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Question 1 of 20 5.0 Points When TV advertisements report that �2 out of 3 dentists surveyed indicated they would recommend Brand X toothpaste to their patients,� an informed consumer may question the conclusion because: � A. the results were incorrectly computed. B. dentists were not really surveyed. C. the conclusion does not include the total number of dentists surveyed. D. the conclusion is not illustrated with a graph. Reset Selection Mark for Review What's This? Question 2 of 20 5.0 Points The main purpose of descriptive statistics is to: � A. summarize data in a useful and informative manner. B. make inferences about a population. C. determine if the data adequately represents the population. D. gather or collect data. Reset Selection Mark for Review What's This? Question 3 of 20 5.0 Points A poll of 1,000 voters used to predict the outcome of a statewide election is an example of: � A. descriptive statistics. B. continuous variable measurement. C. statistical inference. D. deductive statistics. Reset Selection Mark for Review What's This? Question 4 of 20 5.0 Points The number of fishing boats shipped from a manufacturer to a dealer each month is described as a: � A. random variable. B. qualitative variable. C. discrete variable. D. continuous variable. Reset Selection Mark for Review What's This? Question 5 of 20 5.0 Points The kinds of numbers that can take on any value, either a fraction or integer, between specified limits are called: � A. random variables. B. qualitative variables. C. discrete variables. D. continuous variables. Reset Selection Mark for Review What's This? Question 6 of 20 5.0 Points Which of the following is an example of a qualitative variable? � A. Number of children in a family B. Weight of a person C. Color of ink in a pen D. Miles between oil changes Reset Selection Mark for Review What's This? Question 7 of 20 5.0 Points Data obtained on the preferences of different religious groups for specific types of network television programming is an example of: � A. random variables. B. qualitative variables. C. discrete variables. D. continuous variables. Reset Selection Mark for Review What's This? Question 8 of 20 5.0 Points __________ level data are mutually exclusive and exhaustive, and categories are scaled according to the amount of the characteristic they possess, and zero represents a point on the scale. � A. Nominal B. Ordinal C. Interval D. Ratio Reset Selection Mark for Review What's This? Question 9 of 20 5.0 Points A bank asks customers to evaluate the drive-through service as good, average, or poor. Which level of measurement does this classification illustrate? � A. Nominal B. Ordinal C. Interval D. Ratio Reset Selection Mark for Review What's This? Question 10 of 20 5.0 Points Information can be misrepresented: � A. through misleading charts and graphs. B. by reporting of an association of variables as causation. C. by presenting average data that misrepresents sample or population data. D. All of the above Reset Selection Mark for Review What's This? Question 11 of 20 5.0 Points The _________ level of measurement presumes that one classification is ranked higher than another. � A. nominal B. ordinal C. interval D. ratio Reset Selection Mark for Review What's This? Question 12 of 20 5.0 Points _________ data are usually summarized in graphs and bar charts. � A. Qualitative B. Quantitative C. Continuous D. Discrete Reset Selection Mark for Review What's This? Question 13 of 20 5.0 Points Data can be classified according to: � A. discrete variables. B. continuous variables. C. attributes. D. levels of measurement. Reset Selection Mark for Review What's This? Question 14 of 20 5.0 Points A _________ is the total collection of individuals or objects. � A. data set B. sample C. population D. grouping Reset Selection Mark for Review What's This? Question 15 of 20 5.0 Points An example of the _________ level of measurement is temperature. � A. nominal B. ordinal C. interval D. ratio Reset Selection Mark for Review What's This? Question 16 of 20 5.0 Points With the _________ level of measurement, the data are sorted into categories with no particular order to the categories. � A. nominal B. ordinal C. interval D. ratio Reset Selection Mark for Review What's This? Question 17 of 20 5.0 Points The _________ level is the �highest� level of measurement. � A. nominal B. ordinal C. interval D. ratio Reset Selection Mark for Review What's This? Question 18 of 20 5.0 Points Another term for an attribute is a _________ variable. � A. discrete B. continuous C. qualitative D. quantitative