MSI51111 Chapters 7, 8, 9 & 12 Quiz 3 I. Financial analyst Larry Pots needs a sa

Question

MSI51111 Chapters 7, 8, 9 & 12 Quiz 3 I. Financial analyst Larry Pots needs a sample of 100 securities listed on the New York Stock Exchange. In the currens issue of the Wall Street Journal, 2,531 securities are listed in the "New York Exchange Composite Transactions, an eaal n of all securities traded on the previous business day. Larry uses a table of random numbers to selecet 100 numbers between I and 2,531. His sample is a a) quota sample b) simple random sample c) systematic sample d) stratified sample e) eluster sample 2. On Saturdays, cars arrive at David Zebda's Scrub and Shine Car Wash at the rate of 80 cars per hour during the ten- hour shift David wants a sample of 40 Saturday customers to answer the long version of his quality service questicemaire. He instructs the Saturday crew to select the first 40 customers. His sample is a a) convenience sample b) simple random sample c) systematic sample d) stratified sample e) cluster sample J. Acording to the central limit theorem, fa sample of size 100 is dravwn from a population with a mean of so, the ean of all sample means would equal a) 0.80 b) 8 c) 80 d) 100 e) 120 4. According to the central limit theorem, if a sample of size 64 is drawn from a population with a standard deviation of 80, the standard deviation of sample means would equal a) 10.000 b) 1.250 c) 0.125 d) 0800 e) 0.080 5. Suppose 65% of all college students have a laptop computer at home and a sample of150 stadens is taken. The mean of the sampling distribution of is a) 0.65 b) 6.5 c)97.5d) 0.975 c) 15.0 6. Suppose a researcher is interested in understanding the variation in the price of store brand milk. A random sample of 36 grocery stores selected from a population and the mean price of store brand milk is calculated. The sample mean is S31 3 with a standard deviation of $0.23. Construct a 99% confidence interval to a) $3.03 to $3.23 b) $3.12 to S3.14 estimate the population mean c) $3.05 to 53.21 d) $2.90 to $3.36 e) 53.06 to $3.20

Explanation / Answer

1. Correct answer: option (B)
2. Correct answer: option (C)
3. Correct answer: option (C) Answer: 80
4. Correct answer: option (A)  
Since 80/sqrt(64) = 80/8 = 10

5. Correct answer: option (A) Answer: 0.65

6. Correct answer: option (A)  
since
3.025588 < mean <3.234412

7. Correct answer: option (C)
95% Confident the population mean is within the range:
3.052179 < mean <3.207821

8.Correct answer: option (C)
since n-1 = 17-1 = 16

9. Correct answer: option (C)
90% Confident the population mean is within the range:
72.52841 < mean <77.47159

10. Correct answer: option (B)
Since p = 360/800 = 0.45

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