BUS 310 midterm (in case you need help with the excel part message me here!
Trade associations, such as a dairy association, frequently conduct surveys
... [Show More] to identify characteristics of their membership. If a particular organization conducted a survey to estimate the annual per capita consumption of milk and wanted to be 95% confident that the estimate was no more than 0.66 gallon away from the actual average, what sample size is needed? Past data have indicated that the standard deviation of consumption is approximately 3 gallons.
79
79.37
1859
80
1860
An alternative hypothesis can have the signs >, <, or =.
True
False
A test with a 0.10 significance level has a larger rejection region than a test with a 0.05 significance level.
True
False
In order to construct a confidence interval estimate of , the value of the population mean must be given.
True
False
The Central Limit Theorem states that under certain circumstances the following is (are) true:
(select all that are true)
the standard deviation of the sampling distribution is equal to the standard deviation of the underlying distribution divided by n (the sample size)
the standard deviation of the sampling distribution is equal to the standard deviation of the underlying distribution divided by the square root of n (the sample size)
the mean of the sampling distribution is equal to the mean of the underlying distibution
the sampling distribution will be a the same as the underlying distribution
the sampling distribution will be a Normal distribution
the mean of the sampling distribution is equal to the mean of the underlying distribution divided by n (the sample size)
the mean of the sampling distribution is equal to the mean of the underlying distribution divided by square root of n (the sample size)
Copy Given a random variable X distributed with µ = 10, σ = 40, please find the probability a mean from a sample of size 36 would be greater than 20.
none of the given answers are correct
0.933
0.401
0.067
0.599
The difference between the point estimate and the true value of the population parameter being estimated is called the estimation error.
True
False
Excel part 2
Excel part
1. The dataset Credit.xlsx reports the credit card balance for a sample of 400 individuals. Construct a 99% interval estimate for the appropriate parameter credit rating (Rating) for the population from which this sample was selected. Report a summary of your finding here, including an interpretation of the results of the interval in context with a full and complete sentence. [Show Less]