Reset Selection Mark for Review What's This? Question 19 of 20 5.0 Points _________ involve(s) making estimates about a population based on sample results. � A. Inferential statistics B. Determinant statistics C. Statistical sampling D. Statistical analysis Reset Selection Mark for Review What's This? Question 20 of 20 5.0 Points With _________ level data, the data classifications are scaled according to the amount of the characteristic they possess. � A. nominal B. ordinal C. interval D. ratio � Question 1 of 20 5.0 Points A student was interested in the cigarette smoking habits of college students and collected data from an unbiased random sample of students. The data is summarized in the following table: Males Surveyed 50 Females Surveyed 75 Males Who Smoke 20 Females Who Smoke 25 Males Who Do Not Smoke 30 Females Who Do Not Smoke 50 Why is the table NOT a frequency distribution? � A. The number of males does not equal the sum of males that smoke and do not smoke. B. The classes are not mutually exclusive. C. There are too many classes. D. Class limits cannot be computed. Reset Selection Mark for Review What's This? Question 2 of 20 5.0 Points The main purpose of descriptive statistics is to: � A. data in a useful and informative manner. B. make inferences about a population. C. determine if the data adequately represents the population. D. gather or collect data. Reset Selection Mark for Review What's This? Question 3 of 20 5.0 Points A poll of 1,000 voters used to predict the outcome of a statewide election is an example of: � A. descriptive statistics. B. continuous variable measurement. C. statistical inference. D. deductive statistics. Reset Selection Mark for Review What's This? Question 4 of 20 5.0 Points The number of fishing boats shipped from a manufacturer to a dealer each month is described as a: � A. random variable. B. qualitative variable. C. discrete variable. D. continuous variable. Reset Selection Mark for Review What's This? Question 5 of 20 5.0 Points The kinds of numbers that can take on any value, either a fraction or integer, between specified limits are called: � A. random variables. B. qualitative variables. C. discrete variables. D. continuous variables. Reset Selection Mark for Review What's This? Question 6 of 20 5.0 Points Which of the following is an example of a qualitative variable? � A. Number of children in a family B. Weight of a person C. Color of ink in a pen D. Miles between oil changes Reset Selection Mark for Review What's This? Question 7 of 20 5.0 Points Data obtained on the preferences of different religious groups for specific types of network television programming is an example of: � A. random variables. B. qualitative variables. C. discrete variables. D. continuous variables. Reset Selection Mark for Review What's This? Question 8 of 20 5.0 Points __________ level data are mutually exclusive and exhaustive, and categories are scaled according to the amount of the characteristic they possess, and zero represents a point on the scale. � A. Nominal B. Ordinal C. Interval D. Ratio Reset Selection Mark for Review What's This? Question 9 of 20 5.0 Points A bank asks customers to evaluate the drive-through service as good, average, or poor. Which level of measurement does this classification illustrate? � A. Nominal B. Ordinal C. Interval D. Ratio Reset Selection Mark for Review What's This? Question 10 of 20 5.0 Points Information can be misrepresented: � A. through misleading charts and graphs. B. by reporting of an association of variables as causation. C. by presenting average data that misrepresents sample or population data. D. All of the above Reset Selection Mark for Review What's This? Question 11 of 20 5.0 Points The first procedure we use to describe a data set is: � A. differentiation. B. classification. C. data correlation. D. frequency distribution. Reset Selection Mark for Review What's This? Question 12 of 20 5.0 Points The number of observations in each class is called the: � A. data set B. class size C. class frequency D. class interval Reset Selection Mark for Review What's This? Question 13 of 20 5.0 Points Which of the following is not a step used to organize data into a frequency distribution? � A. decide on the number of classes. B. determine the class interval. C. prepare the raw data. D. set the individual class limits. Reset Selection Mark for Review What's This? Question 14 of 20 5.0 Points The _________ can be computed by adding the lower class limit to the upper class limit and dividing by 2. � A. class midpoint B. class interval C. class mark D. class size Reset Selection Mark for