Probability and Statistics for Business and Economics

2 / 2 pts

Q2.  Open the data file PatientTreatment, which includes the waiting times for patients who visit the Emergency Room (ER) at a inner city hospital.  What is the median waiting time, in whole numbers, for the patients at the ER? 

(correct)

0 / 2 pts

Q4.  Open the data file FurnitureDelivery, which includes the delivery times for furniture from a store to a local metropolitan area.  The column on the left represents the number of deliveries and the column on the right indicates the time in minutes, for each delivery.  What is the weighted mean delivery time, to one decimal place?

(incorrect)

0 / 2 pts

Q5.  Movie viewers are asked to rate movies on a scale of 1 to 5 with a score of 1 representing "disappointing" and  score of 5 representing "outstanding".   Over the course of a week, the following scores were assigned to a feature movie by the number of viewers in parentheses: 5 (17); 4 (37); 3 (45); 2 (19); 1(25).  What is the weighted mean rating, to one decimal place,  for the  feature movie?

(incorrect)

0 / 2 pts

Q6.  Open the Exam#1 Data File and click on the GrwthFac worksheet.  The two columns represent the years and the yearly return for a mutual fund.  What is the growth factor for year 4, to two decimal places? 

(incorrect)

0 / 2 pts

Q7.  Open the Exam#1 Data File and click on the GrwthFac worksheet.  The two columns represent the years and the yearly return for a mutual fund.  What is the mean growth factor of the mutual fund, over the 15 year period, to two decimal places?

(incorrect)

0 / 2 pts

Q8.  Open the Exam#1 Data File and click on the GrwthFac worksheet.  The two columns represent the years and the yearly return for a mutual fund.  If someone had invested $2000 into the mutual fund at the beginning of year 1, how much would the investment be worth at the end of year 15, to the nearest dollar?  

(incorrect)

2 / 2 pts

Q10.  A company is currently valued at $40 million. Eight years ago, the company was valued $12 million.  What was the mean annual growth factor of the value of the company, over the past eight years, to two decimal places?

(correct)

0 / 2 pts

Q12.  Open the Exam #1 Data File and click on the MonthRent worksheet.  The values in the Monthly Rent Column represents the monthly rent for two bedroom apartments at twenty apartment complexes.  What is the value of the 70th percentile for the monthly rent at the apartment complexes, to the nearest whole number?

(incorrect)

0 / 2 pts

Q14.  Open the Exam #1 Data File and click on the MonthRent worksheet.  The values in the Monthly Rent Column represents the monthly rent for two bedroom apartments at twenty apartment complexes.   A renter who pays $1300  per month in rent would represent what percentile of those paying rent, to the nearest whole number?  Hint: sort the data, determine the position of 1300 in the data set, and use the formula on page 114 of the text. 

0 / 2 pts

Q19.  Open the Exam #1 Data File and click on the MonthRent worksheet.  The values in the Monthly Rent Column represents the monthly rent for two bedroom apartments at twenty apartment complexes.   If a renter pays $1539 per month in rent, how many quartiles would be paying a lower rent than the renter who pays $1539?

0 / 2 pts

Q20.  Open the Exam #1 Data File and click on the MonthRent worksheet.  The values in the Monthly Rent Column represents the monthly rent for two bedroom apartments at twenty apartment complexes.  What is the inter-quartile range (IQR) of the monthly rent, to the nearest whole number?  

0 / 2 pts

Q21.  Two samples of English SAT scores are drawn from two different populations of students across the United States.  The first sample (S1) included 300 students with an average score of 550 and a standard deviation of 15.  The second sample (S2) included 450 students with an average score of 600 and a standard deviation of 18.  Which of the following is true about the samples? Hint: Coefficient of variation.

The data points in S1 fit more closer to the mean

The smaller sample size of S1 means the data points will tend to fit more closer to the mean (this is incorrect)

The data points in S2 fit more closer to the mean

Both data points are very widely separated from their means

0 / 2 pts

Q22.  Two samples of English SAT scores are drawn from two different populations of students across the United States.  The first sample (S1) included 300 students with an average score of 550 and a standard deviation of 15.  The second sample (S2) included 450 students with an average score of 600 and a standard deviation of 18.  Which of the following is true about the samples? 

