Final Exam 533 - 1. A. The coefficient of variation is the...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
1. A. The coefficient of variation is the quantity that measures the variation of a population or sample relative to its mean. Therefore, this sample has a variation of 14.24% relative to its mean. B. Yes. It is positively or right-skewed. The Mega Stat output lists the skewness as being 0.346 (Skewed distributions are not symmetrical about their center. They are lop-sided with a longer tail on one side or the other.) C. I would advise Ford dealers to let their customers know that based on a random sample of 18 cars on average a Ford Escort gets an average of 32.261 MPG (assuming that is the measure used in the problem). 2. A. Divide the total of east and west by the overall total. Probability = (408+968) / 1976 = .696 or 69.6% probability that the claim is either from the east or the west geographical region. B. Divide total Midwest physician's visits by the Midwest total. Probability = 104/198 = .525 or 52.5% probability that given a claim is made in the Midwest that it will be made for a physician visit. 3. "At least" indicates that we want to look at the probabilities for 5 and anything more than 5. Using the following equation: P(>/=5) = P(x=5) + P(x=6) + P(x=7) + P(x=8) + P(x=9)+ P(x=10) = .10292 + .20012 + . 26683 + .23347 + .12106 + .02825 Therefore the probability that at least 5 will get a loan is 95.28 % 4. A. To find the probability that complete full service oil changes falling between 21 and 24 minutes I considered the following. P(x) > 21 - P(x) > 24.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 03/26/2012 for the course STATISTIC GM533 taught by Professor Henry during the Fall '10 term at Keller Graduate School of Management.

Page1 / 3

Final Exam 533 - 1. A. The coefficient of variation is the...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online