Key Concepts in Statistical Applications for Business Success
School
American Sentinel University**We aren't endorsed by this school
Course
BIO 501
Subject
Statistics
Date
Dec 10, 2024
Pages
3
Uploaded by BailiffCrab5939
Exam Name: Statistical Applications in BusinessExam Time: 120 minutesTotal Score: 100 pointsInstructions:1. Read all questions carefully before attempting to answer.2. Answer all questions in the space provided on the exam paper.3. Show all your work for calculation questions.4. For multiple-choice questions, circle the correct answer.1. A company wants to know the probability that a customer will buy a particular product. They conduct a survey of 100 customers and find that 65 of them bought the product. Assuming that the sample is representative of the entire population, what is the best estimate of the population proportion of customers who will buy the product?a. 0.35b. 0.65c. 0.50d. 0.802. The average annual income of a population of people is normally distributed with a mean of $50,000 and a standard deviation of $10,000. What is the probability that a randomly selected person from this population has an annual income greater than $60,000?3. A company wants to test a new drug on a group of patients. They randomly select 100 patients and give them the new drug. They find that 80 of the patients experienced an improvement in their condition. What is the p-value for the null hypothesis that the drug has no effect on the patients' condition?4. A researcher wants to test the hypothesis that the average height of men is greater than the average height of women. They randomly select 50 men and 50 women and measure their heights. They find that the average height of men is 5 feet 10 inches and the average height of women is 5 feet 5 inches. What is the p-value for the null hypothesis that there is no difference in the average heights of men and women?5. A company wants to know the average number of customers who visit their store each day. They conduct a survey of 30 days and find that the average number of customers is 100per day. What is the 95% confidence interval for the average number of customers who visitthe store each day?6. A company wants to test the hypothesis that the mean lifetime of their product is greater
than 3 years. They randomly select 50 products and measure their lifetimes. They find that the mean lifetime is 3.5 years and the standard deviation is 0.5 years. What is the p-value for the null hypothesis that the mean lifetime is less than or equal to 3 years?7. A researcher wants to test the hypothesis that the mean weight of males is greater than the mean weight of females. They randomly select 100 males and 100 females and measure their weights. They find that the mean weight of males is 180 pounds and the mean weight of females is 130 pounds. What is the p-value for the null hypothesis that there is no difference in the mean weights of males and females?8. A company wants to know the probability that a customer will buy a particular product. They conduct a survey of 100 customers and find that 65 of them bought the product. Assuming that the sample is representative of the entire population, what is the best estimate of the population proportion of customers who will buy the product?a. 0.35b. 0.65c. 0.50d. 0.809. The average annual income of a population of people is normally distributed with a mean of $50,000 and a standard deviation of $10,000. What is the probability that a randomly selected person from this population has an annual income greater than $60,000?10. A company wants to test a new drug on a group of patients. They randomly select 100 patients and give them the new drug. They find that 80 of the patients experienced an improvement in their condition. What is the p-value for the null hypothesis that the drug has no effect on the patients' condition?11. A researcher wants to test the hypothesis that the average height of men is greater than the average height of women. They randomly select 50 men and 50 women and measure their heights. They find that the average height of men is 5 feet 10 inches and the average height of women is 5 feet 5 inches. What is the p-value for the null hypothesis that there is no difference in the average heights of men and women?12. A company wants to know the average number of customers who visit their store each day. They conduct a survey of 30 days and find that the average number of customers is 100per day. What is the 95% confidence interval for the average number of customers who visitthe store each day?13. A company wants to test the hypothesis that the mean lifetime of their product is greater than 3 years. They randomly select 50 products and measure their lifetimes. They find that the mean lifetime is 3.5 years and the standard deviation is 0.5 years. What is the
p-value for the null hypothesis that the mean lifetime is less than or equal to