Qnt 351 Final Exam Answers Essay

8. Draw conclusions – Assuming that your experiment produced results identical to those seen in Table 4, would you reject or accept the hypothesis that you produced in question 3? Explain how you determined this.

a. The time (in years) it takes a sample of students to graduate college (Mean)

The correct answer is D, $700,000. The nonmanufacturing costs are the costs incurred to make the inventory are crossed out below. Notice that purchasing raw material is not the same thing as incurring a cost. You have simply traded one asset for another. You have not yet used it to make a product, or provide a service.

(b) The value of Z with an area of 5% in the right tail, but not the sample mean.

http://cfaonline.asu.edu/beatles E-mail preferred: mus354 beatles@mainex1.asu.edu The Beatles • John Hannon – vocals, rhythm guitar, keyboards, song writer • Paul McCartney – vocals, bass, guitar, keyboards, song writer • George Harrison – (Jazz), vocals, lead guitar, song writer (“something”) • Richard Starkey (Ringo Starr) – vocals, drums • Left-handed: Paul and Ringo Paul is a perfectionist Ringo – short, more like human being, oldest, older than John by 3 month 4 stage career – • 1958-1963 – formative, U.K. hits 62-63: “ Please please me”, “Love me do” 63: “She loves you, yeah yeah yeah”, “I want to hold your hand” • 1964-1965 – U.S. and World tours, pop hits • 1966-1968 – psychedelic sound and concept albums

12. _____ For a given population, confidence intervals constructed from larger samples tend to be narrower than those constructed from smaller samples. Which statement below best describes why this is true? (A) The variability of the sample mean is less for larger samples. (B) The z-value for larger samples tends to be more accurate. (C) The population variance is larger for large populations. (D) As the sample size increases, the z-value (or t-value) becomes smaller. A machine dispenses potato chips into bags that are advertised as containing one pound of product. To be on the safe side, the machine is supposed to be calibrated to dispense 16.07 ounces per bag, and from long time observation, the distribution of the fill-weights is known to be approximately normal and the process is known to have a standard deviation of 0.15 ounces.

Part B: How might each of the following concepts affect the results of the study?

e. Now for the same data, Test the hypothesis that the median value of the difference in weights before and after the dieting programme is non-existent. What is the name of this test? Also state what the symmetric CI for the median of the difference would be.

• Include appropriate probability concepts and your application to find resulting data to limit uncertainty in this decision.

Conclusion : Reject the null hypothesis. The sample provide enough evidence to support the claim that mean is significantly different from 12 .

a. The study was designed as an experimental research by using independent and dependent variables.

Final Exam Review Questions Solutions Guide You will probably want to PRINT THIS so you can carefully check your answers. Be sure to ask your instructor if you have questions about any of the solutions given below. 1. Explain the difference between a population and a sample. In which of these is it important to distinguish between the two in order to use the correct formula? mean; median; mode; range; quartiles; variance; standard deviation. Solution: A sample is a subset of a population. A population consists of every member of a particular group of interest. The variance and the standard deviation require that we know whether we have a sample or a population. 2. The following numbers represent the weights in pounds of six 7year old

5) From calculations, computed z value is more than -1.65 and falls within Ho not rejected region. Ho is not rejected at α = 0.05 & α = 0.01 significance levels.

a. Conclusion drawn must be based on a sample that represent the entire group .

a) A recent article in Bangladesh Observer indicated that the mean selling price of the homes in the city of Dhaka is more than Tk. 2200. Can we conclude that the mean selling price in the Gulshan area is more than Tk. 2200? Use the 0.01 significance level. What is the P-value?