Exam 2 - I. Suppose that on a very long statistics test,...

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Unformatted text preview: I. Suppose that on a very long statistics test, the probability is that Sunita would get 70% of the items right. For a 10~item quiz, what is the probability that Sunita will get at least 7 items right? (A) 01503 b'twii 10} 7? it i 9008 9 0.6496 3 - c (C) 01493 .035 2 (D) 0.8754 Cl . m) [D 2. Using the data in #1, suppose that Sunita fails the quizif she gets fewer than 6 items ri I. What is the probability that Sunita will fail the quiz? @0150?) ( ) 0.6496 (C) 0.1493 (D)0.8754 3. Using the data in #1, suppose that Sunita makes an A on the quiz if she gets 9 or 10 items right, What is the probability that Sunita will get an A on the quiz? (A) 0.1503 (B) 0.6496 Q 0.1493 (D) 0.8754 4. [fP(A) = 0.3 and P(B) = 0.4, and P(A and B) = 0.2, are A and B statistically independent? (A) Yes 9 No 5. lfthe P (A) = 0.50, P (B) = 0.40 and P (A and B) = 0, what is the P (A given B)? g 0.00 ) 0.40 (C) 0.50 (D) 0.20 - Page 2 10. 11. Given: P (B given A) = 0.65 and P (A and B) = 0.30, what is P (A)? (A) 0.00 Q 0.46 (C) 0.55 (D) 0.75 It is estimated that an investment will produce a net return of $1000, $4000 or $5000 with corresponding probabilities of 0.50, 0.30 and 0.20. What is the expected mean return? (A) $2100 Q) $2700 (C) $3700 (D) $5000 Using the data in Question #7 above, what is the standard deviation ofthe net returns of the investment? (A) $1620 (B) $9000 $1 735 ) $781 Approximately 90% (real data) of people, who purchase items on the web, have trouble completing their transactions. If we select 15 people at random who purchase via the web, what is the probability that 13 or less will have trouble completing their transaction? Assume Binomial. (A) 0.026 (B) 0057 (C) 0.867 g 0.451 Using the data in Question #9 above, what is the mean ofthis binomial situation? (a) 13.5 (a) 9.6 (C) 3.0 (D) (14.0 Ifthe Standard Deviation ofa Poisson random variable is equal to 6; then the mean is? (A) 2.45 ® 36.00 (C) 25.00 (D) 3.00 Page 3 13. 14. 15. 16. For Questions # 12 through it 16 consider the following information. Businesses that offer credit to their customers are inevitably faced with the task of collecting unpaid bills. A study ofcollection remedies used by creditors was published in the Journal ofFinancial Research (Spring 1986). As part ofthe study, creditors in four states were asked about how they deal with past—due bills. Their responses are tailed in the following table. Wisconsin Illinois Arkansas Louisiana Take tough action early 0 1 5 1 7 Take tough action later 37 23 22 21 toe Never take towh action 9 11 5 15 41 CHI ; j 9' n] :7 1 i What is the probability that the creditor is from Wisconsin or Louisiana? (A) 0.182 (B) 0.857 ® 0.550 (D) 0.450 What is the probability that the creditor is from Wisconsin or Louisiana? (A)O_182 (B) 0.857 «3) 0.550 (D)0.450 What is the probability that the creditor never takes tough action? (A) O. 1 82 (B) 0.857 (C) 0.450 (a) 0.272 If the creditor takes tough action early. what is the probability that the creditor is from Arkansas or Louisiana? (3Q) 0.857 (B) 0.550 (C) 0.450 (D) 0272 What is the probability that a creditor from Arkansas never takes tough action? 0A) 0.182 (B) 0.857 (C) 0.450 (D) 0.272 Page 17'. 18. 19. 20‘ For Questions # [7 through # 20 consider the following information. Based on past experience, it is assumed that the number of flaws per foot in rolls of “Grade A” paper follows a Poisson distribution with an average ofone flaw per 5 feet of paper (i.e., 0.2 flaw per foot). [Hi What is the probability that in a 5-foot (A) 09992 (B) 0.2381 - (C) 0.9878 m 0.1839 What is the ® 0.9825 (B) 01342 (C) 0.2381 (D) 0.0008 probability that in a 1-fo "I: Pay attention to the units ofmeasurement.] roll there will be exactly 2 flaws? ot roll there will be fewer than 2 flan/s? What is the probability that in a 1-foot roll there will be at least 2 flaws? (A) 0.9992 (B) 0.03 78 What is the probability that in a 10-foot roll there will be exactly 5 flaws? (A) 0.9992 (B) 0.0164 a 0.036] (D) 0.0008 page? 2]. 22. 23. 25. For Questions # 21 through # 25 consider the following information. A sample of 500 respondents was selected in a large metropolitan area to determine various information Concerning consumer behavior. Among the questions asked was “Do you enjoy shopping for clothing?" Of 240 males, 136 answered yes. Of 260 females, 224 answered yes. What is the probability that a respondent chosen at random is a male? @ 0.480 V" g' (B) 0.552 t ‘ ‘ jf : . z, ,3 (C) 0.720 - ' '7 ‘ L" (D) 0.448 (E) 0792 h 10‘! M"? / .a 97}, yrs.» Zoo What is the probability that a respondent chosen at random is a male or a female? (A) 0.480 (8)0552 g 1.000 (D) 0.443 (E) 0792 What is the probability that a respondent chosen at random is a male and does not enjoy shopping for clothing? (A) 0.480 (B) 0.552 (C) 0.448 ® 0208 (E) 0.792 What is the probability that a respondent chosen at random is a male or does not enjoy shopping for clothing? (A)0.480 @ 0.552 (C) 0.208 (D)0.448 (E) 0792 What is the probability that a respondent chosen at random is a female or enjoys shopping for clothing? (A)0.480 (3)0552 ((3)0208 (D)O.448 @ 0.792 Page 6 ...
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Exam 2 - I. Suppose that on a very long statistics test,...

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