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There are 10 essay questions. Question 1 addresses TCO A and is worth 33 points.
Questions 2, 3, and 4 address TCO B and are worth 18 points. Questions 5 and 6 address
TCO C and are worth 18 points. Questions 7 and 8 address TCO D and are worth 24 points.
Question 9 addresses TCO E and is worth 48 points. Question 10 also addresses TCO E
and is worth 31 points.
You will have 3 hours and 30 minutes to take the exam. Keep an eye on the remaining time
and SAVE your work often, because when the time limit is reached, you will be exited from
the exam.
Please also note that during the exam time, the copy/paste and printing functions are
disabled.
1. (TCO A)Consider the following raw data, which is the result of selecting a random sample of
20 Bank Common Stocks and noting the dividend yields (as a %).
3.1
4.2
2.0
3.5
2.6
5.3
3.5
3.1
2.6
3.3
4.7
3.7
3.0
2.6
4.0
h
3.8
4.4
3.2
3.2
3.8
a. Compute the mean, median, mode, and standard deviation, Q1, Q3, Min, and Max for the
above sample data on dividend yield.
b. In the context of this situation, interpret the Median, Q1, and Q3. (Points : 33)
2. (TCO B) Consider the following data on newly hired employees in relation to which part of
the country they were born and their highest degree attained.
HS
BS
MS
PHD
Total
East
11
Midwest
18
South
21
West
22
16
29
18
72
Total
If you choose one person at random, then find the probability that the person
a. has a PHD.
b. is from the East and has a BS as the highest degree attained.
c. has only a HS degree, given that person is from the West. (Points : 18)
5. (TCO C) A large-sized bag of Neato Chips should contain 16 oz of potato chips. A sample of
50 large-sized bags is selected with the following results.
Sample Size = 50
g. Determine the observed p-value for the hypothesis test and interpret this value. What does this
mean?
h. Does the sample data provide evidence to conclude that the proportion of paint defects is now
less than .03 (with = .01)? (Points : 24)
8. (TCO D) The duration of workers unemployment seems to be increasing. Suppose that
special federal funds are available for your state when the mean period of unemployment
exceeds 40 weeks. As an economist with your states department of labor, you want to test
whether the mean period of unemployment is more than 40 weeks. A random sample of 60
unemployed persons reveals the following.
Sample Size = 60
Sample Mean = 41.7 weeks
Sample Standard Deviation = 6.1 weeks
Does the sample data provide sufficient evidence to conclude that the population mean period of
unemployment is greater than 40 weeks (using = .05)? Use the hypothesis testing procedure
outlined below.
a. Formulate the null and alternative hypotheses.
b. State the level of significance.
c. Find the critical value (or values), and clearly show the rejection and nonrejection regions.
d. Compute the test statistic.
9 (TCO E) Comp-U-Systems manufactures, sells, and services its own brand of computer. As
part of the standard purchase contract, Comp-U-Systems agrees to perform regular service on its
computers. To better schedule service calls, Comp-U-Systems is interested in the relationship
between the total service time required for a service call (TIME, Y in minutes) and the number of
computers serviced (NUMBER, X). A random sample of 11 service calls is selected, yielding the
data found below.
NUMBER
TIME
PREDICT
109
58
20
138
189
37
82
103
134
68
112
154
Correlations:NUMBER,TIME
PearsoncorrelationofNUMBERandTIME=0.995
PValue=0.000RegressionAnalysis:TIMEversusNUMBER
Theregressionequationis
TIME=11.5+24.6NUMBER
PredictorCoefSECoefTP
Constant11.4643.4393.330.009
NUMBER24.60220.804530.580.000
S=4.61521RSq=99.0%RSq(adj)=98.9%
AnalysisofVariance
SourceDFSSMSFP
Regression11991919919935.150.000
ResidualError919221
Total1020111
PredictedValuesforNewObservations
NewObsFitSEFit95%CI95%PI
1134.481.65(130.75,138.20)(123.39,145.56)
2503.5113.02(474.06,532.96)(472.26,534.76)XX
XXdenotesapointthatisanextremeoutlierinthepredictors.
ValuesofPredictorsforNewObservations
NewObsNUMBER
15.0
220.0
e. Does the data provide significant evidence (= .05) that the number of computers to be
serviced can be used to predict the total service time? Test the utility of this model using a two-
10. (TCO E) Holding goods in inventory is costly because inventoried goods are susceptible to
breakage and other forms of physical damage. Typically, the amount of damage increases with
the level of inventory, but some of the damage is unrelated to the amount of inventory. In
addition, the seasonality may make a difference. A random sample of 10 observations is selected
with the variables INVTRY (X1, inventory in $1,000,000s), SEASON (X2, with spring and
summer being 0 and fall and winter being 1), and DAMAGE (Y, in $10,000s). The results are
found below.
INVTRY
SEASON
DAMAGE
11
80
15
100
13
70
10
60
50
70
13
100
10
65
14
95
54
15
96
91
13
85
Correlations:INVTRY,SEASON,DAMAGE
INVTRYSEASON
SEASON0.349
0.242
DAMAGE0.7980.578
0.0010.038
CellContents:Pearsoncorrelation
PValue
RegressionAnalysis:DAMAGEversusINVTRY,SEASON
Theregressionequationis
DAMAGE=21.2+4.49INVTRY+11.7SEASON.
PredictorCoefSECoefTP
Constant21.1612.441.700.120
INVTRY4.4851.1383.940.003
SEASON11.6705.8961.980.076
S=9.93147RSq=73.9%RSq(adj)=68.7%
AnalysisofVariance
SourceDFSSMSFP
Regression22797.41398.714.180.001
ResidualError10986.398.6
Total123783.7
PredictedValuesforNewObservations
NewObsFitSEFit95%CI95%PI
186.653.76(78.27,95.02)(62.99,110.30)
ValuesofPredictorsforNewObservations
NewObsINVTRYSEASON
112.01.00
a. Analyze
c. Perform the multiple regression t-tests on 1, 2 (use two tailed test with (= .10). Interpret
your results.
d. Predict the damage for a single case in the spring or summer with an inventory of
$12,000,000. Use both a point estimate and the appropriate interval estimate.