Exam 19: Questions that Involve Online Topics

If the number of blocks in the experiment is larger than 5,the Friedman rank test statistic can be approximated by a standardized normal distribution.

TABLE 19-1 The following payoff table shows profits associated with a set of 3 alternatives under 2 possible states of nature. -Referring to Table 19-1,what is the best action using the maximax criterion?

TABLE 7-2 According to a survey,only 15% of customers who visited the website of a major retail store made a purchase.Random samples of size 50 are selected from a population of 900.Use the finite population correction factor. -Referring to Table 7-2,90% of the samples will have less than what percentage of customers who will make a purchase after visiting the website?

A buyer for a manufacturing plant suspects that his primary supplier of raw materials is overcharging.In order to determine if his suspicion is correct,he contacts a second supplier and asks for the prices on various identical materials.He wants to compare these prices with those of his primary supplier.He collected data on 6 different materials from both suppliers.He suspects that the differences are not normally distributed.Which of the following tests will be the most appropriate?

TABLE 12-2 An agronomist wants to compare the crop yield of 3 varieties of chickpea seeds.She plants all 3 varieties of the seeds on each of 5 different patches of fields.She then measures the crop yield in bushels per acre.Treating this as a randomized block design,the results are presented in the table that follows. -Referring to Table 12-2,what are the degrees of freedom of the Friedman rank test for the difference in the medians at a level of significance of 0.01?

TABLE 16-1 Given below are the average prices for three types of energy products for five consecutive years. -Referring to Table 16-1,what is the Laspeyres price index for the group of three energy items in year 3 for a family that consumed 15 units of electricity,24 units of natural gas and 200 units of fuel oil in year 1 using year 1 as the base year?

TABLE 19-1 The following payoff table shows profits associated with a set of 3 alternatives under 2 possible states of nature. -Referring to Table 19-1,if the probability of S1 is 0.5,then the expected opportunity loss (EOL)for A1 is

TABLE 16-2 Given below are the prices of a basket of four food items from 2006 to 2010. -Referring to Table 16-2,what are the simple price indices for wheat,corn,soybeans and milk,respectively,in 2007 using 2010 as the base year?

If a new machine of a production plant is functioning properly,only 1% of the items produced will be defective.Out of the 1,000 items the plant produces on a single day,the approximate probability that exactly 0.2% of the items will be defective if the new machine is indeed functioning properly is ________.

TABLE 9-2 An appliance manufacturer claims to have developed a compact microwave oven that consumes a population mean of no more than 250 W.From previous studies,it is believed that power consumption for microwave ovens is normally distributed with a population standard deviation of 15 W.If there is evidence that the population mean consumption is greater than 250 W,the manufacturer will be unable to make the claim. -Referring to Table 9-2,if you select a sample of 20 compact microwave ovens and are willing to have a level of significance of 0.10,the power of the test is ________ if the mean power consumption of all such microwave ovens is in fact 257.3 W.

TABLE 16-2 Given below are the prices of a basket of four food items from 2006 to 2010. -Referring to Table 16-2,what is the Paasche price index for the basket of four food items in 2010 that consisted of 40 bushels of wheat,50 bushels of corn,35 bushels of soybeans and 60 hundredweight of milk in 2010 using 2006 as the base year?

A tabular presentation that shows the outcome for each decision alternative under the various states of nature is called

When you use the Poisson distribution to approximate the binomial distribution,the number of events of interest can be larger than the sample size.

TABLE 9-3 A drug company is considering marketing a new local anesthetic.The effective time of the anesthetic the drug company is currently producing has a normal distribution with a mean of 7.4 minutes with a standard deviation of 1.2 minutes.The chemistry of the new anesthetic is such that the effective time should be normally distributed with the same standard deviation.The company will market the new local anesthetic as being better if there is evidence that the population mean effective time is greater than the 7.4 minutes of the current local anesthetic. -Referring to Table 9-3,if you select a sample of 25 new local anesthetics and are willing to have a level of significance of 0.05,the probability of the company not marketing the new local anesthetic when it is not better is ________.

TABLE 9-3 A drug company is considering marketing a new local anesthetic.The effective time of the anesthetic the drug company is currently producing has a normal distribution with a mean of 7.4 minutes with a standard deviation of 1.2 minutes.The chemistry of the new anesthetic is such that the effective time should be normally distributed with the same standard deviation.The company will market the new local anesthetic as being better if there is evidence that the population mean effective time is greater than the 7.4 minutes of the current local anesthetic. -Referring to Table 9-3,if you select a sample of 25 new local anesthetics and are willing to have a level of significance of 0.05,the probability of the company incorrectly marketing the new local anesthetic when it is not better is ________.

If we are performing a two-tail test of whether μ = 100,the probability of detecting a shift of the mean to 105 will be ________ the probability of detecting a shift of the mean to 110.

TABLE 19-5 The following payoff table shows profits associated with a set of 2 alternatives under 3 possible events. -Referring to Table 19-5,what is the standard deviation for Action A?

TABLE 9-2 An appliance manufacturer claims to have developed a compact microwave oven that consumes a population mean of no more than 250 W.From previous studies,it is believed that power consumption for microwave ovens is normally distributed with a population standard deviation of 15 W.If there is evidence that the population mean consumption is greater than 250 W,the manufacturer will be unable to make the claim. -Referring to Table 9-2,if you select a sample of 20 compact microwave ovens and are willing to have a level of significance of 0.10,the probability of making a Type II error is ________ if the mean power consumption of all such microwave ovens is in fact 257.3 W.

One of the reasons that a correction for continuity adjustment is needed when approximating the binomial distribution with a normal distribution is because the normal distribution is used for a discrete random variable while the binomial distribution is used for a continuous random variable.

TABLE 7-1 Times spent studying by students in the week before final exams follow a normal distribution with standard deviation 8 hours.A random sample of 4 students was taken from a population of 50 in order to estimate the mean study time for the population of all students.Use the finite population correction. -Referring to Table 7-1,80% of all the samples of 4 will have a sample mean of no more than how many hours from the population mean?