Final Exam Equation Sheet - Business Statistics 2k > n H r s xy sx s y ( x x )( y y ) (x x) ( y y) 2 2 n x x i i 1 Number of possible outcomes that constitute Event A P(A) = Total number of possible outcomes in the sample space H n N x () = i i 1 N P(A) + P(A' ) = 1 n x Frequency with which Event A occurs H Total number of observations P(A or B) = P(A) + P(B) (w x ) i i i 1 P(A or B) = P(A) + P(B) - P(A and B) n w i i 1 P(A|B) i = P/100(n) n (x x) 2 s 2 i i 1 n 1 N (x ) 2 2 i 1 i N CV s (100) x CV (100) z z xx s x x z x x zs r 1 ( x x ) ( y y) n 1 sx sy P(Ai|B) P(A and B) H P(B) P(Ai )P(B|Ai ) P(A1 )P(B|A1 ) P(A2 )P(B|A2 ) P(An )P(B|An ) H n E ( x) xi P( xi ) n x i 1 n P( x ) 1 i i 1 n 2 ( xi ) 2 P( xi ) x n p p (1 ) n i 1 n! p x q n x (n x)!x! P(x,n) E ( x) np npq x e P(x) x! 2 1 f(x) e (1/2)[(x )/ ] 2 z x () = 2 1 = + 2 = 12 N x N x i 1 i n Sampling Error x x p p UCLx x z/ 2 x LCLx x z/ 2 x x s n UCLx x t/ 2 x LCLx x t/ 2 x p p(1 p) n UCLp p z/ 2 p LCLp p z/ 2 p ME p z/ 2 p n ( z/ 2 ) 2 2 ( ME x ) 2 n ( z/ 2 ) 2 p(1 p) ( ME p ) 2 i i 1 n x zp zp x H 0 n zx x H 0 Upper x / 2 H 0 ( z / 2 ) Lower x / 2 H 0 ( z / 2 ) x H 0 tx s n x n n 1 zx LCLp1 p2 ( p1 p2 ) z/ 2 p1 p2 1 n n1 2 H (1 H ) 0 sd i 1 i n H (1 H ) 0 LCLd d t / 2 sd = =1 =1 = 1 2 = = = ( )2 = 2 = ( 1)( 1) ei yi y i b= ( )( ) ( )2 a = n SSE ( yi y i ) 2 i 1 = 2 R2 d ( d ) H0 tx sd n UCLd d t / 2 y a bx n2 n 1 =1 =1 =1 0 n 22 d )2 = ( )2 2 =1 =1 LCLx1 x2 ( x1 x2 ) z/ 2 x1 x2 (d = 0 UCLx1 x2 ( x1 x2 ) z/ 2 x1 x2 n = x1 x2 12 SST = SSB + SSW =1 ( x1 x2 ) ( 1 2 ) H 0 x x 2 0 p H 0 ( z / 2 ) Lower x1 x2 n1 n2 UCLp1 p2 ( p1 p2 ) z/ 2 p1 p2 H (1 H ) p H 0 ( z / 2 ) Upper p p1 (1 p1 ) p2 (1 p2 ) n1 n2 p p n p H 0 ( z ) 1 1 p (1 p ) n1 n2 ( z ) n s H 0 (t ) n s Upper x / 2 H 0 (t / 2 ) n s Lower x / 2 H 0 (t / 2 ) n p H0 zp H 0 (1 H 0 ) 0 ( p1 p2 ) ( 1 2 ) H 0 SSR SST = =1( )2 = =1( )2 = () t SSR = SSR + SSE b sb sb sd n b t sb (x x) i n SSE s n2 s y ts 2 1 (xp x) n ( xi x ) 2 Final Exam Practice Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the questio 1) 1) Ratio and interval data are considered to be A) quantitative data and qualitative data B)quantitative data C) neither quantitative data, nor qualitative data D) qualitative data 2) A paramter is a described characteristic about a ____________ A) coefficient B) sample C) statistic 2) D) population which 3) A ________ totals the proportion of observations that are less than or equal to the class at3) you are looking. A) Relative frequency distribution B)Histogram C) Cumulative relative frequency distribution D) Frequency distribution over a 4) The following data represents the number of Sony TVs sold per day at a particular Costco4) random sample of five business days. 3 6 11 12 8 8 The median of this data set is ________. A) 8 B) 9.5 C) 7 1 D) 24.5 over a 5) The following data represents the number of Sony TVs sold per day at a particular Costco5) random sample of five business days. 3 6 11 12 8 8 The mode of this data set is ________. A) 2 C) 8 B) 12 D) There is no mode for this data set. 6) 6) A ________ coefficient of variation indicates _________ consistency within a set of data values A) smaller, less B) larger, more C) smaller, more D) smaller, that there is 7) The average class size this semester in the business school of a particular university is 167)students with a standard deviation of 3.9 students. The z-score for a class with 21 students is ________. A) 1.51 B) - 1.28 C) 1.28 D) 0.80 8) levels. 