Question 5 (1 point) Fill in the blank. Suppose that the average starting salary

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Question 5 (1 point)

Fill in the blank. Suppose that the average starting salary for student with an Economics degree is $85,639.12 with a standard deviation of $6,218.271. A random sample of 52 recent graduates with a job is taken. There is a 91% chance that the average salary is less than $ ________.

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Question 6 (1 point)

Fill in the blank. Suppose that the average starting salary for student with an Economics degree is $86,210.5 with a standard deviation of $7,963.813. A random sample of 69 recent graduates with a job is taken. There is a 48% chance that the average salary is greater than $ ________.

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Question 7 (1 point)

Airline companies recognize that empty seats represent lost revenues that can never be recovered. To avoid losing revenues, the companies often book more passengers than there are available seats. Then, when a flight experiences fewer no-shows than expected, some passengers are 'bumped' from their flights (are denied boarding). Incentives are provided to encourage passengers to give up their reserved seat voluntarily, but occasionally some passengers are involuntarily bumped from the flight. Obviously, these incidents can reflect poorly on customer satisfaction. Suppose Southwest Airlines would like to estimate the true proportion of involuntarily bumped passengers across all domestic flights in the industry. In a pilot sample of 521 domestic passengers, 378 were involuntarily bumped. What is the estimate of the population proportion and what is the standard error of this estimate?

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Question 8 (1 point)

In a recent survey of 135 WMU graduates, 103 students said that parking was too limited on campus. What is the estimate of the population proportion? What is the standard error of this estimate?

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Question 9 (1 point)

As a result of the subprime mortgage crisis of 2008, approximately 15.28% of new mortgage originations went into foreclosure by 2009. Suppose in the Kalamazoo area there were 1,281 homes in which the mortgage originated during this period. What is the probability that greater than 16.62% of the homes would be foreclosed on?

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Question 10 (1 point)

Suppose the nationwide high school dropout rate for 2010 was around 12.46%. If you take a sample of 470 students in high school in 2010, what is the probability that between 11.02% and 14.2% of them ended up dropping out?

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Question 11 (1 point)

A sample proportion is calculated from a sample size of 438. How large of a sample would we need in order to decrease the standard error by a factor of 2?

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1) 77,301.94 2) 93,976.3 3) 86,795.28 4) 84,482.96 5) There is not enough information to determine this.

Explanation / Answer

Question 5

Answer (4) 84,482.96

Question 6

Answer (5) 86,258.58

Question 7

Answer (4)

Question 8

Answer(2)

Question 9

Answer (2) 0.0913

Question 10

Answer (3) 0.7010

Question 11

Answer (2) 876

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