example problems for test2

example problems for test2 - school. 4. You happen to know...

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1. Suppose that waiting time is normally distributed with a mean of 100 minutes and a standard deviation of 20. a. What percentage of the time will you wait more than 110 minutes? b. You will expect to wait more than ____ minutes seventy percent of the time.) 2. Suppose you have a population of 5,000 students. You want to create a 75 % confidence interval of plus or minus 30 text messages. How large of a sample size do you need if the population standard deviation is 100? 3. Suppose you ask 80 students whether or not they plan to go to graduate school. Further suppose that 30 students respond favorably. Construct a 90% confidence interval for the proportion of students planning to go to graduate
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Unformatted text preview: school. 4. You happen to know that the average house price in Mooresville is $200,000 with a population standard deviation of $40,000. If you take a sample of size 60, what is the probability that the sample mean will be over $195,000? 5. You are the only bidder in an online auction of a Nintendo Wii system. The seller has set a secret reserve price (the minimum that she is willing to accept for the Wii.) Assume that the secret reserve price x is uniformly distributed between $280 and $400. a. If you enter a bid of $300, what is the probability that you win the auction? b. What is the mean and standard deviation of the secret reserve price?...
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This note was uploaded on 06/22/2011 for the course MGSC 291 taught by Professor Rollins during the Spring '09 term at South Carolina.

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example problems for test2 - school. 4. You happen to know...

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