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##### Business statistics problems

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solution

**Question**

Question;1. Assume you have data set from a normally distributed random variable. Answer the following questions:a. Will the random variable be discrete, continuous, or neither? How do you know?b. Will the data be qualitative or quantitative? How do you know?2. A university has been tracking the percentage of alumni giving to its annual fund each year for the past 10 years. The data is given below:14% 13% 15% 21% 19% 24% 25% 28% 25% 31%Answer the following questions:a. What are its mean and media?b. What is the procedure for using mean and median to determine whether the data isskewed, and if so, in what direction?c. Apply the procedure you described to the mean and median computed in part a.3. Under which of the following conditions would be appropriate to use a Binomial randomvariable? In each case, explain why your answer is correct.a. A department will interview 10 candidates for a position, and call back for secondinterviews those who answer the interview questions to the satisfaction of all theinterviewers. They hope to call back at least 3, but past experience suggests anaverage of about 1 call back per 4 interviews.b. A factory posts on the wall the number of days since its last safety infraction orinjury. In the past year the factory has had a safety infraction or injury on 6 differentdays. The factory is interested in the number of days that can be expected to elapsewithout an injury.4. The mean time for a race car driver's crew to perform a pit stop is 13.2 seconds, witha standard deviation of 0.9 seconds. To maintain his current lead, the driver needs apit stop in 12.5 seconds or less. Assuming this random variable is normally distributed,what is the probability of the driver getting the pit stop in a short enough time to maintainhis lead?5. a random sample for the population of registered voters in California is to be taken andthen surveyed about an upcoming election. What sample size should be used to guaranteea sampling error of 3% or less when estimating p at the 95% confidence level?6. An elementary school teacher learned that 40% of school children have at least threecavities. The teacher has 30 students in his class. How many students would he expectin his class to have at least three cavities? What is the standard deviation? Using theappropriate approximation, determine P(x>20), that is, the probability that more that20 students in his class will have 3 cavities.

Paper#62365 | Written in 18-Jul-2015

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