Review What's This? Question 15 of 20 5.0 Points A set of data consists of 38 observations. How many classes would you recommend for the frequency distribution? � A. 4 B. 5 C. 6 D. 8 Reset Selection Mark for Review What's This? Question 16 of 20 5.0 Points A _________ is especially useful for depicting nominal level data. � A. bar chart B. line chart C. histogram D. pie chart Reset Selection Mark for Review What's This? Question 17 of 20 5.0 Points A set of data consists of 230 observations between $235 and $567. What class interval would you recommend? � A. 15 B. 25 C. 45 D. 50 Reset Selection Mark for Review What's This? Question 18 of 20 5.0 Points Both the _________ and the _________ allow us to get a quick picture of the main characteristics of the data. � A. frequency distribution chart, polygraph B. histogram, frequency polygon C. pie chart, line chart D. horizontal bar chart, vertical bar chart Reset Selection Mark for Review What's This? Question 19 of 20 5.0 Points A set of data consists of 83 observations. How many classes would you recommend for the frequency distribution? � A. 5 B. 6 C. 7 D. 8 Reset Selection Mark for Review What's This? Question 20 of 20 5.0 Points A stem-and-leaf display is an alternative to a: � A. histogram B. frequency distribution C. frequency polygon D. horizontal bar chart � Question 1 of 20 5.0 Points A quality control officer samples the number of adjustments on 10 machines over the course of a week in order to estimate the total number of adjustments on all machines in a factory. This is an example of a(n): � A. population mean. B. sample mean. C. arithmetic mean. D. weighted mean. Reset Selection Mark for Review What's This? Question 2 of 20 5.0 Points A clerk records the number of daily responses to a mail survey in one week. The response totals were 7, 17, 22, 12, 23, 20, more than 25. What is the arithmetic mean of the data set? � A. 14.43 B. 16.83 C. 18 D. Not calculable with the given data set. Reset Selection Mark for Review What's This? Question 3 of 20 5.0 Points What is the mean weight of a sample of largemouth bass caught in a lake with weights of 2 lbs., 2 lbs., 3 lbs., 6 lbs., 8 lbs, and 8 lbs.? � A. 3.17 lbs. B. 4.75 lbs. C. 4.83 lbs. D. Not calculable with the given data set Reset Selection Mark for Review What's This? Question 4 of 20 5.0 Points The arithmetic mean: � A. is a unique number for any data set. B. is always the most representative measure of central tendency for any given data set. C. is the only measure of location where the sum of the deviations of each value from the mean will always be zero. D. Both A and C Reset Selection Mark for Review What's This? Question 5 of 20 5.0 Points Merchandise inventory purchases for a firm for a three-month period are: January: 2,000 units @ $12 per unit; February: 1,800 @ $14 per unit; March 2,600 units @ 15 per unit. What is the mean unit cost of merchandise inventory? � A. $12.82 B. $13.33 C. $13.78 D. $14.00 Reset Selection Mark for Review What's This? Question 6 of 20 5.0 Points One advantage of the median as a measure of central tendency is: � A. the possibility of more than one median existing for a given data set. B. its usefulness for comparing two or more data sets. C. its usefulness for describing nominal data sets. D. that it is not affected by extreme values in the data set. Reset Selection Mark for Review What's This? Question 7 of 20 5.0 Points The median: � A. usually appears twice in a data set. B. cannot be computed from a frequency distribution. C. can be computed for all levels of data. D. is the midpoint of values in a distribution that is ordered from the smallest to the largest. Reset Selection Mark for Review What's This? Question 8 of 20 5.0 Points From the data set 14, 16, 17, 18, 20, what is the mode? � A. 16.5 B. 17 C. 5 D. There is no mode for this data set. Reset Selection Mark for Review What's This? Question 9 of 20 5.0 Points To measure the average percentage population increase in a state over a census period, a statistician should use the: � A. geometric mean. B. arithmetic mean. C. harmonic mean. D. median. Reset Selection Mark for Review What's This? Question 10 of 20 5.0 Points What is the geometric mean of the following sequence? 