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answer to optional problems module 1 - Statistical Methods...

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Statistical Methods in Business: Answer to Optional Problems – module 1 A1. The AMI Company has two assembly lines in its Kansas City plant. Line A produces an average of 325 units per day with a standard deviation equal to 10 units. Line B produces an average of 140 units per day with a standard deviation equal to 6 units. Based on this information, which line is relatively more consistent in production? CV (A) = 10/325*100 = 3.08% CV (B) = 6/140*100 = 4.29% Line A is more consistent (only slightly more) A2. Suppose annual salaries for sales associates from a particular store have a bell-shaped distribution with a mean of $32,500 and a standard deviation of $2,500. The z-score for a sales associate from this store who earns $37,500 is a. 37.5 b. 2 c. -2 d. 0.92 Z= (37,500-32,500)/(2500) = 2….answer is b A3. Outlier > mean + 3* (st. deviation) Outlier > 32,500 + 3*(2,500) > 40,000 Answer is c. A4. Fifty students are enrolled in an Economics class. After the first examination, a random sample of 5 papers was selected. The grades were 60, 75, 80, 70, and 90.
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