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Question
A market research firms conducts studies regarding the success of new products. The company is not always perfect in predicting the success. Suppose that there is a 50% chance that any new product would be successful (and a 50% chance that it would fail). In the past, for all new products that ultimately were successful, 80% were predicted to be successful (and the other 20% were inaccurately predicted to be failures). Also, for all new products that were ultimately failures, 70% were predicted to be failures (and the other 30% were inaccurately predicted to be successes). For any randomly selected new product, what is the probability that the market research firm would predict that it would be a success?a) 0.80
b) 0.50
c) 0.45
d) 0.55
e) 0.95
Answer
This answer is hidden. It contains 1 characters.
Related questions
Q:
David Desreumaux, VP of Human Resources of American First Banks (AFB), is reviewing the employee training programs of AFB banks. Based on a recent census of personnel, David knows that the variance of teller training time in the Southeast region is 8, and he wonders if the variance in the Southwest region is the same number. His staff randomly selected personnel files for 15 tellers in the Southwest Region, and determined that their mean training time was 25 hours and that the standard deviation was 4 hours. Assume that teller training time is normally distributed. Using = 0.10, the appropriate decision is ________.
a) increase the sample size
b) reduce the sample size
c) fail to reject the null hypothesis
d) maintain status quo
e) reject the null hypothesis
Q:
The executives of CareFree Insurance, Inc. feel that "a majority of our employees perceive a participatory management style at CareFree." A random sample of 200 CareFree employees is selected to test this hypothesis at the 0.05 level of significance. Eighty employees rate the management as participatory. The appropriate decision is __________.
a) fail to reject the null hypothesis
b) reject the null hypothesis
c) reduce the sample size
d) increase the sample size
e) do nothing
Q:
The executives of CareFree Insurance, Inc. feel that "a majority of our employees perceive a participatory management style at CareFree." A random sample of 200 CareFree employees is selected to test this hypothesis at the 0.05 level of significance. Eighty employees rate the management as participatory. The null hypothesis is __________.
a) n= 30
b) n= 200
c) p= 0.50
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e) n> 200
Q:
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Q:
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Ho: p 0.36
Ha: p< 0.36
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a) indicate a one-tailed test with a rejection area in the right tail
b) indicate a one-tailed test with a rejection area in the left tail
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Q:
A small restaurant owner believes no more than 36 % of his customers travel over 10 miles to his business. He is interested in expanding his customer base through marketing. However, he would like to test his hypothesis prior to investing money in a marketing initiative. He intends to use the following null and alternative hypotheses.
Ho: p 0.36
Ha: p> 0.36
These hypotheses _______________.
a) indicate a one-tailed test with a rejection area in the right tail
b) indicate a one-tailed test with a rejection area in the left tail
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Q:
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d) fail to reject the null hypothesis and do not shut down the processe) do nothing
Q:
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a) a response variable
b) a dependent variable
c) a quantitative variable
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Q:
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a) a response variable
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Q:
The mean square error (MSerr) is calculated by dividing the sum of squares error (SSerr) by the number of error degrees of freedom (dferr).
Q:
Annie Mikhail, market analyst for a national company specializing in historic city tours, is analyzing the relationship between the sales revenue from historic city tours and the size of the city. She gathers data from six cities in which the tours are offered. Annie's dependent variable is annual sales revenues and her independent variable is the city population. Regression analysis of the data yielded the following tables. Coefficients
Standard Error
t Statistic
p-value Intercept
-0.14156
0.292143
-0.48455
0.653331 x
0.105195
0.013231
7.950352
0.001356 Source
df
SS
MS
F Se = 0.237 Regression
1
3.550325
3.550325
63.20809 r2 = 0.940483 Residual
4
0.224675
0.056169 Total
5
3.775 For a city with a population of 500,000, Annie's model predicts annual sales of ________________.
a) $70,780
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c) $170,780
d) $52,597
e) $152,597
Q:
Annie Mikhail, market analyst for a national company specializing in historic city tours, is analyzing the relationship between the sales revenue from historic city tours and the size of the city. She gathers data from six cities in which the tours are offered. Annie's dependent variable is annual sales revenues and her independent variable is the city population. Regression analysis of the data yielded the following tables. Coefficients
Standard Error
t Statistic
p-value Intercept
-0.14156
0.292143
-0.48455
0.653331 x
0.105195
0.013231
7.950352
0.001356 Source
df
SS
MS
F Se = 0.237 Regression
1
3.550325
3.550325
63.20809 r2 = 0.940483 Residual
4
0.224675
0.056169 Total
5
3.775 Annie's sample size is __________.
a) 2
b) 4
c) 6
d) 8
e) 10
Q:
Annie Mikhail, market analyst for a national company specializing in historic city tours, is analyzing the relationship between the sales revenue from historic city tours and the size of the city. She gathers data from six cities in which the tours are offered. Annie's dependent variable is annual sales revenues and her independent variable is the city population. Regression analysis of the data yielded the following tables. Coefficients
Standard Error
t Statistic
p-value Intercept
-0.14156
0.292143
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0.105195
0.013231
7.950352
0.001356 Source
df
SS
MS
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1
3.550325
3.550325
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4
0.224675
0.056169 Total
5
3.775 Annie's regression model can be written as: __________.
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d) y = 0.105195 - 0.14156x
e) y = 0.105195 + 0.14156x
Q:
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Q:
In the regression equation, y=2.164+1.3657x n=6, the mean of x is 8.667, Sxx=89.333 and Se=3.44. A 95% prediction interval for y when x=8 is _________
a) (9.13, 17.05)
b) (2.75, 23.43)
c) (10.31, 15.86)
d) (3.56, 22.62)
e) (12.09, 14.09)
Q:
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Q:
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Q:
The proportion of variability of the dependent variable accounted for or explained by the independent variable is called the _______.