8, 8, 12, 14, 22, 16, 20 � A. 13.35 B. 14 C. 14.5 D. 16 Reset Selection Mark for Review What's This? Question 11 of 20 5.0 Points Please answer questions 11-13 using the following data. Sales Number of Retailers 100 up to 120 5 120 up to 140 7 140 up to 160 9 160 up to 180 16 180 up to 200 10 200 up to 220 3 What is the mean sales level? � A. 160 B. 160.7 C. 161.20 D. 170 Reset Selection Mark for Review What's This? Question 12 of 20 5.0 Points Based on the information in the chart in #11 (above), what is the median sales level? � A. 155 B. 165 C. 168 D. 170 Reset Selection Mark for Review What's This? Question 13 of 20 5.0 Points Based on the information in the chart in #11 (above), what is the modal observation? � A. 150 B. 160 C. 170 D. 180 Reset Selection Mark for Review What's This? Question 14 of 20 5.0 Points The mean of a data set is 42, the mode is 36, and the median value is 40. The data set is: � A. positively skewed. B. negatively skewed. C. a symmetrical distribution. D. No determination on the skewness of the data set can be made without additional information. Reset Selection Mark for Review What's This? Question 15 of 20 5.0 Points Sometimes, data has two values that have the highest and equal frequencies. In this case, the distribution of the data can best be summarized as: � A. symmetrical. B. bimodal (having two modes). C. positively skewed. D. negatively skewed. Reset Selection Mark for Review What's This? Question 16 of 20 5.0 Points What is the relationship between the mean and median in a negatively skewed distribution? � A. The mean is less than the median. B. The median is less than the mean. C. The geometric mean is higher than the median. D. They are symmetrical with respect to one another. Reset Selection Mark for Review What's This? Question 17 of 20 5.0 Points A distribution that has the same shape on either side of the center is said to be: � A. positively skewed. B. negatively skewed. C. symmetrical. D. central. Reset Selection Mark for Review What's This? Question 18 of 20 5.0 Points What is the relationship among the mean, median, and mode in a symmetric distribution? � A. They are all equal. B. The mean is always the smallest value. C. The median is always the largest value. D. The mode is always the largest value. Reset Selection Mark for Review What's This? Question 19 of 20 5.0 Points A negatively skewed distribution indicates that: � A. the distribution is not symmetrical. B. the long tail is to the right. C. the long tail is to the left. D. Both A and C Reset Selection Mark for Review What's This? Question 20 of 20 5.0 Points The weekly sales from a sample of ten computer stores yielded a mean of $25,900; a median $25,000 and a mode of $24,500. What is the shape of the distribution? � A. Symmetrical B. Positively skewed C. Negatively skewed D. Bi-modal � Question 1 of 20 5.0 Points Measures of dispersion: � A. provide information that allow comparisons between the spreads of two or more distributions. B. cannot be calculated for grouped data. C. convey information on how the data is clustered around the median. D. All of the above Reset Selection Mark for Review What's This? Question 2 of 20 5.0 Points Please answer questions 2�7 using the following sample data. 13 29 41 60 89 14 26 53 7 14 What is the arithmetic mean of the data? � A. 34.6 B. 14 C. 50 D. 30.4 Reset Selection Mark for Review What's This? Question 3 of 20 5.0 Points Based on the information in the chart in #2 (above), what is the median of the data? � A. 27.5 B. 14 C. 34.6 D. 51 Reset Selection Mark for Review What's This? Question 4 of 20 5.0 Points Based on the information in the chart in #2 (above), what is the range of the data? � A. 14 B. 34.6 C. 82 D. 27.5 Reset Selection Mark for Review What's This? Question 5 of 20 5.0 Points Based on the information in the chart in #2 (above), what is the mean deviation of the data? � A. 0 B. 10.5 C. 20.9 D. 209 Reset Selection Mark for Review What's This? Question 6 of 20 5.0 Points Based on the information in the chart in #2 (above), what is the variance of the data? � A. 231 B. 616.2 C. 685.2 D. 1,197.2 Reset Selection Mark for Review What's This? Question 7 of 20 5.0 Points Based on the information in the chart in #2 (above), what is the standard deviation of the data? � A. 0.2 B. 24.83 C. 26.18 D. 34.61 Reset Selection Mark for Review What's This? Question 8 of 20 5.0 Points The coefficient of variation generally lies between: � A. -1 and +1. B. -3 and +3. C. 0% and 100%. D. unlimited values. Reset Selection Mark for Review What's This? Question 9 of 20 5.0 Points The mean of a data set is 20 and s = 2. According to Chebyshev's theorem, what is the percentage of values that lie within 3 standard deviations of the mean? � A. 11.1% B. 68% C. 88.9% D. 96% Reset Selection Mark for Review What's This? Question 10 of 20 5.0 Points A non-normal population is determined to have a mean of 60 and a standard deviation of 4. Ninety-six percent of all observed values will occur in what range? � A. 52.16-67.84 