Probability and Statistics for Business and Economics

0 / 1 pts

Q2.  The HRM department has reviewed the resumes of three technicians who applied for jobs at an engineering firm.  Depending on the qualifications and experience of the technicians, the HRM department decides who will be hired.  If the experimental outcomes are determined by the hiring decisions, how many experimental outcomes are possible if the HRM department will not hire any more than two technicians?   

0 / 0.5 pts

Q4.  In an effort to control the spread of the malaria virus, the World Health Organization (WHO) monitors the number of new cases each month in twelve countries in Africa, to initiate containment efforts if the number of new cases exceed 20 each month in any of the twelve countries.  If a random variable is used to track the number of countries in which the number of new cases have exceeded 20 each month, how many values are possible for the random variable? 

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Q5.  To implement effective contact tracing after someone has been infected with the corona virus, the CDC monitors the time it takes to receive the test result after a person has been tested for the corona virus.  If a random variable is used to track the time to receive the test result after testing, the random variable can be described as which of the following?

Discrete defined variable

Continuous defined variable

Continuous random variable

Discrete random variable

0 / 0.5 pts

Q6.  Which of the following would be the best example of a discrete uniform probability function?

Selecting an ace of spade from a deck of cards

Selecting a seven year old child from a group of students at an elementary school

Selecting a Ford truck from a large used vehicle sales lot

Selecting a quarter from a jar full of coins

0.2 / 0.2 pts

Q7.  A lab specialist performs lab tests on samples in Hampton, Virginia.  Depending on the type of test that is performed, the lab test can take 1, 2, 3, or 4 hours. The 1, 2, and 3 hour lab tests occur at the same rate, but the 4 hour lab test occurs at twice the rate of any of the other lab tests.  Develop a probability distribution for the duration of a lab test.  The probability distribution satisfies the conditions required for a discrete probability function.

True

False

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Q8.  A lab specialist performs lab tests on samples in Hampton, Virginia.  Depending on the type of test that is performed, the lab test can take 1, 2, 3, or 4 hours to complete. The 1, 2, and 3 hour lab tests occur at the same rate, but the 4 hour lab test occurs at twice the rate of any of the other lab tests.  Develop a probability distribution for the duration of a lab test.  What is the probability that a lab test will take 2 hours?

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Q10.  A lab specialist performs lab tests on samples in Hampton, Virginia.  Depending on the type of test that is performed, the lab test can take 1, 2, 3, or 4 hours to complete. The 1, 2, and 3 hour lab tests occur at the same rate, but the 4 hour lab test occurs at twice the rate of any of the other lab tests.  Develop a probability distribution for the duration of a lab test.  What is the probability that a lab test will take more than 2 hours?

0 / 0.2 pts

Q12.  A dog trainer has determined that the number of weeks to fully train a dog is either 1, 2, 3, or 4 weeks, depending on the type of dog.  The dog trainer developed a probability function where f(x) = x/10 where "x" is a random variable indicating the number of weeks required to fully train a dog.  Which of the following statements is accurate?  

The probability function is not valid because it is not a discrete uniform probability function

The probability function is valid because it meets the conditions of a discrete uniform probability function

The probability function is not valid because the sum of the probabilities do not equal to 1

The probability function is valid because it meets the conditions of a discrete probability function

0 / 0.5 pts

Q13.  A dog trainer has determined that the number of weeks to fully train a dog is either 1, 2, 3, or 4 weeks, depending on the type of dog.  The dog trainer developed a probability function where f(x) = x/10 where "x" is a random variable indicating the number of weeks required to fully train a dog.  What is the probability that it will take 3 weeks to train a dog?  

0 / 0.5 pts

Q14.  A dog trainer has determined that the number of weeks to fully train a dog is either 1, 2, 3, or 4 weeks, depending on the type of dog.  The dog trainer developed a probability function where f(x) = x/10 where "x" is a random variable indicating the number of weeks required to fully train a dog.  What is the probability that it will take  at least 3 weeks to train a dog?  

