Complete the following analogy: An experiment relates to outcome, as the role of a die
relates to _____.
A company set up a kiosk in the Mall of America for several hours and asked randomly
selected people which color cell phone cover was their favorite. The results follow:
What is the probability that black is the favorite color, given that the person’s age is 21
or older?
The Consumer Price Index (1982-84 = 100) reports a CPI in August 2010 for new and
used motor vehicles as 97.620. What is the percentage change in the price of new and
used motor vehicles compared to the base?
If the correlation between sales and advertising is +0.6, _____% of the variation in sales
can be attributed to advertising.
A company studied the commissions paid to furniture salespersons. If the standard
deviation is computed, the unit of measure used would be _________.
A person is trying to decide if they should buy a lottery ticket. The ticket costs $1.00. If
the ticket is a winner, the prize would be $10,000. Knowing that winning $10,000 is not
a certain outcome (state of nature), the person finds that the probability of winning is
0.0009. Based on this information, the following payoff table can be constructed.
What is the decision using a maximax or optimistic approach?
You have four different strategic business plans you can select to implement against
your competitors. You estimate that the probability that the competitors are aware of
your strategies is 0.3, and 0.7 that they are unaware. The payoffs estimated for each
scenario are shown next.
What strategy should you choose if the competitor is unaware?
Deciding on the number of observations to include in a sample is an important decision
when planning a research study. What information is required to make this decision?
A random sample of 20 female executives from companies with assets over $1 million
was selected and asked for their annual income and level of education. The ANOVA
comparing the average income among three levels of education rejected the null
hypothesis. The mean square error (MSE) was 250. The following table summarized the
results:
To compare the mean annual incomes of female executives with an undergraduate
degree and female executives with a master’s degree or more, compute the 99%
confidence interval.
