Aggressive decision makers are called speculators because they increase their exposure to risk in hopes of increasing their return.
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Q. 2The size of the sampling error that comes from a random sample depends on both the variation in the population and the size of the sample being selected.
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Q. 3In Excel, joint frequency distributions can be generated using the Pivot Table feature under the Data tab.
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Q. 4An educational organization in California is interested in estimating the mean number of minutes per day that children between the age of 6 and 18 spend watching television per day.
A previous study showed that the population standard deviation was 21.5 minutes. The organization selected a random sample of n = 200 children between the ages of 6 and 18 and recorded the number of minutes of TV that each person watched on a particular day. The mean time was 191.3 minutes. If the leaders of the organization wish to develop an interval estimate with 98 percent confidence, what critical value should be used?A) z = 1.645
B) t = 2.38
C) Approximately z = 2.33
D) Can't be determined without knowing the margin of error.
Q. 5The sample mean is a parameter.
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Q. 6The following probability distribution was subjectively assessed for the number of sales a salesperson would make if he or she made five sales calls in one day.
Sales Probability
0 0.10
1 0.15
2 0.20
3 0.30
4 0.20
5 0.05
When the salesperson makes a sale, there are three possible sales levels: large, medium, and small. The probability of a large sale is 0.20 and the chance of a medium sale is 0.60. The probability on a given day that the salesperson will make one sale and that it is medium is 0.09.
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