0 / 0.5 pts

Q16.   A dog trainer has determined that the number of weeks to fully train a dog is either 1, 2, 3, or 4 weeks, depending on the type of dog.  The dog trainer developed a probability function where f(x) = x/10 where "x" is a random variable indicating the number of weeks required to fully train a dog.  If a dog owner brings a dog to the trainer, in how many weeks should the dog owner expect the dog to be fully trained?

0 / 0.5 pts

Q17.  A dog trainer has determined that the number of weeks to fully train a dog is either 1, 2, 3, or 4 weeks, depending on the type of dog.  The dog trainer developed a probability function where f(x) = x/10 where "x" is a random variable indicating the number of weeks required to fully train a dog.  Over a 15-week period, how many dogs should the trainer expect to train, if the dog trainer can train as many as 4 dogs simultaneously?   

0 / 0.5 pts

Q18.  Open the data file VarProb and review the data.  The values represent the daily sales of a featured can of paint at a large home retail store.   Use the data to develop an empirical discrete probability distribution of the daily sales of the cans of paint.  Hints in Excel:  Use the sort or min/max functions to derive the extreme values.  Use the Countif function to determine the frequency of each value.  What is the probability, to two decimal places, that the store sells 5 or fewer cans of paint on any given day?     

0 / 0.5 pts

Q20.  Open the data file VarProb and review the data.  The values represent the daily sales of a featured can of paint at a large home retail store.   Use the data to develop an empirical discrete probability distribution of the daily sales of the cans of paint.  Hints in Excel:  Use the sort or min/max functions to derive the extreme values.  Use the Countif function to determine the frequency of each value.  What is the probability, to two decimal places, that the store sells more than 6 cans of paint on any given day?     

0 / 0.5 pts

Q21.  Open the data file VarProb and review the data.  The values represent the daily sales of a featured can of paint at a large home retail store.   Use the data to develop an empirical discrete probability distribution of the daily sales of the cans of paint.  Hints in Excel:  Use the sort or min/max functions to derive the extreme values.  Use the Countif function to determine the frequency of each value.  What is the number of cans of paint, to two decimal places ,  that the store can expect to sell each day? 

0 / 0.5 pts

Q23.  Open the data file VarProb and review the data.  The values represent the daily sales of a featured can of paint at a large home retail store.   Use the data to develop an empirical discrete probability distribution of the daily sales of the cans of paint.  Hints in Excel:  Use the sort or min/max functions to derive the extreme values.  Use the Countif function to determine the frequency of each value.  What is the standard deviation, to two decimal places, of the daily sales of the cans of paint?

0 / 0.5 pts

Q24.  Open the data file VarProb and review the data.  The values represent the daily sales of a featured can of paint at a large home retail store.   Use the data to develop an empirical discrete probability distribution of the daily sales of the cans of paint.  Hints in Excel:  Use the sort or min/max functions to derive the extreme values.  Use the Countif function to determine the frequency of each value.  If the store sells each can of paint for $25, how much revenue can the company expect to earn, to the nearest dollar, over a 10-day period? Hint: recall how many cans of paint the company expects to sell each day.

0 / 0.5 pts

Q25.  You have just received a significant bonus at your job and you have decided to invest the money by purchasing a portfolio of two stocks.  The first stock "Q" has an expected return of 9.50% with a variance of 36.  The second stock "T" has an expected return of 5.25% with a variance of 4.  The covariance of the returns of Q and T is -2.5.  What is the standard deviation of an investment in stock Q?  NOTE: FOR ALL ANSWERS INVOLVING A PERCENTAGE VALUE, SUCH AS 25%, IGNORE THE PERCENTAGE SIGN AND POST YOUR ANSWER AS 25, SINCE CANVAS DOES NOT ACCEPT PERCENTAGE VALUES.

