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Quiz 3 Fa 06 KEY

Quiz 3 Fa 06 KEY - is less than 480.1314 1 4 One study on...

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ECON 2843 Name KEY Quiz 3 Fall 2006 ID # Students must show all work on problems that involve calculation. Questions 1 through 3 refer to the following. The Graduate Management Aptitude Test (GMAT), produced by the Educational Testing Service (ETS) in Princeton, New Jersey, is widely used by graduate schools of business in the U.S. as an entrance requirement. Assume that the scores in a recent year are normally distributed with a mean of 494 and a variance of 10,000. 1. What is the probability that a randomly selected score from this administration of the GMAT is between 687 and the mean? (You might recall that the orbital period of Mars is about ____ days) a. .0080 b. .4732 * c. .5080 d. .5268 e. .6127 f. .9920 2. What is the probability that a randomly selected score is greater than 400? Circle the correct answer but also show your work. a. .1736 b. .4960 c. .5040 d. .8264 * e. .9878 f. approximately 1 3. If 64 of these test scores are chosen at random, what is the probability that sample mean

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Unformatted text preview: is less than 480? .1314 1 4. One study on managers’ satisfaction with management tools reveals that 59% of all managers use self-directed teams as a management tool. Suppose 70 managers selected randomly in the U.S. are interviewed. What is the probability that fewer than 35 use self-directed work teams as a management tool? Full credit for either answer: .0495 using the continuity correction factor .0630 without using the continuity correction factor 5. A subdivision on the southwest side of Oklahoma City contains 900 houses. The subdivision was built in 1983. A sample of 144 houses is selected randomly and evaluated by an appraiser. If the probability that the sample mean will exceed the population mean by more than \$1,500 is 2.28%, then what is the standard deviation of appraised values of all the houses in this subdivision? \$9,814.35- 4 for answer = \$9,000 with otherwise correct work. 2...
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Quiz 3 Fa 06 KEY - is less than 480.1314 1 4 One study on...

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