E Chapter 5 Parts :1, b. [Similar to In-class Q1] A large company must hire a new president. The Board of Directors prepares a list of five candidates, all of whom are equally qualied. Two of these candidates are members of a minority group. To avoid bias in the selection of the candidate. the company decides to select the president by lottery. II. b. (5 PB) i5 Eta! What is the probability one of the mirlority candidates is hired? Which approach did you use to assign probability? Pick one from classical or empirical or Subjective approach. -arts 3, c, e, I. No data file for this question. [Similar to [Iiclass Q3] Berdine's Chicken Factory has several stores in the Hilton Head, South Carolina. area. When interviewing applicants for server positions, the owner would like to include inlormation on the amount of tip a server can expect to earn per check (or bill). A study of 500 recent checks indicated the server earned the following amounts in tips per 8hour shift. Amount of Tin Number 5 Ouptos 20 200 20upto 50 100 Supto ioo r5 100 up to 200 r5 200 or more 50 Total 500 (5 PB) What is the probability of a tip 0! $200 or more? (5' pm) If the probabilities associated with each outcome were totaled. what would that total be? (5 pm) What is the probability of a tip of less than $200? (5 pts) Which approach did you use to assign probability? Pick one from classical or empirical o.r Subjective approach. kualtter r Calculate probabilities using Standard Normal Distribution Table. Do NOT use Excel. Q46. Parts 1, b, c, d. The annual commissions earned by sales representatives of Machine Products Inc.. a manufacturer of light machinery. follow the normal probability distribution. The mean yearly amount earned is 540.000 and the standard deviation is $5.000. :0 What percent of the sales representatives earn more than 542.000 per '7 pts) Yea" ' m Chap 7". iiiclass 04 Example 4 on Class notes Slide 18. b. What percent of the sales representatives earn between 532.000 and (1) $42 000? pm . imjlaxm Chap 7". Lilclass Q6, Example 6 on Class notes Slide 22. 5'0 What percent of the sales representatives earn between $32,000 and p'ts) 535.000? lm a; to Chap 3". {ticlass Q8: Example 8 on Class notes Slide 25. d The sales manager wants to award the sales representatives iiirl'i-o earn the (1-3 largest commissions a bonus of $1.000. He can award a bonus to 20% of p\") the representatives. What is the cutoff point between those who earn a bonus and those who do not? imjlagm Chap 7'. Lilclass Q10, Example I on Class notes Slide 31. Q52. (15 E1 Parts a. The funds dispensed at the ATM machine located near the checkout line at the Kroger's in Union, Kentucky. follows a normal probability distribution with a mean of $4.200 per day and a standard deviation of $720 per day. The machine is programmed to notify the nearby bank if the amount dispensed its very low (less than $2,500} or very high (more than $6.000). a. What percent of the clays will the bank be notied because the amount SE) dispensed is very low? m Chap 7". Lilclass 05. Example 5 on Class notes Slide 20. Kids. (15 pts) 68. In establishing warranties on HDTV: the manufacturer wants to set the limit: so that few will need repair at the manufacturer's expe rise. 0n the other hand. the warranty period must be long enough to make the purchase attractive to the buyer. For a new HDTV. the mean number of months until repairs are needed ls 36.84 with a standard deviation 013.34 months. Where should the warrant).r limits be set so that only 10% oftho HDTVs need repairs at the manufacturer's expense? imjlaxm Chap 7". {ti-class Q11, Example 2 on Class notes Slide 33.