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Unformatted text preview: COURSE: MSCI 3710 Print Name: Exam 1 Signature: Version D S.S.#: Fall 2004 Seat Number: Note: Whenever question(s) are connected you may be asked to assume a result (given a value) as an answer for the previous question but this result (value) may or may not be correct. The procedure is set in place to prevent you from losing points on a subsequent question because you made a mistake on some previous question/s. Instructions: n Please print your name, social security number, and seat number on this exam. Also, put your signature on this exam. l On your scantron PRINT your name, exam version, and seat number. To better protect your privacy also print your name on the backside of your scantron. l You have 75 minutes to complete this exam. The exam is open book, open notes, and open mind. You may use any type of calculator but please show all your work on the exam and mark all answers on the scantron. l Many of the questions follow the format of those in Adventures in Business Statistics. The remaining questions are either based on the Excel assignment or use an Adventureslike approach with problems nearly identical to those assigned in the textbook. The chapter numbers given against in questions are only indicative. l Do not detach this exam. When you have completed the exam, please insert your scantron into the exam booklet and turn them into your instructor, at the front desk. l No cheating. l Good luck and we wish you well on the exam. Use the information given in the following paragraph to answer first four questions. An accountant at Pfast Phood Mart franchises claims that their stores generate average weekly revenue of at least $5,500 per store. A potential buyer who is considering purchasing a franchise store is doubtful about this claim, believing that the average weekly revenue might be less than $5,500. He obtains a random sample of weekly revenues from 10 stores and conducts a statistical analysis on the data using Excel, partial results of which are shown below. t Test of Hypothesis for the Mean Level of Significance 0.10 Sample Size Sample Mean 5389.5 Sample Standard Deviation 313.7894729 Standard Error of the Mean 99.22894403 Degrees of Freedom 9 t Test Statistic XXXX Lower Critical Value1.38326 pValue XXXX 1. What is the alternative hypothesis for this test? A. Ha: > 5500 B. Ha: 5500 C. Ha: > 5500 D. Ha: < 5500 * E. Ha: < 5500 2. What is the calculated test statistic to test the buyers belief? A.  1.11 * B.  0.17 C. 1.282 D. 1.383 E.  2.02 3. Suppose the calculated test statistic is 3.25, which one of the following would best describe the pvalue for the test? A. p > 0.1 B. 0.05 < p <0 .10 C. 0.025 < p < 0.05 D. 0.01 < p < 0.025 E. p < 0.01 * 4. Suppose the pvalue of the test is 0.03 . What is the conclusion of the test concerning the potential buyers belief, conducted at the 0.01 significance level, and reason for the conclusion?...
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This note was uploaded on 03/09/2011 for the course DSC 3710 taught by Professor Staff during the Spring '09 term at North Texas.
 Spring '09
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