Patrick Greaves
New member
- Joined
- Jan 17, 2008
- Messages
- 1
I would like to get your help on the below noted business stats questions, can you please provide complete working out of the solutions so that I can use them as an example for further studies.
1. Give an example of three events that would be mutually exclusive. Are these events also exhaustive? Then, give an example of three events that would be exhaustive. Are these exhaustive events also mutually exclusive? Fully explain your response.
2. Bill must sell three more cars this month in order to meet his quota. Tonight he has after-dinner appointments with five prospective customers, each of whom happens to be interested in a different car. If he has a 30% chance of success with each customer, what is the probability that he will meet his quota by tomorrow morning? Suppose that three of Bill’s customers were interested in the same car, and that they’ll go elsewhere if it has already been sold. Would it be appropriate to use the binomial distribution under these conditions? Why and why not?
3. The American Council of Life Insurance and the Life Insurance Marketing and Research Association have reported that insured households with heads of house-holds who are 35 to 44 years old had an average of $95,900 of life insurance coverage. Assuming a normal distribution and a standard deviation of $25,000, what’s the probability that a randomly selected household with a head of household in this age group has less than $70,000 in life insurance coverage.
4. To test the effectiveness of a new type of plastic handcuffs, a law enforcement agency puts the cuffs on a sample of 30 persons who belong to the local weightlifting club. None is able to break free from the cuffs. What type of sampling technique does this represent? Explain your reasoning.
5. A simple random sample is to be drawn from a population of 1200. In order to have 90% confidence that the sampling error in estimating ? ( pie ) is no more than 0.03, what sample size will be necessary?
I look forward to your help on the above questions.
Regards
Patrick
1. Give an example of three events that would be mutually exclusive. Are these events also exhaustive? Then, give an example of three events that would be exhaustive. Are these exhaustive events also mutually exclusive? Fully explain your response.
2. Bill must sell three more cars this month in order to meet his quota. Tonight he has after-dinner appointments with five prospective customers, each of whom happens to be interested in a different car. If he has a 30% chance of success with each customer, what is the probability that he will meet his quota by tomorrow morning? Suppose that three of Bill’s customers were interested in the same car, and that they’ll go elsewhere if it has already been sold. Would it be appropriate to use the binomial distribution under these conditions? Why and why not?
3. The American Council of Life Insurance and the Life Insurance Marketing and Research Association have reported that insured households with heads of house-holds who are 35 to 44 years old had an average of $95,900 of life insurance coverage. Assuming a normal distribution and a standard deviation of $25,000, what’s the probability that a randomly selected household with a head of household in this age group has less than $70,000 in life insurance coverage.
4. To test the effectiveness of a new type of plastic handcuffs, a law enforcement agency puts the cuffs on a sample of 30 persons who belong to the local weightlifting club. None is able to break free from the cuffs. What type of sampling technique does this represent? Explain your reasoning.
5. A simple random sample is to be drawn from a population of 1200. In order to have 90% confidence that the sampling error in estimating ? ( pie ) is no more than 0.03, what sample size will be necessary?
I look forward to your help on the above questions.
Regards
Patrick