0 / 0.5 pts

Q27.  You have just received a significant bonus at your job and you have decided to invest the money by purchasing a portfolio of two stocks.  The first stock "Q" has an expected return of 9.50% with a variance of 36.  The second stock "T" has an expected return of 5.25% with a variance of 4.  The covariance of the returns of Q and T is -2.5.  If the standard deviation is a measure of risk, which of the following statements is correct?  NOTE: FOR ALL ANSWERS INVOLVING A PERCENTAGE VALUE, SUCH AS 25%, IGNORE THE PERCENTAGE SIGN AND POST YOUR ANSWER AS 25, SINCE CANVAS DOES NOT ACCEPT PERCENTAGE VALUES.

Both stocks have very high levels of risk

Stock Q has a higher level of risk

Both stocks have very low levels of risk

Stock T has a higher level of risk

0 / 0.5 pts

Q28.  You have just received a significant bonus at your job and you have decided to invest the money by purchasing a portfolio of two stocks.  The first stock "Q" has an expected return of 9.50% with a variance of 36.  The second stock "T" has an expected return of 5.25% with a variance of 4.  The covariance of the returns of Q and T is -2.5.  What is your expected return if you decide to invest $10,000 in stock Q?  (Do not include the dollar sign in the answer in Canvas) NOTE: FOR ALL ANSWERS INVOLVING A PERCENTAGE VALUE, SUCH AS 25%, IGNORE THE PERCENTAGE SIGN AND POST YOUR ANSWER AS 25, SINCE CANVAS DOES NOT ACCEPT PERCENTAGE VALUES.

0 / 1.5 pts

Q30.  You have just received a significant bonus at your job and you have decided to invest the money by purchasing a portfolio of two stocks.  The first stock "Q" has an expected return of 9.50% with a variance of 36.  The second stock "T" has an expected return of 5.25% with a variance of 4.  The covariance of the returns of Q and T is -2.5.  What is your expected percent return on your investment if you decide to build a portfolio by investing 60% of your funds on stock Q and 40% of your funds on stock T?  NOTE: FOR ALL ANSWERS INVOLVING A PERCENTAGE VALUE, SUCH AS 25%, IGNORE THE PERCENTAGE SIGN AND POST YOUR ANSWER AS 25, SINCE CANVAS DOES NOT ACCEPT PERCENTAGE VALUES.

0 / 1.5 pts

Q31.  You have just received a significant bonus at your job and you have decided to invest the money by purchasing a portfolio of two stocks.  The first stock "Q" has an expected return of 9.50% with a variance of 36.  The second stock "T" has an expected return of 5.25% with a variance of 4.  The covariance of the returns of Q and T is -2.5.  What is the variance of your portfolio, to two decimal places, if you decide to build a portfolio by investing 60% of your funds on stock Q and 40% of your funds on stock T?  NOTE: FOR ALL ANSWERS INVOLVING A PERCENTAGE VALUE, SUCH AS 25%, IGNORE THE PERCENTAGE SIGN AND POST YOUR ANSWER AS 25, SINCE CANVAS DOES NOT ACCEPT PERCENTAGE VALUES.

0 / 1.5 pts

Q33.  You have just received a significant bonus at your job and you have decided to invest the money by purchasing a portfolio of two stocks.  The first stock "Q" has an expected return of 9.50% with a variance of 36.  The second stock "T" has an expected return of 5.25% with a variance of 4.  The covariance of the returns of Q and T is -2.5.  What is the correlation coefficient of stock Q and stock T, to two decimal places?  NOTE: FOR ALL ANSWERS INVOLVING A PERCENTAGE VALUE, SUCH AS 25%, IGNORE THE PERCENTAGE SIGN AND POST YOUR ANSWER AS 25, SINCE CANVAS DOES NOT ACCEPT PERCENTAGE VALUES.

1 / 1 pts

Q34.  You have just received a significant bonus at your job and you have decided to invest the money by purchasing a portfolio of two stocks.  The first stock "Q" has an expected return of 9.50% with a variance of 36.  The second stock "T" has an expected return of 5.25% with a variance of 4.  The covariance of the returns of Q and T is -2.5.  Which of the following is the most accurate description of the two stocks?  NOTE: FOR ALL ANSWERS INVOLVING A PERCENTAGE VALUE, SUCH AS 25%, IGNORE THE PERCENTAGE SIGN AND POST YOUR ANSWER AS 25, SINCE CANVAS DOES NOT ACCEPT PERCENTAGE VALUES.