B. 50-60 C. 48-72 D. 40-80 Reset Selection Mark for Review What's This? Question 11 of 20 5.0 Points A study of hours devoted to a graduate course outside of classroom time generates a mean score of 90 with a standard deviation of 20. The mean age of the students was 31 with a standard deviation of 5 years. What is the relative dispersion of the two data sets? � A. 2.22%; 1.6% B. 22.22%; 16.13% C. 34.44%; 20% D. Not calculable without additional data Reset Selection Mark for Review What's This? Question 12 of 20 5.0 Points Based on the empirical rules, what percent of the observations in a data set will lie beyond two standard deviations above the mean? � A. 2.5% B. 5% C. 68% D. 95% Reset Selection Mark for Review What's This? Question 13 of 20 5.0 Points For a sample of engineers, the mean salary is $95,000 with a standard deviation of $30,000. The median value is $80,000. What is the relative shape of the distribution and coefficient of skewness? � A. Negatively skewed; -1.00 B. Negatively skewed; 1.00 C. Positively skewed; 1.50 D. Positively skewed; 3.00 Reset Selection Mark for Review What's This? Question 14 of 20 5.0 Points Please answer questions 14�16 using the following sample data. 13 29 41 60 89 14 26 53 7 14 What is the first quartile? � A. 11.5 B. 13.75 C. 37 D. 50.75 Reset Selection Mark for Review What's This? Question 15 of 20 5.0 Points Based on the information in the chart in #14 (above), what is the interquartile range? � A. 6 B. 39.5 C. 41 D. 44.25 Reset Selection Mark for Review What's This? Question 16 of 20 5.0 Points Based on the information in the chart in #14 (above), what is the 90th percentile? � A. 9.9 B. 55.5 C. 86.1 D. 89 Reset Selection Mark for Review What's This? Question 17 of 20 5.0 Points The interquartile range describes the: � A. lower 50% of observations. B. lower 25% and upper 25% of observations. C. middle 50% of observations. D. upper 50% of observations Reset Selection Mark for Review What's This? Question 18 of 20 5.0 Points A survey of passengers on domestic flights revealed these miles: Miles Flown Number of Passengers 100 up to 500 16 500 up to 900 41 900 up to 1,300 81 1,300 up to 1,700 11 1,700 up to 2,100 9 2,100 up to 2,500 6 What is the range (in miles)? � A. 2,499 B. 1,100 C. 2,400 D. 1,999 Reset Selection Mark for Review What's This? Question 19 of 20 5.0 Points A box plot shows: � A. the mean and variance. B. the relative symmetry of a distribution for a set of data. C. the percentiles of a distribution. D. the deciles of a distribution. Reset Selection Mark for Review What's This? Question 20 of 20 5.0 Points What statistics are needed to draw a box plot? � A. Minimum, maximum, median, first, and third quartiles B. Median, mean, and standard deviation C. A mean and a dispersion D. A mean and a standard deviation � Question 1 of 20 5.0 Points A collection of possible outcomes is know as a(n): � A. experiment. B. probability. C. event. D. observation Reset Selection Mark for Review What's This? Question 2 of 20 5.0 Points __________ requires the evaluation of available opinions and other information to produce estimates. � A. An experiment B. An observation C. Classical probability D. Subjective probability Reset Selection Mark for Review What's This? Question 3 of 20 5.0 Points The probability of selecting a red card from a fair deck of cards is: � A. a collectively exhaustive experiment. B. an example of a mutually exclusive event. C. an example of classical probability. D. All of the above Reset Selection Mark for Review What's This? Question 4 of 20 5.0 Points Events A and B are mutually exclusive. The probability of event A occurring is 0.15; the probability of event B occurring is 0.45. What is the probability that A or B will occur? � A. 0.30 B. 0.60 C. 1 D. 0.40 Reset Selection Mark for Review What's This? Question 5 of 20 5.0 Points Of 680 college students surveyed, 540 reported that they held a part-time job. What is the probability of selecting a student with a part-time job from this group? � A. 0.206 B. 0.485 C. 0.50 D. 0.794 Reset Selection Mark for Review What's This? Question 6 of 20 5.0 Points Please answer questions 6-8 based on the following information. A student survey revealed the following data concerning employment status: Class Level/Job status None Part-time Full-time Freshman 16 52 12 Sophomore 4 26 20 Junior 8 18 34 Senoir 0 22 18 If one student is selected at random, what is the probability that the selected person is currently unemployed? � A. 0.122 B. 0.138 C. 0.348 D. 0.878 Reset Selection Mark for Review What's This? Question 7 of 20 5.0 Points Based on the information