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Unformatted text preview: ECMB11H3 Sections L30 and L60 Quantitative Methods in Economics I Department of Management University of Toronto at Scarborough Fall 2007 Dr. Yu Test 2 Date: Saturday November 17, 2007 Time allowed: Two (2) hours Aids allowed: Calculator and one aid sheet (two 8.5"x11" pages) Notes: This test consists of 21 questions in 10 pages including this cover page. It is the students responsibility to hand in a complete test. Any missing page will get a zero mark. Statistical tables (Binomial, Poisson and Standard Normal) are provided separately. Show your work in part 2. No marks will be given if you do not show your work. This test is worth 30% of your course grade. Print Last Name: Solution Given Name: Student Number: Circle your Section : L30 Wednesday 7 pm L60 Online Do not write on the space below, for markers only. Page Question Max Mark 24 115 45 4 16 7 5 17 10 6 18 8 7 19 10 8 20 10 910 21 10 Total 100 1 Part 1 Multiple Choice. 3 marks for each question. Select the BEST answer. No part marks. 1. A soft drink machine can be regulated so that it discharges an average of ounces per cup. If the ounces of fill are normally distributed with standard deviation equal to 0.3 ounce, what is the setting for so that eightounce cups will overflow at most 2.5% of the time? (a) 4.902 (b) 5.750 (c) 6.502 (d) 7.412 (e) 8.588 2. Customers using a selfservice soda dispenser take an average of 12 ounces of soda with a standard deviation of 4 ounces. The probability that the next 100 customers will take an average of less than 12.24 ounces is closes to (a) 0.5239 (b) 0.5950 (c) 0.6217 (d) 0.6950 (e) 0.7257 3. Suppose 70% of the tellers in a bank are females. In a large random sample of tellers from this bank, the standard deviation of the sample proportion of female tellers is 0.0483. The sample size is closest to (a) 64 (b) 75 (c) 80 (d) 85 (e) 90 4. Daily sales in a company are normally distributed with a standard deviation $2,000. A 90% confidence interval estimate of the mean sales based on a random sample of size 64 shows a lower limit of $10,000. The upper limit is closest to (a) $10,200 (b) $10,411.25 (c) $10,600 (d) $10,822.5 (e) $12,000 5. A random sample is selected from a normal distribution with mean 9 2 1 ,..., , X X X and variance . Denote the sample mean by 2 X . The probability ( ) + > X P is closest to (a) 0.0013 (b) 0.0228 (c) 0.1587 (d) 0.3413 (e) 0.9987 2 6. Let be a random sample from a normal distribution with mean 2 and standard deviation 2. If n X X X ,..., , 2 1 ( ) 95 . 1 . 2 9 . 1 X P , the smallest value of n is closest to (a) 656 (b) 862 (c) 1083 (d) 1537 (e) 1833 7. Suppose a sample of size n is to be selected from a normal distribution where is known to be 14.7. What is the smallest value of n to guarantee that the length of the 95% confidence interval for the mean is less than 3?...
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This note was uploaded on 04/21/2011 for the course ECMB 11 taught by Professor Yu during the Spring '04 term at University of Toronto Toronto.
 Spring '04
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