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HW 1 with Solutions

# HW 1 with Solutions - MGMT305 HW SOLUTIONS#1 Chapter 3...

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MGMT305 HW SOLUTIONS#1 Chapter 3 21. (10 points) a. Cities (5 points) Retirement Areas: b. Mean cost of the market basket is roughly the same with the retirement areas sample mean \$1 less. However, there is more variation in the cost in cities than in retirement areas. ( 5 points) 24. (5 points) (Quarter milers (5points) s = 0.0564 Coefficient of Variation = ( s /)100% = (0.0564/0.966)100% = 5.8% Milers s = 0.1295 Coefficient of Variation = ( s /)100% = (0.1295/4.534)100% = 2.9% Yes; the coefficient of variation shows that as a percentage of the mean the quarter milers’ times show more variability. Chapter 5: 31.( 15 points )

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Binomial n = 10 and p = .09 a. Yes. Since they are selected randomly, p is the same from trial to trial and the trials are independent. ( 2.5 points) b. f (2) = .1714 ( 2.5 points) c. f (0) = .3894 ( 5 points) d. 1 - f (0) - f (1) - f (2) = 1 - (.3894 + .3851 + .1714) = .0541 ( 5 points) 32. ( 20 points) a. .90 (2.5 points) b. P (at least 1) = f (1) + f (2) P (at least 1) = .18 + .81 = .99 Alternatively P (at least 1) = 1 – f (0) Therefore, P (at least 1) = 1 - .01 = .99 ( 10 points) c. P (at least 1) = 1 - f (0) Therefore, P (at least 1) = 1 - .001 = .999 ( 5 points) d. Yes; P
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