The sample variance of S1 is greater than the sample variance of S2

The sum of the deviations about the mean for S1 are greater than the sum of the deviations about the mean for S2 (incorrect)

The sum of the deviations about the mean for S1 is the same as the sum of the deviations about the mean for S2

The sum of the deviations about the mean for S2 are greater than the sum of the deviations about the mean for S1

2 / 2 pts

Q23.  Two restaurants, Roberto's and Angostino, deliver food in Hampton in Hampton.  The average delivery time for Roberto's is 20 minutes with a standard deviation of 5 minutes.  The average delivery time for Angostino is 22 minutes with a standard deviation of 2 minutes.  Over the course of a year, which of the restaurants would be the better restaurant in terms of consistency of delivery?  

Unable to determine because both restaurants have very high levels of variability

Roberto because many of Roberto's deliveries could arrive in 15 minutes

Roberto's because the average delivery time is lower than Angostino's delivery time

Angostino because it has less variability in delivery time (Correct)

0 / 2 pts

Q24.  Open the Exam #1 Data File and click on the MonthRent worksheet.  The values in the Monthly Rent Column represents the monthly rent for two bedroom apartments at twenty apartment complexes.  What is the coefficient of variation for the monthly rent values at the apartment complexes, to two decimal places? Note: Answer with the fractional value, such as 0.34 for example, not the percentage value.

0 / 2 pts

Q25.  Open the Exam #1 Data File and click on the MonthRent worksheet.  The values in the Monthly Rent Column represents the monthly rent for two bedroom apartments at twenty apartment complexes.  What is the z-score for an individual paying $1470 for monthly rent, to two decimal places? 

0 / 2 pts

Q27.  During a health screening of 200 men at a clinic, the clinic staff found that the average resting heart rate of the men was 80 beats per minute with a standard deviation of 8 beats per minute.  Due to the fact that the majority of men tested were older men, the distribution of the resting heart rates did not follow a normal (bell shaped) distribution pattern.  At least how many of the men will have a  resting heart rate between 70 and 90 beats per minute? 

0 / 2 pts

Q30.  During a health screening of 200 men at a clinic, the clinic staff found that the average resting heart rate of the men was 80 beats per minute with a standard deviation of 8 beats per minute.  Due to the fact that the different age ranges of men were equally represented, the distribution of the resting heart rates followed a normal (bell shaped) distribution pattern.  Approximately how many of the men will have a  resting heart rate between 64 and 96 beats per minute? 

0 / 2 pts

Q31.  Open the Exam #1 Data File and click on the MonthRent worksheet.  The values in the Monthly Rent Column represents the monthly rent for two bedroom apartments at twenty apartment complexes.  Using the IQR method, what is the value of the lower limit to detect outliers, to the nearest whole number?

0 / 2 pts

Q33.  Open the Exam #1 Data File and click on the TeamValue worksheet.  The values in the Revenue column represents the annual revenue of each sports franchise while the Current Value column indicates the current value of each franchise.  What is the sample covariance, to the nearest whole number?  

0 / 2 pts

Q34.  Which of the following statements is true about covariance?

A positive covariance means there's a linear relationship between the variables

A negative covariance value means there is no linear relationship between the variables

A low covariance value means a low association between the variables

A higher covariance value means a greater association between the variables (incorrect)

2 / 2 pts

Q35.  The relationship between consumer confidence and consumer spending is compared to the relationship between consumer income and consumer saving.  The sample covariance of consumer confidence and consumer spending was much higher than the sample covariance of consumer income and consumer saving.   The much higher covariance is always an indicator that consumer confidence and consumer spending are more related than consumer income and consumer saving. 

True

False (correct)

0 / 2 pts

Q36.  Open the Exam #1 Data File and click on the TeamValue worksheet.  The values in the Revenue column represents the annual revenue of each sports franchise while the Current Value column indicates the current value of each franchise.  What is the sample correlation, to two decimal places?  

0 / 2 pts

Q37.  Open the Exam #1 Data File and click on the TeamValue worksheet.  The values in the Revenue column represents the annual revenue of each sports franchise while the Current Value column indicates the current value of each franchise.  Which of the following statements is most accurate about the data?

The current value of a team determines the revenue of a team

The revenue of a team is a moderately high driver of the current value of a team (incorrect)

the revenue of a team determines the current value of a team

There is a moderately high relationship between the revenue of a team and the current value of a team

10.5

99.81

100.01

200,036

1.16

1,510

133.14

129

21.3