA. What is the critical F value for a .05 level of significance test? Answer to two decimal places.
QUESTION16 The distribution of a random variable X and the distribution of the sample average of X are the same.
True
False
QUESTION17 A joint probability table contains both joint and marginal probabilities and can be used to calculate conditional probabilities.
True
False
QUESTION18 Below is a table constructed using a subset of data from an ECN221 class. What is the probability that an observation in this data set is from an accountancy major? Answer to 3 decimal places.
QUESTION19 Below is a table constructed using a subset of data from an ECN221 class. What is the probability that an observation in this data set is from an "Other: business" major? Answer to 3 decimal places.