in the chart in #6 (above), if one student is selected at random, what is the probability that the selected person is a senior working full-time? � A. 0.078 B. 0.082 C. 0.214 D. 0.461 Reset Selection Mark for Review What's This? Question 8 of 20 5.0 Points Based on the information in the chart in #6 (above), if one student is selected at random, what is the probability that the selected person is a freshman employed on a part-time basis? � A. 0.104 B. 0.226 C. 0.356 D. 0.441 Reset Selection Mark for Review What's This? Question 9 of 20 5.0 Points P(A) = 0.40; P(B) = 0.25; the probability of both events occurring is 0.15. What is the probability of either event occurring? � A. 0.15 B. 0.50 C. 0.65 D. 0.80 Reset Selection Mark for Review What's This? Question 10 of 20 5.0 Points What is the probability of obtaining a "1" or a "2" on a single throw of a fair die? � A. 0.028 B. 0.167 C. 0.333 D. 0.50 Reset Selection Mark for Review What's This? Question 11 of 20 5.0 Points Events A and B are independent if: � A. event A occurs, therefore event B cannot occur. B. event B can occur only if event A occurs. C. the probability of event A is equal to the conditional probability of event A given B. D. the probability of event A is less than the conditional probability of event A given B. Reset Selection Mark for Review What's This? Question 12 of 20 5.0 Points For two independent events, if P(A)=3/8, and P(B)=8/9, what is P(A and B)? � A. 27/56 B. 1.317 C. 1/3 D. 46/100 Reset Selection Mark for Review What's This? Question 13 of 20 5.0 Points When two or more events can occur concurrently, it is known as: � A. independent probability. B. conditional probability. C. joint probability. D. the special rule of addition. Reset Selection Mark for Review What's This? Question 14 of 20 5.0 Points If P(A and B)=0.24 and P(A)=0.48, what is P(B|A)? � A. 0.1152 B. 0.5 C. 2.00 D. Not calculable without additional data. Reset Selection Mark for Review What's This? Question 15 of 20 5.0 Points A prior probability is assigned to an event: � A. to determine joint probability. B. to determine subjective probability. C. for conditional probability problems. D. when using Bayes' theorem. Reset Selection Mark for Review What's This? Question 16 of 20 5.0 Points A mortgage company has found that 2% of its mortgage holders default on their mortgage. Furthermore, 90% of those who default are late on at least two monthly payments over the life of their mortgage as compared to 45% of those who do not default. What is the probability that a mortgagee with two or more late monthly payments will default (using Bayes theorem)? � A. 0.018 B. 0.0226 C. 0.039 D. 0.441 Reset Selection Mark for Review What's This? Question 17 of 20 5.0 Points What is eight factorial (8!) equal to? � A. 40,320 B. 5,040 C. 8,000 D. 7! * 1! Reset Selection Mark for Review What's This? Question 18 of 20 5.0 Points There are __________ permutations for selecting 6 items from a collection of 10 items. � A. 24 B. 210 C. 5,040 D. 151,200 Reset Selection Mark for Review What's This? Question 19 of 20 5.0 Points What is the number of ways in which 7 items can be taken 4 at a time, without regard to order? � A. 35 B. 210 C. 840 D. 720 Reset Selection Mark for Review What's This? Question 20 of 20 5.0 Points When selecting 4 of 9 possible candidates for a relay race, when specific order in the relay team matters, there are __________ possible team lineups. � A. 126 B. 630 C. 3,024 D. 15,210 � Question 1 of 20 5.0 Points A firm is deciding whether or not to place a new product on the market. They envisage three possible market reactions: high demand, moderate demand, and low demand. If demand is strong they expect to sell $200,000 per month of the good; moderate sales levels are expected to be $100,000; low sales are estimated at $40,000. The firm's alternatives are: � A. sell in high, moderate, or low quantities. B. market the product or sell production rights to another firm. C. to market or not to market the product. D. None of the above Reset Selection Mark for Review What's This? Question 2 of 20 5.0 Points In the scenario presented in #1 (above), the states of nature that the firm faces are: � A. $200,000, $100,000, and $40,000. B. sell or don't sell the product. C. high demand, moderate demand, and low demand. D. None of the above Reset Selection Mark for Review What's This? Question 3 of 20 5.0 Points For the scenario presented in #1 (above), the firm's payoff: � A. is $60,000. B. is high, moderate, or low demand. C. is $340,000. D. is $200,000, $100,000, and $40,000, respectively. Reset Selection Mark for Review What's