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MBA 510 Problem Set I - Essay Example

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MBA 510 Problem Set I

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 event
A 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:

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. ...Show more


This is continious probability distribution question. I need all the question from each chapter answers and put into an APA format. Prepared correct solutions and showed all steps that led to the solutions. Here's the problems from each exercise below. Thanks
Author : howeyvonne
MBA 510 Problem Set I essay example
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