No Service 3:12 PM texsu.blackboard.com MGSC331-01 SPRING 2016 HOMEWORKII DUE 02

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No Service 3:12 PM texsu.blackboard.com MGSC331-01 SPRING 2016 HOMEWORKII DUE 02/08/2016 1:00 p.m. The following problems are from our text book Statistical Techniques in Business and Economics, 16th edition. 6 POINTS EACH PROBLEM. MAXIMUM OF 30 POINTS I. #8 p.289 2, #14 p.297 3, #18 p.300 4, #24 p.304 5, #62 p.311 NOTE: A. Please note that handwritten solutions are discouraged for all homework. They should be either in EXCEL or WORD B. Please show all your steps when you solve ALL problems. C. Please submit your own work and NOT a copy of someone's work. Please refer to the syllabus. D. If you have any questions, please see me or Mr. Wachara, the statistics tutor

Explanation / Answer

18.

a)

Note that              
              
p^ = point estimate of the population proportion = x / n = 15/300 =   0.05   [ANSWER]

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b)      
              
Also, we get the standard error of p, sp:              
              
sp = sqrt[p^ (1 - p^) / n] =    0.012583057          
              
Now, for the critical z,              
alpha/2 =   0.025          
Thus, z(alpha/2) =    1.959963985          
Thus,              
Margin of error = z(alpha/2)*sp =    0.024662339          
lower bound = p^ - z(alpha/2) * sp =   0.025337661          
upper bound = p^ + z(alpha/2) * sp =    0.074662339          
              
Thus, the confidence interval is              
              
(   0.025337661   ,   0.074662339   ) [ANSWER]
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c)

NO, as this whole confidence interval is less than 0.10.

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