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Question
A real estate agent wants to estimate the mean selling price of two-bedroom homes in a particular area. She wants to estimate the mean selling price to within $10,000 with an 89.9% level of confidence. The standard deviation of selling prices is unknown but the agent estimates that the highest selling price is $1,000,000 and the lowest is $50,000. How many homes should be sampled?Answer
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Related questions
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The weight of bags of cement filled by Granite Rock Company's packaging process is normally distributed with a mean of 50 pounds and a standard deviation of 1.5 pounds when the process is in control. What should the control limits be for a sample mean, , chart if 9 bags are sampled at a time?
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An acceptance sampling plan uses a sample of 18 with an acceptance criterion of zero. Determine the probability of accepting shipments that contain 5, 10, 15, 20, 25, 30, 35, 40, and 45% defective units.
Q:
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Q:
Excel's __________ function can be used to compute the mode.
a. MAX
b. AVERAGE
c. MEDIAN
d. MODE
Q:
After the data has been arranged from smallest value to largest value, the value in the middle is called the
a. range
b. median
c. mean
d. None of the other answers are correct.
Q:
Which of the following descriptive statistics is not measured in the same units as the data?
a. 35thpercentile
b. standard deviation
c. variance
d. interquartile range
Q:
The coefficient of variation indicates how large the standard deviation is relative to the
a. mean
b. median
c. range
d. variance
Q:
In computing descriptive statistics for grouped data, the ____ are used to approximate the data values in each class.
a. class lower limits
b. class upper limits
c. class midpoints
d. class ranges
Q:
An important measure of location for qualitative data is the
a. mean
b. median
c. mode
d. margin
Q:
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Q:
A sample of charge accounts at a local drug store revealed the following frequency distribution of unpaid balances.Unpaid Balance ($)Frequency10 - 29530 - 491050 - 69670 - 89990 - 10920a. Determine the mean unpaid balance.b. Determine the standard deviation.c. Compute the coefficient of variation.
Q:
Paul, a freshman at a local college just completed 15 credit hours. His grade report is presented below. Course
Credit Hours
Grades Calculus
5
C Biology
4
A English
3
D Music
2
B P.E.
1
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Q:
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Q:
A sample of twelve families was taken. Each family was asked how many times per week they dine in restaurants. Their responses are given below.210202120212Using this data set, compute thea. modeb. medianc. meand. rangee. interquartile rangef. varianceg. standard deviationh. coefficient of variation
Q:
The following data show the yearly salaries of football coaches at some state-supported universities.UniversitySalary ($1,000)A53B44C68D47E62F59G53H94For the above sample, determine the following measures.a. The mean yearly salaryb. The standard deviationc. The moded. The mediane. The 70th percentile
Q:
The hourly wages of a sample of eight individuals is given below.IndividualHourly Wage ($)A27B25C20D10E12F14G17H19For the above sample, determine the following measures:a. The mean.b. The standard deviation.c. The 25thpercentile.
Q:
A survey of business students who had taken the Graduate Management Admission Test (GMAT) indicated that students who have spent at least five hours studying GMAT review guides have a probability of 0.85 of scoring above 400. Students who do not spend at least five hours reviewing have a probability of 0.65 of scoring above 400. It has been determined that 70% of the business students spent at least five hours reviewing for the test.a. Find the probability of scoring above 400.b. Find the probability that given a student scored above 400, he/she spent at least five hours reviewing for the test.
Q:
Sixty percent of the student body at UTC is from the state of Tennessee (T), 30% percent are from other states (O), and the remainder is international students (I). Twenty percent of students from Tennessee live in the dormitories, whereas 50% of students from other states live in the dormitories. Finally, 80% of the international students live in the dormitories.a. What percentage of UTC students lives in the dormitories?b. Given that a student lives in the dormitory, what is the probability that she/he is an international student?c. Given that a student does notlive in the dormitory, what is the probability that she/he is an international student?
Q:
A small town has 5,600 residents. The residents in the town were asked whether or not they favored building a new bridge across the river. You are given the following information on the residents' responses, broken down by gender.MenWomenTotalIn Favor1,4002801,680Opposed8403,0803,920Total2,2403,3605,600Let: M be the event a resident is a manW be the event a resident is a womanF be the event a resident is in favorP be the event a resident is opposeda. Find the joint probability table.b. Find the marginal probabilities.c. What is the probability that a randomly selected resident is a man and is in favor of building the bridge?d. What is the probability that a randomly selected resident is a man?e. What is the probability that a randomly selected resident is in favor of building the bridge?f. What is the probability that a randomly selected resident is a man or in favor of building the bridge or both?g. A randomly selected resident turns out to be male. Compute the probability that he is in favor of building the bridge.
Q:
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Q:
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Q:
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b. 0.500
c. 0.875
d. 0.125
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If A and B are independent events with P(A) = 0.2 and P(B) = 0.6, then P(A B) =a. 0.62b. 0.12c. 0.60d. 0.68
Q:
On a December day, the probability of snow is .30. The probability of a "cold" day is .50. The probability of snow and a "cold" day is .15. Are snow and "cold" weather independent events?
a. only if given that it snowed
b. no
c. yes
d. only when they are also mutually exclusive
Q:
If two events are independent, then
a. they must be mutually exclusive
b. the sum of their probabilities must be equal to one
c. the probability of their intersection must be zero
d. None of the other answers is correct.
Q:
The multiplication law is potentially helpful when we are interested in computing the probability of
a. mutually exclusive events
b. the intersection of two events
c. the union of two events
d. None of the other answers is correct.
Q:
Which of the following statements is(are) always true?
Q:
If A and B are mutually exclusive events with P(A) = 0.3 and P(B) = 0.5, thenP(A B) =a. 0.00b. 0.15c. 0.8d. 0.2
Q:
The probability of the intersection of two mutually exclusive events
a. can be any value between 0 to 1
b. must always be equal to 1
c. must always be equal to 0
d. can be any positive value
Q:
The probability of the union of two events with nonzero probabilities
a. cannot be less than one
b. cannot be one
c. cannot be less than one and cannot be one
d. None of the other answers is correct.