MBA 510 Problem Set I Essay Example | Topics and Well Written Essays - 750 words

MBA 510 Problem Set I - Essay Example b. Compute the mean deviation. 3.24 square root ((N-Mean)^2+(N1-Mean)^2.../n)= Square root (42/4)= 3.74 c. Compute the standard deviation. 3.74 square root ((N-Mean)^2+(N1-Mean)^2.../n-1)= Square root (42/3)= 3.74 b. Lind Chapter 5: Exercises 8, 66 8. A sample of 2,000 licensed drivers revealed the following number of speeding violations. Number of Violations Number of Drivers 0 1,910 1 46 2 18 3 12 4 9 5 or more 5 Total 2,000 a. What is the experiment The experiment is the gathering of the data set b. List one possible eventA driver has less than two speeding violations c. What is the probability that a particular driver had exactly two speeding violations 18/2000 = .009 d. What concept of probability does this illustrate Relative frequency 66. A survey of undergraduate students in the School of Business at Northern University revealed the following regarding gender and majors of the students: Major Gender Accounting Management Finance Total Male 100 150 50 300 Female 100 50 50 200 Total 200 200 100 500 a. What is the probability of selecting a female student 200/500 = .4 b. What is the probability of selecting finance or accounting major 300/500 = .6 c. What is the probability of selecting a female or an accounting major Which rule of addition did you apply 250/500 = .5 The addition rule of independent events d. Are gender and major independent Why No, the data is dependent upon gender e. What is the probability of selecting an accounting major, given that the person selected is male 100/300 = .33 f. Suppose two students are selected randomly to attend a lunch with the president of the university. What is the probability that both of those selected are accounting majors Acct major = .4 Both acct major = .4*.4 =... 68. The American Automobile Association checks the price of gasoline before many holiday weekends. Listed below are the self-service prices for a sample of 15 retail outlets during the May 2003 Memorial Day weekend in the Detroit, Michigan, area. 70. A recent article suggested that if you earn , 25, 000 a year today and the inflation rate continues at 3 percent per year, you'll need to make 33,598 in 10 years to have the same buying power. You would need to make 44,771 if the inflation rate jumped to 6 percent. Confirm that these statements are accurate by finding the geometric mean rate of increase. 38. The accounting department at Weston Materials, Inc., a national manufacturer of unattached garages, reports that it takes two construction workers a mean of 32 hours and a standard deviation of 2 hours to erect the Red Barn model. Assume the assembly times follow the normal distribution. 44. The number of passengers on the Carnival Sensation during one-week cruises in the Caribbean follows the normal distribution. The mean number of passengers per cruise is 1,820 and the standard deviation is 120. 60. In establishing warranties on HDTV sets, the manufacturer wants to set the limits so that few will need repair at manufacturer expense. On the other hand, the warranty period must be long enough to make the purchase attractive to the buyer.