8) A survey of adults who typically work full-time from home recorded their current education The results are shown in the table below. Education Level Bachelor's degree or higher Some college High school diploma only Less than high school diploma Frequency 32 12 4 2 The probability that a randomly selected adult who works from home has less than a high school diploma is ____. A) 0.09 B) 0.24 C) 0.08 D) 0.04 will 9) 9) A ________ distribution is useful for calculating the probability that a certain number of events occur over a specific interval of time or space. A) binomial B) poisson C) t- distribution D) normal 2 10)Which of the following statements is true regarding the normal probability distribution? 10) A) Values near the mean have a lower likelihood of occuring than values far from the mean B) Values near the mean have an equal likelihood of occuring compared to values far from the mean C) Values near the mean have a higher likelihood of occuring than values far from the mean D) Values near the mean have an equal likelihood of occuring compared to values larger than the mean 11) 11)According to the Central Limit Theorem A) In most cases, sample sizes < 30 of will result in sample means being normally distributed, regardless of the shape of the population distribution B) In most cases, sample sizes of 30 or larger will result in sample means being distributed following the- tdistribution, regardless of the shape of the population distribution C) In all cases, sample sizes of 30 or larger will result in sample medians being normally distributed, regardless of the shape of the population distribution D) If the population follows the normal probability distribution, the sample means will also be normally distributed, regardless of the size of the samples was 10.6 12)According to R.L. Polk & Co., the average age of cars and light trucks in the U.S. in 2011 12) years. Assume that the standard deviation for this population is 5.7 years. A sample of 35 randomly selected vehicles was selected. What is the probability that the sample mean will be less than 10 years? A) 0.8846 B) 0.0345 C) 0.2666 D) 0.7334 13) the 13)The __________ represents the probability that any given confidence interval will not contain true population mean A) p- value B)confidence level C) t- statistic D) significance level 14)a 14)A random sample of 42 business students required an average of 43.4 minutes to complete statistics exam. Assume that the population standard deviation to complete the exam was 8.7 minutes. The 95% confidence interval around this sample mean is ________. A) (42.0, 44.8) B) (40.8, 46) C) (41.4, 45.4) D) (41.8, 47.0) 3 15)The confidence interval ______ when the confidence level ________ A) does not change, increases B) gets smaller, increases C) gets wider, increases D) does not change, decreases 15) airfare of 16)A random sample of 20 roundtrip flights between Philadelphia and Dallas has an average 16) $417 with a sample standard deviation of $48.70. The 95% confidence interval around this sample mean is ________. A) ($382.86, $461.14) B) ($417.88, $522.92) C) ($431.01, $509.79) D) ($394.21 ,$439.79) 17)a specific 17)If the purpose of the hypothesis test is to establish that a population parameter is less than value, the A) statement is always assigned to the alternative hypothesis. B)