There is a very strong negative relationship between the returns of the two stocks.

There is a weak negative relationship between the returns on the two stocks

Stock Q should always be chosen over stock T since stock Q has a higher expected return

Stock Q is the less risky stock and will yield a higher return in all cases

0 / 1 pts

Q35.  A broker has decided to to build a portfolio of two stocks for a recent college graduate.  The first stock "G" has an expected return of 8.75% with a variance of 39.69.  The second stock "K" has an expected return of 4.75% with a variance of 4.84.  The correlation between the two stocks is -0.63.  With the given information, what is the covariance between the two stocks, to two decimal places?  NOTE: FOR ALL ANSWERS INVOLVING A PERCENTAGE VALUE, SUCH AS 25%, IGNORE THE PERCENTAGE SIGN AND POST YOUR ANSWER AS 25, SINCE CANVAS DOES NOT ACCEPT PERCENTAGE VALUES.

0 / 1 pts

Q36.  A broker has decided to to build a portfolio of two stocks for a recent college graduate.  The first stock "G" has an expected return of 8.75% with a variance of 39.69.  The second stock "K" has an expected return of 4.75% with a variance of 4.84.  The correlation between the two stocks is -0.63.  With the given information, what is the variance, to two decimal places, of a portfolio of the two stocks where four times as much is invested in stock K compared to how much is invested in stock G?  NOTE: FOR ALL ANSWERS INVOLVING A PERCENTAGE VALUE, SUCH AS 25%, IGNORE THE PERCENTAGE SIGN AND POST YOUR ANSWER AS 25, SINCE CANVAS DOES NOT ACCEPT PERCENTAGE VALUES.

0 / 0.5 pts

Q37.  Open the data file HotelStay8Wk.  The data represents the results of a survey of 500 guests who stayed at a hotel in Florida.  The manager wanted to find out if there was any relationship between the length of stay (y) by a guest at the hotel and the rating (x) which the guest gave the hotel.  The length of the hotel stay ranged from 11 to 14 nights and the ratings given by the guests ranged from 1 to 4, with 1 representing the lowest quality and 4 representing the highest quality.  The manager wanted to know if the guests who stayed longer at the hotel had a more favorable view of the hotel than guests who had shorter stays.  The table is a crosstab of the survey results.  What is the expected value of the quality rating (x), to two decimal places? 

0 / 1 pts

Q40.  Open the data file HotelStay8Wk.  The data represents the results of a survey of 500 guests who stayed at a hotel in Florida.  The manager wanted to find out if there was any relationship between the length of stay (y) by a guest at the hotel and the rating (x) which the guest gave the hotel.  The length of the hotel stay ranged from 11 to 14 nights and the ratings given by the guests ranged from 1 to 4, with 1 representing the lowest quality and 4 representing the highest quality.  The manager wanted to know if the guests who stayed longer at the hotel had a more favorable view of the hotel than guests who had shorter stays.  The table is a crosstab of the survey results.  What is the variance of the hotel stay (y), to two decimal places? 

0 / 1 pts

Q41.  Open the data file HotelStay8Wk.  The data represents the results of a survey of 500 guests who stayed at a hotel in Florida.  The manager wanted to find out if there was any relationship between the length of stay (y) by a guest at the hotel and the rating (x) which the guest gave the hotel.  The length of the hotel stay ranged from 11 to 14 nights and the ratings given by the guests ranged from 1 to 4, with 1 representing the lowest quality and 4 representing the highest quality.  The manager wanted to know if the guests who stayed longer at the hotel had a more favorable view of the hotel than guests who had shorter stays.  The table is a crosstab of the survey results.  Given that Var (x + y) = 2.603 [Note: I calculated this myself and would have asked you to do it too, but the way to do it is not covered in the chapter so I gave you a pass.] :-) Anyway, again if Var (x + y) = 2.603, what is the value of the covariance of x and y, to two decimal places? 

