TABLE 6-5
A company producing orange juice buys all of its oranges from a large orange orchard.
The amount of juice that can be squeezed from each of these oranges is approximately
normally distributed with a mean of 4.7 ounces and some unknown standard deviation.
The company’s production manager knows that the probability is 30.85% that a
randomly selected orange will contain less than 4.5 ounces of juice. Also, the
probability is 10.56% that a randomly selected orange will contain more than 5.2
ounces of juice. Answer the following questions without the help of a calculator,
statistical software or statistical table.
Referring to Table 6-5, what is the probability that a randomly selected orange will
contain no more than 4.9 ounces of juice?
TABLE 19-5
The following payoff table shows profits associated with a set of 2 alternatives under 3
possible events.
Suppose that the probability of Event 1 is 0.2, Event 2 is 0.5, and Event 3 is 0.3.
Referring to Table 19-5, what is the EVPI for this problem?
TABLE 15-5
What are the factors that determine the acceleration time (in sec.) from 0 to 60 miles per
hour of a car? Data on the following variables for 171 different vehicle models were
collected:
Accel Time: Acceleration time in sec.
Cargo Vol: Cargo volume in cu. ft.
HP: Horsepower
MPG: Miles per gallon
SUV: 1 if the vehicle model is an SUV with Coupe as the base when SUV and Sedan
are both 0
Sedan: 1 if the vehicle model is a sedan with Coupe as the base when SUV and Sedan
are both 0
The coefficient of multiple determination ( ) for the regression model using each of
the 5 variables Xj as the dependent variable and all other X variables as independent
variables are, respectively, 0.7461, 0.5676, 0.6764, 0.8582, 0.6632.
Referring to Table 15-5, what is the value of the variance inflationary factor of MPG?
TABLE 17-3
A financial analyst wanted to examine the relationship between salary (in $1,000) and 4
variables: age (X1 = Age), experience in the field (X2 = Exper), number of degrees (X3 =
Degrees), and number of previous jobs in the field (X4 = Prevjobs). He took a sample of
20 employees and obtained the following Microsoft Excel output:
SUMMARY OUTPUT
Regression Statistics
ANOVA
Referring to Table 17-3, the critical value of an F test on the entire regression for a level
of significance of 0.01 is ________.
TABLE 5-5
From an inventory of 48 new cars being shipped to local dealerships, corporate reports
indicate that 12 have defective radios installed.
Referring to Table 5-5, what is the probability out of the 8 new cars it just received that,
when each is tested, exactly half of the cars have defective radios?
In order to compare one large set of numerical data to another, a ________ distribution
must be developed from the frequency distribution.
When comparing two or more large sets of numerical data, the distributions being
developed should use the same ________.
The local police department must write, on average, 5 tickets a day to keep department
revenues at budgeted levels. Suppose the number of tickets written per day follows a
Poisson distribution with a mean of 6.4 tickets per day. Find the probability that less
than 6 tickets are written on a randomly selected day from this population.
TABLE 7-8
According to a survey, only 15% of customers who visited the website of a major retail
store made a purchase. Random samples of size 50 are selected from a population of
900. Use the finite population correction factor.
Referring to Table 7-8, what proportion of the samples will have less than 15% of
customers who will make a purchase after visiting the website?
A second-order autoregressive model for average mortgage rate is:
Ratei = -2.0 + 1.8 (Rate)i-1 – 0.5 (Rate)i-2.
If the average mortgage rate in 2012 was 7.0, and in 2011 was 6.4, the forecast for 2014
is ________.