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University of Ottawa Faculty of Administration ADM 2303: STATISTICS FOR MANAGEMENT I Section: A B C (Circle 1) FINAL EXAMINATION Dec. 17, 1998 1900-2200 NAME: ______________________________________ S.N. ________________ Time: 3 hours Total marks: 98 ALL ANSWERS (INCLUDING BRIEF EXPLANATIONS) GO ON THE ANSWER SHEET. THESE EXAM QUESTION SHEETS WILL NOT BE MARKED. However, space is provided here for your rough work. These question sheets must be deposited in the box provided. NOTE THAT THERE ARE MARKS FOR EXPLAINING YOUR ANSWERS, SO MAKE SURE YOU INCLUDE BRIEF EXPLANATIONS ON THE ANSWER SHEET. IF YOU USE IDEAS RELATING TO PARTICULAR PROBABILITY DISTRIBUTIONS, THERE WILL BE MARKS FOR IDENTIFYING THE DISTRIBUTION. Calculators and 1 sheet of notes (8.5 by 14 inches) permitted Q. 1 [21 points] The daily output of a small manufacturing company has the following distribution. X = x i P[X = x i ] 30 0.10 45 0.10 60 0.40 75 0.30 90 0.10 [3] a) Is this a proper probability distribution function? Briefly explain why. [1] b) What is the expected value of the daily production?

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ADM 2303 A/B/C -- Final Exam December 17, 1998 – 1900 - 2200 p.2 [3] c) Calculate the Variance and standard deviation of the distribution. Is this a population or a sample? Why? [5] d) Find: (State your assumptions) i) P[40 X 80] ii) F[ X = 75] For the production of output, X, given above, it is known that the daily fixed cost is \$500.00 and the variable cost per unit is \$50.00. The unit selling price is \$100.00. If the total daily cost is 'C', the daily revenue is 'R', and the daily profit is 'P', find: [3] e) The transformation equations for the three random variables (RVs) 'C', 'R', and 'P' in terms of the RV 'X'. [3] f) The expected value of the three RVs. [3] g) The variance, standard deviation and the coefficient of variation for the three RVs. .
ADM 2303 A/B/C -- Final Exam December 17, 1998 – 1900 - 2200 p.3

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ADM 2303 A/B/C -- Final Exam December 17, 1998 – 1900 - 2200 p.4 Qu. 2 [21 points] The Graduate Management Aptitude Test (GMAT) is demanded from applicants by most of the Universities for admission to their MBA programs. For a given year, the mean and standard deviation of the scores are 550 and 75 respectively.
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