This? Question 4 of 20 5.0 Points Please answer Questions 4-12 using the following information. STATE CHOICE I II A $22,000 $15,000 B $20,000 $30,000 C $17,000 $34,000 The probability of state I occurring is 0.40, and the probability of state II occurring is 0.60. What is the expected monetary value of Choice B when State II occurs? � A. $ 7,200 B. $18,000 C. $25,000 D. $47,400 Reset Selection Mark for Review What's This? Question 5 of 20 5.0 Points Besides a payoff table, information can be organized using a: � A. decision tree. B. scatter diagram. C. fishbone. D. Pareto chart. Reset Selection Mark for Review What's This? Question 6 of 20 5.0 Points What is the most optimistic of all possible strategies? � A. Minimax B. Maximax C. Maximin D. Minimax regret Reset Selection Mark for Review What's This? Question 7 of 20 5.0 Points A maximax strategy will always choose the act or alternative that: � A. maximizes the expected monetary value. B. minimizes the maximum regret or opportunity loss. C. maximizes the potential payoff regardless of uncertainty. D. guarantees a payoff for any state of nature. Reset Selection Mark for Review What's This? Question 8 of 20 5.0 Points A maximin strategy will always choose the act or alternative that: � A. maximizes the expected monetary value. B. minimizes the maximum regret or opportunity loss. C. maximizes the potential payoff regardless of uncertainty. D. guarantees a payoff for any state of nature. Reset Selection Mark for Review What's This? Question 9 of 20 5.0 Points A minimax regret strategy will always choose the act or alternative that: � A. maximizes the expected monetary value. B. minimizes the maximum regret or opportunity loss. C. maximizes the potential payoff regardless of uncertainty. D. guarantees a payoff for any state of nature. Reset Selection Mark for Review What's This? Question 10 of 20 5.0 Points Based on the information in the chart in #4 (above), What is the expected monetary value of Choice C? � A. $23,600 B. $25,500 C. $27,200 D. $40,000 Reset Selection Mark for Review What's This? Question 11 of 20 5.0 Points Based on the information in the chart in #4 (above), the greatest expected payoff is represented by: � A. selecting Choice C. B. selecting Choice C if expecting State I to occur. C. State I occurring. D. State II occurring. Reset Selection Mark for Review What's This? Question 12 of 20 5.0 Points Based on the information in the chart in #4 (above), what is the opportunity loss of selecting Choice B when State II occurs? � A. $0 B. $4,000 C. $8,000 D. $10,000 Reset Selection Mark for Review What's This? Question 13 of 20 5.0 Points Based on the information in the chart in #4 (above), what is the expected opportunity loss of selecting Choice A? � A. $0 B. $6,000 C. $11,400 D. $19,000 Reset Selection Mark for Review What's This? Question 14 of 20 5.0 Points Based on the information in the chart in #4 (above), what is the expected opportunity loss of selecting Choice B? � A. $0 B. $3,200 C. $6,000 D. It depends on which state occurs. Reset Selection Mark for Review What's This? Question 15 of 20 5.0 Points Based on the information in the chart in #4 (above), to minimize expected opportunity loss, we should select: � A. Choice A. B. Choice B. C. Choice C. D. It depends on which state occurs. Reset Selection Mark for Review What's This? Question 16 of 20 5.0 Points Based on the information in the chart in #4 (above), using a minimax regret strategy, we should select: � A. Choice A. B. Choice B. C. Choice C. D. None of the above Reset Selection Mark for Review What's This? Question 17 of 20 5.0 Points Another way of deciding which common stock to purchase is to determine the profit that might be lost because the exact state of nature (the market behavior) was not known at the time the investor bought the stock. This potential loss is called: � A. opportunity loss or regret. B. negative state of nature. C. minimization. D. condition of uncertainty. Reset Selection Mark for Review What's This? Question 18 of 20 5.0 Points Based on the information in the chart in #4 (above), what is the expected value of perfect information? � A. $2,000 B. $2,600 C. $4,200 D. $6,800 Reset Selection Mark for Review What's This? Question 19 of 20 5.0 Points The expected value of perfect information: � A. is equal to the expected value of conditions under certainty minus the optimal decision under uncertainty. B. is the same as the minimum of the expected regrets. C. is the dollar value of knowing the outcome of an event in advance. D. All of the above Reset Selection Mark for Review What's This? Question 20 of 20 5.0 Points Based on the information in the chart in #4 (above), for the purposes of building a decision tree, the value of $20,000 for Choice B given that State I occurs is: � A. a backward induced variable. B. perfect information. C. known as a conditional payoff. D. the optimal decision strategy. ASSIGNMENT07 MA260 Statistical Analysis I Directions: Sources must be cited in APA format. Your response should be a minimum of (1)single-spaced page to a maximum of (2) pages in length; refer to the"Assignment Format" page for specific format requirements. NOTE: Show your work in the problems. 