Questions from Business Statistics

Q: You have estimated the inventory value of your competition as $384

You have estimated the inventory value of your competition as $384,000 but later learn that the true inventory value was $416,000. Find the estimation error.

Q: Deposits have a mean of $125 and a standard deviation of

Deposits have a mean of $125 and a standard deviation of $36. Find the standard deviation of the average amount of 12 randomly selected deposits.

Q: You have interviewed 369 people out of a population of 30,

You have interviewed 369 people out of a population of 30,916 and found that 51.8% expect to vote for the challenger in the upcoming election. Find the standard error of this estimate.

Q: You have a factory with 40 production machines that are essentially identical

You have a factory with 40 production machines that are essentially identical, each producing at a mean daily rate of 90 products with a standard deviation of 35. You may assume that they produce inde...

Q: Which of the following samples is likely to be the most representative

Which of the following samples is likely to be the most representative of the population of all registered voters in the United States? a. A sample of 200 people at a Denver shopping mall. b. A sample...

Q: Breakfast cereal is packed into packages labeled “net weight 20 ounces

Breakfast cereal is packed into packages labeled “net weight 20 ounces, packed by weight not by volume; some settling may occur during shipment.” However, weights of individual packages are not really...

Q: A farmer has five identical cornfields, each of which independently produces

A farmer has five identical cornfields, each of which independently produces a normally distributed harvest with a mean of 80,000 bushels and a standard deviation of 15,000 bushels. Find the probabili...

Q: The population mean is$65 and the population standard deviation is

The population mean is$65 and the population standard deviation is $30. Find the probability that the average of 35 randomly selected transactions is between $55 and $60. You may assume that the popul...

Q: You have analyzed a project using four scenarios, with the results

You have analyzed a project using four scenarios, with the results shown in Table 8.6.1. Suppose you actually have 40 projects just like this one and they pay off independently of one another. Find th...

Q: For the genders: a. Summarize by finding the percent

For the genders: a. Summarize by finding the percent of each category. b. Find the mode. What does this tell you?