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Statistics
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Statistics for Management and Economics
Quiz 9: Sampling Distributions
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Question 61
Short Answer
Average Annual Revenue Suppose that the average annual revenue of a small business is $150,000 with a standard deviation of $40,000.Assume that the revenue distribution is normal. -{Average Annual Revenue Narrative} What is the probability that one business selected at random makes less than $120,000?
Question 62
Short Answer
Heights of Men The heights of men in the USA are normally distributed with a mean of 68 inches and a standard deviation of 4 inches. -{Heights of Men Narrative} What is the probability that the mean height of a random sample of 36 men is greater than 70 inches?
Question 63
Essay
Retirees A sample of 50 retirees is drawn at random from a normal population whose mean age and standard deviation are 75 and 6 years,respectively. -{Retirees Narrative} What is the probability that the mean age exceeds 73 years?
Question 64
Essay
Mean Salary In order to estimate the mean salary for a population of 500 employees,the president of a certain company selected at random a sample of 40 employees. -{Mean Salary Narrative} If the population standard deviation is $800,compute the standard error both with and without using the finite population correction factor.
Question 65
Essay
Average Annual Revenue Suppose that the average annual revenue of a small business is $150,000 with a standard deviation of $40,000.Assume that the revenue distribution is normal. -{Average Annual Revenue Narrative} Could you have used a normal distribution to find an (approximate)probability for the average of 4 revenues if the population of revenues did not have a normal distribution?
Question 66
Short Answer
Average Annual Revenue Suppose that the average annual revenue of a small business is $150,000 with a standard deviation of $40,000.Assume that the revenue distribution is normal. -{Average Annual Revenue Narrative} What is the probability that the average annual revenue of a random sample of 4 businesses is less than $120,000?
Question 67
Essay
Average Annual Revenue Suppose that the average annual revenue of a small business is $150,000 with a standard deviation of $40,000.Assume that the revenue distribution is normal. -{Average Annual Revenue Narrative} Why are your answers to the previous two questions different?
Question 68
Essay
Retirees A sample of 50 retirees is drawn at random from a normal population whose mean age and standard deviation are 75 and 6 years,respectively. -{Retirees Narrative} What is the probability that two randomly selected retirees are over 73 years of age?
Question 69
Essay
Heights of Men The heights of men in the USA are normally distributed with a mean of 68 inches and a standard deviation of 4 inches. -{Heights of Men Narrative} If the population of men's heights is not normally distributed,which,if any,of the previous questions can you answer?
Question 70
Essay
Retirees A sample of 50 retirees is drawn at random from a normal population whose mean age and standard deviation are 75 and 6 years,respectively. -{Retirees Narrative} What is the probability that the mean age is at most 73 years?