1. Arecent article in the Myrtle Beach SunTimes reported that the mean labor cost to repair a color television is $90with a standard deviation of $22. Monte’s TV Sales and Service completed repairs on two sets thismorning. The labor cost for the firstwas $75 and it was $100 for the second. Compute z values for each and comment on your findings. 2. Themean of a normal distribution is 400 pounds. The standard deviation is 10 pounds. a. What is the area between 415 pounds andthe mean? b. What is the area between the mean and395 pounds? c. Whatis the probability of selecting a value at random and discovering that it has avalue of less than 395 pounds? 3. Themonthly sales of mufflers in the Richmond, VA area follow the normaldistribution with a mean of 1200 and a standard deviation of 225. The manufacturer would like to establishinventory levels such that there is only a 5% chance of running out ofstock. Where should the manufacturer setthe inventory levels? 4. Researchon new juvenile delinquents revealed that 38% of them committed another crime. a. Whatis the probability that of the last 100 new juvenile delinquents put onprobation, 30 or more will commit another crime? b. Whatis the probability that 40 or fewer of the delinquents will commit anothercrime? c. Whatis the probability that between 30 and 40 of the delinquents will commitanother crime? 5. AnAir Force study indicates that the probability of a disaster such as theJanuary 28, 1986 explosion of the space shuttle Challenger was 1 in 35. The Challenger flight was the 25thmission. a. Howmany disasters would you expect in the first 25 flights? b. Usethe normal approximation to estimate the probability of at least one disasterin 25 missions. ASSIGNMENT06 MA260 Statistical Analysis I Directions: Sources must becited in APA format. Your responseshould be a minimum of (1) single-spaced page to a maximum of (2)pages in length; refer to the "Assignment Format" page forspecific format requirements. NOTE: Show your work in the problems. 1. Computethe mean and variance of the following discrete probability distribution. x P(x) 2 .50 8 .30 10 .20 2. TheComputer Systems Department has eight faculty, six of whom are tenured. Dr. Vonder, the chair, wants to establish acommittee of three department faculty members to review the curriculum. If she selects the committee at random: a. What is the probability all members ofthe committee are tenured? b. Whatis the probability that at least one member is not tenured? (Hint: For this question, use the complement rule.) 3. NewProcess, Inc., a large mail-order supplier of women’s fashions, advertisessame-day service on every order. Recently, the movement of orders has not gone as planned, and there werea large number of complaints. Bud Owens,director of customer service, has completely redone the method of orderhandling. The goal is to have fewer thanfive unfilled orders on hand at the end of 95% of the working days. Frequent checks of the unfilled orders followa Poisson distribution with a mean of two orders. Has New Process, Inc. lived up to itsinternal goal? Cite evidence. 4. Recentinformation published by the U.S. Environmental Protection Agency indicatesthat Honda is the manufacturer of four of the top nine vehicles in terms offuel economy. a. Determine the probability distributionfor the number of Hondas in a sample of three cars chosen from the top nine. b. Whatis the likelihood that in the sample of three at least one Honda is included? 5. Accordingto the “January theory,” if the stock market is up for the month of January, itwill be up for the year. If it is downin January, it will be down for the year. According to an article in the WallStreet Journal, this theory held for 29 out of the last 34 years. Suppose there is no truth to thistheory. What is the probability thiscould occur by chance?

The statistics assignments are better left for another Expert, sorry. I can work on the MC questions on Tuesday. Please let me know if this is acceptable.

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