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b) coefficient of correlation
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d) covariance
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Q:
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a) between -1 and +1
b) between -1 and 0
c) between 0 and 1
d) equal to SSE/(n-2)
e) between -100 and +100
Q:
A standard deviation of the error of the regression model is called the _______.
a) coefficient of determination
b) sum of squares of error
c) standard error of the estimate
d) R-squared
e) coefficient of correlation
Q:
The following residuals plot indicates _______________. a) a nonlinear relation
b) a nonconstant error variance
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Q:
For the following scatter plot and regression line, at x = 35 the residual is _______.a) positiveb) zeroc) negatived) imaginarye) unknown
Q:
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a) must be 0
b) is negative
c) must be 1
d) is positive
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Q:
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a) reject the null hypothesis 12 = 22
b) reject the null hypothesis 12 < 22
c) do not reject the null hypothesis 12 = 22
d) do not reject the null hypothesis 12 < 22
e) do nothing
Q:
Collinsville Construction Company purchases steel rods for its projects. Based on previous tests, Claude Carter, Quality Assurance Manager, has recommended purchasing rods from Redding Rods, Inc. (population 1), rather than Stockton Steel (population 2), since Redding's rods had less variability in length. Recently, Stockton revised it rod shearing operation, and Claude has sampled the outputs from Redding's and Stockton's rod manufacturing processes. The results for Redding were s12= 0.10 with n1= 8, and, for Stockton, the results were s22= 0.05 with n2= 10. Assume that rod lengths are normally distributed in the population If a= 0.05, the appropriate decision is ________.
a) reject the null hypothesis 12 = 22
b) reject the null hypothesis 12 < 22
c) do not reject the null hypothesis 12 = 22
d) do not reject the null hypothesis 12 < 22
e) do nothing
Q:
Collinsville Construction Company purchases steel rods for its projects. Based on previous tests, Claude Carter, Quality Assurance Manager, has recommended purchasing rods from Redding Rods, Inc. (population 1), rather than Stockton Steel (population 2), since Redding's rods had less variability in length. Recently, Stockton revised it rod shearing operation, and Claude has sampled the outputs from Redding's and Stockton's rod manufacturing processes. The results for Redding were s12= 0.10 with n1= 8, and, for Stockton, the results were s22= 0.05 with n2= 10. Assume that rod lengths are normally distributed in the population. If a= 0.05, the critical Fvalue is _____________.
a) 3.68
b) 3.29
c) 3.50
d) 3.79
e) 3.99
Q:
A random sample of 400 items from a population shows that 160 of the sample items possess a given characteristic. A random sample of 400 items from a second population resulted in 110 of the sample items possessing the characteristic. Using this data, a 99% confidence interval is constructed to estimate the difference in population proportions which possess the given characteristic. The resulting confidence interval is _______.
a) 0.06 to 0.19
b) 0.05 to 0.22
c) 0.09 to 0.16
d) 0.04 to 0.21
e) 0.05 to 0.23
Q:
A researcher is interested in estimating the difference in two population proportions. A sample of 400 from each population results in sample proportions of .61 and .64. A 90% confidence interval for the difference in the population proportions is _______.
a) -0.10 to 0.04
b) -0.09 to 0.03
c) -0.11 to 0.05
d) -0.07 to 0.01
e) -0.08 to 0.12
Q:
Maureen McIlvoy, owner and CEO of a mail order business for wind surfing equipment and supplies, is reviewing the order filling operations at her warehouses. Her goal is 100% of orders shipped within 24 hours. In previous years, neither warehouse has achieved the goal, but the East Coast Warehouse has consistently out-performed the West Coast Warehouse. Her staff randomly selected 200 orders from the West Coast Warehouse (population 1) and 400 orders from the East Coast Warehouse (population 2), and reports that 190 of the West Coast Orders were shipped within 24 hours, and the East Coast Warehouse shipped 372 orders within 24 hours. Assuming = 0.05, the appropriate decision is ___________________.a) do not reject the null hypothesis 1- 2= 0b) do not reject the null hypothesis p1- p2= 0c) reject the null hypothesis 1- 2= 0d) reject the null hypothesis p1- p2= 0e) do not reject the null hypothesis p1- p20
Q:
Maureen McIlvoy, owner and CEO of a mail order business for wind surfing equipment and supplies, is reviewing the order filling operations at her warehouses. Her goal is 100% of orders shipped within 24 hours. In previous years, neither warehouse has achieved the goal, but the East Coast Warehouse has consistently out-performed the West Coast Warehouse. Her staff randomly selected 200 orders from the West Coast Warehouse (population 1) and 400 orders from the East Coast Warehouse (population 2), and reports that 190 of the West Coast Orders were shipped within 24 hours, and the East Coast Warehouse shipped 372 orders within 24 hours. Assuming a= 0.05, the observed zvalue is ___________________.
a) -3.15
b) 2.42
c) 1.53
d) 0.95
e) 1.08