Exam 19: Questions that Involve Online Topics

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,the null hypothesis for the Friedman rank test is

TABLE 19-2 The following payoff matrix is given in dollars. -Referring to Table 19-2,the coefficient of variation for Action A is

TABLE 6-1 A company has 125 personal computers.The probability that any one of them will require repair on a given day is 0.15. -Referring to Table 6-1,which of the following is one of the properties required so that the binomial distribution can be used to compute the probability that no more than 2 computers will require repair on a given day?

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 optimal action using EOL?

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 return to risk ratio for A3 is

TABLE 19-6 A student wanted to find out the optimal strategy to study for a Business Statistics exam.He constructed the following payoff table based on the mean amount of time he needed to study every week for the course and the degree of difficulty of the exam.From the information that he gathered from students who had taken the course,he concluded that there was a 40% probability that the exam would be easy. -Which of the following is not a decision making criterion?

TABLE 19-1 The following payoff table shows profits associated with a set of 3 alternatives under 2 possible states of nature. -Blossom's Flowers purchases roses for sale for Valentine's Day.The roses are purchased for $10 a dozen and are sold for $20 a dozen.Any roses not sold on Valentine's Day can be sold for $5 per dozen.The owner will purchase 1 of 3 amounts of roses for Valentine's Day: 100,200,or 400 dozen roses.Given 0.2,0.4,and 0.4 are the probabilities for the sale of 100,200,or 400 dozen roses,respectively,then the optimal EMV for buying roses 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 is the Paasche price index for the basket of four food items in 2009 that consisted of 60 bushels of wheat,40 bushels of corn,35 bushels of soybeans and 70 hundredweight of milk in 2009 using 2006 as the base year?

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 marketing the new local anesthetic when it is better is ________ if the population mean effective time is 8 minutes.

TABLE 19-3 The following information is from 2 investment opportunities. -Referring to Table 19-3,what is the coefficient of variation for investment A?

TABLE 19-1 The following payoff table shows profits associated with a set of 3 alternatives under 2 possible states of nature. -Blossom's Flowers purchases roses for sale for Valentine's Day.The roses are purchased for $10 a dozen and are sold for $20 a dozen.Any roses not sold on Valentine's Day can be sold for $5 per dozen.The owner will purchase 1 of 3 amounts of roses for Valentine's Day: 100,200,or 400 dozen roses.The number of alternatives for the payoff table is

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 EOL for Action B?

TABLE 19-1 The following payoff table shows profits associated with a set of 3 alternatives under 2 possible states of nature. -Blossom's Flowers purchases roses for sale for Valentine's Day.The roses are purchased for $10 a dozen and are sold for $20 a dozen.Any roses not sold on Valentine's Day can be sold for $5 per dozen.The owner will purchase 1 of 3 amounts of roses for Valentine's Day: 100,200,or 400 dozen roses.The payoff for buying and selling 400 dozen roses at the full price is

TABLE 19-2 The following payoff matrix is given in dollars. -Referring to Table 19-2,what is the action with the preferable return to risk ratio?

TABLE 9-1 A manufacturer produces light bulbs that have a mean life of at least 500 hours when the production process is working properly.Based on past experience,the population standard deviation is 50 hours and the light bulb life is normally distributed.The operations manager stops the production process if there is evidence that the population mean light bulb life is below 500 hours. -Referring to Table 9-1,if you select a sample of 100 light bulbs and are willing to have a level of significance of 0.01,the probability of the operations manager not stopping the process if the population mean bulb life is 510 hours is ________.

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,what is the probability that the sample mean differs from the population mean by less than 2 hours?

You can use the Poisson distribution to approximate the binomial distribution when the sample size is large and the probability of an event of interest is very small.

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 failing to market the new local anesthetic when it is better is ________ if the population mean effective time is 8 minutes.

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 unweighted aggregate price index for the basket of four food items in 2009 using 2006 as the base year?

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 opportunity loss for Action A with Event 1?