0 / 1 pts

Q45.  Only 56 percent of American adults can swim, a recent survey conducted on behalf of the American Red Cross said.  To be considered a swimmer, an adult must be able to perform the five core swimming steps.  The steps, also known as “water competency,” include jumping or stepping into water over one’s head, returning to the surface to tread water or float for one minute, circling around and identifying an exit, swimming 25 yards to that point and then exiting the water.  If 20 American adults are chosen randomly, what is the probability, to two decimal places, that at least 12 adults will be able to swim?  Note: Highly recommend using the Excel function.

0 / 0.2 pts

Q46.  Only 56 percent of American adults can swim, a recent survey conducted on behalf of the American Red Cross said.  To be considered a swimmer, an adult must be able to perform the five core swimming steps.  The steps, also known as “water competency,” include jumping or stepping into water over one’s head, returning to the surface to tread water or float for one minute, circling around and identifying an exit, swimming 25 yards to that point and then exiting the water.  If 20 American adults are chosen randomly, how many adults will be expected to be able to swim,  to the nearest whole number ?  Note: Highly recommend using the Excel function.

0 / 1 pts

Q47.   Only 56 percent of American adults can swim, a recent survey conducted on behalf of the American Red Cross said.  To be considered a swimmer, an adult must be able to perform the five core swimming steps.  The steps, also known as “water competency,” include jumping or stepping into water over one’s head, returning to the surface to tread water or float for one minute, circling around and identifying an exit, swimming 25 yards to that point and then exiting the water.  If 20 American adults are chosen randomly, what is the probability, to two decimal places, that at least 7 but no more than 10 adults, will be able to swim?  Note: Highly recommend using the Excel function.

0 / 1 pts

Q49.  During the period before a general election, the city of Hampton receives 45 absentee ballots per hour.  What is the probability, to two decimal places, that the city of Hampton will receive  at least 12  absentee ballots in  20 minutes ?

0 / 1 pts

Q50.  During the period before a general election, the city of Hampton receives 45 absentee ballots per hour.  What is the probability, to two decimal places, that the city of Hampton will receive  more than 15  absentee ballots in  30 minutes ?

0 / 1.5 pts

Q51.  A fishing vessel has caught 12 large bluefin tuna.  As soon as the vessel arrives on the dock, a chef from a well known restaurant will inspect the tuna to see if they are of a high enough quality in terms of color and fat content to be served in the restaurant that day.  Any tuna that does not meet the quality standards will not be served in the restaurant.  Based on his experience, the chef believes that only 8 of the 12 tuna will meet his standards.  If the chef takes a sample of 3 of the tuna, what is the probability, to two decimal places, that all three of the tuna in the sample will meet the chef's quality standards?      

0 / 1.5 pts

Q52.  A fishing vessel has caught 12 large bluefin tuna.  As soon as the vessel arrives on the dock, a chef from a well known restaurant will inspect the tuna to see if they are of a high enough quality in terms of color and fat content to be served in the restaurant that day.  Any tuna that does not meet the quality standards will not be served in the restaurant.  Based on his experience, the chef believes that only 8 of the 12 tuna will meet his standards.  If the chef takes a sample of 3 of the tuna, what is the probability, to two decimal places, that at least 2 of the tuna in the sample will meet the chef's quality standards?      

0 / 1 pts

Q53.  A fishing vessel has caught 12 large bluefin tuna.  As soon as the vessel arrives on the dock, a chef from a well known restaurant will inspect the tuna to see if they are of a high enough quality in terms of color and fat content to be served in the restaurant that day.  Any tuna that does not meet the quality standards will not be served in the restaurant.  Based on his experience, the chef believes that only 8 of the 12 tuna will meet his standards.  If the chef takes a sample of 3 of the tuna, what is the probability, to two decimal places, that at least 1 of the tuna in the sample will meet the chef's quality standards?