A random sample of 100 people was selected from a population of customers at a local bank. The mean age of these customers was 40.
If the population standard deviation is thought to be 5 years, the margin of error for a 95 percent confidence interval estimate is .98 year. Indicate whether the statement is true or false
Q. 2A car salesman has noted that the probability that the dealership sells a car on a Saturday morning is .30. Then the probability of the dealership not selling a car on Saturday morning is .70.
Indicate whether the statement is true or false
Q. 3Using Solver, determine the total cash used for the optimal solution.
A) 120,000
B) 300,000
C) 130,000
D) 600,000
Q. 4In a survey, what is meant by demographic questions and why might we want to include demographic questions in survey?
What will be an ideal response?
Q. 5Briefly describe the method of historical analogy used in forecasting.
What will be an ideal response?
Q. 6Explain how Tchebysheff's theorem can be used to help describe data in a population or a sample.
What will be an ideal response?
Q. 7A direct retailer that sells clothing on the Internet has two distribution centers and wants to determine if there is a difference between the proportion of customer order shipments that contain errors (wrong color, wrong size, etc.).
It takes a sample of orders from each distribution center and obtain the following results: Distribution Center 1 Distribution Center 2Number of orders 120 145Number of errors 4 6Based on these data it can proceed with assuming the normal distribution for each of the proportion sampling distributions. Indicate whether the statement is true or false
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