1. You currently manufactureproductsAandB. You can sell each unit of productAfor a $350 profit and each unit of productBfor a $300 profit. Each unit ofArequires 9 labor hours and 15feetof tubing; each unit ofBrequires 6 labor hours and 12feetof tubing. For the upcoming production period, you have 1,566 hours of labor, and 2,880 feet of tubing available. You have existing commitments that require you to make at least 60 units ofAand at least 100 units ofBduring next period.Assuming that you can sell as many units as you can produce next period, what is the total number ofAunits that should be produced to maximize profit?

   60

   165

   0

   240

2.5 points

QUESTION 8

1. For the problem in question 7,how many units ofB, beyond the minimum requirement, should be produced?

   100

   165

   65

   60

2.5 points

QUESTION 9

1. For the problem in question 7,what is the total profit generated by selling product B?

   $21,000

   $49,500

   $0

   $70,500

2.5 points

QUESTION 10

1. In a math test, the average score is 83 andthe standard deviation is 9. Assuming the distribution of the score is represented by a Normal distribution, what is the probability that a randomly selected student will have a score between 70 and 95?

   0.8345

   0.9088

   0.5

   0.0743

2 points

QUESTION 11

1. What is the probability of gettinga 4 or a 6when rollinga six-sided fair die?

   1/4

   1/6

   1/3

   1/2

1.5 points

QUESTION 12

1. What can we say about drawing four aces successively from a 52-card deck of well-shuffled cardswithout replacementcompared towith replacement? (recall thatwith replacementmeans that you put the card back in the deck)

   Nothing can be said using the available information.

   Without replacement, it's about 5 per cent easier.

   It is harderwithout replacementbecause there are fewer acesinthe deck at each draw.

   Without replacementis 25 percent easier thanwith replacement.

1.5 points

QUESTION 13

1. Supposethat,onaverage,thereare5 weeklyaccidents on a highway. Assuming a Poisson distribution, calculate the probability of having exactly one accidentnext week.

   0.04716

   0.03369

   0.04043

   0.99326

2 points

QUESTION 14

1. The Global Competitiveness Index (GCI) is yearly published by the World Economic Forum, integrating macroeconomic and micro/business aspects ofcompetitiveness. Please use the following datato complete the following question. We want to examine how we might have used 2016 to predict 2017. Describe the association between the indices.

   Country	Index_2016	Index_2017
   1	116.4	120.8
   2	125.5	129.8
   3	107.7	110.3
   4	100.4	108.4
   5	106.6	118.4
   6	115.7	118.4
   7	96.2	103.5
   8	110.3	110.8
   9	101.8	110.5
   10	99.1	100.7
   11	121.9	126
   12	117.6	119.6
   13	110	121.6
   14	116.9	126.8
   15	109.6	118.6
   16	97.1	105.5
   17	94.2	101.9
   18	119.5	125.6
   19	117.7	126.4
   20	103.3	111.5

   The association between the GCI in 2017 and 2016 is negative, linear, and weak.

   The association between the GCI in 2017 and 2016 is positive, linear, and strong.

   The association between the GCI in 2017 and 2016 is negative, linear, and strong.

   The association between the GCI in 2017 and 2016 is positive, linear, and weak.

2 points

QUESTION 15

1. For the problem in question 14,what percentage of the variability in the dependent variable is explained by the independent variable?

   100%

   86.98%

   93.26%

   90.68%

2 points

QUESTION 16

1. A small company is divided in four departments: Sales (S), Customer Services (CS), Marketing (M), and Admin(A). In each there is staff and managers. Given the following table of percentages, what is the probability that a randomly selected employee, known to be in the Marketing department, is staff?

   	S	CS	M	A
   Staff	35.1%	30.2%	19.2%	4.5%
   Managers	4.9%	3.8%	1.8%	0.5%

   0.857

   0.914

   0.21

   0.89

2 points

QUESTION 17

1. For the problem in question 16,whatis the probability that a randomly selected staff employeeis in Sales department?

   0.40

   0.394

   0.351

   0.445

2 points

QUESTION 18

1. For the problem in question 16, what is the probability that a randomly selected employee is in the sales or in the marketing department?

   0.50

   0.067

   0.543

   0.610

2 points

QUESTION 19

1. Nominal numbers should not be added together to produce an average, but because the expected value is a generic concept, an expected value of nominal numbers can be calculated

   True

   False

1 points

QUESTION 20

1. Suppose you were going to make an investment into only one of three financial products: stock, mutual fund, or certificate of deposit (CD). Further suppose that the market has a 45% chance of increasing, a 35% chance of staying even, and a 20% chance of decreasing. If the market increases, the stock investment will earn $1600 and the mutual fund will earn $1000. If the market stays even, the stock investment will earn $300 and the mutual fund will earn $600. If the market decreases, the stock investment will lose $900 and the mutual fund will lose $300. The certificate of deposit will earn $500 independent of the market's fluctuation. The EMV corresponding tostock,mutual fund andCD is,respectively:

   $1600, $1000, $500

   $500, $500, $500

   $645, $600, $500

   -$900, -$300, $500

2.5 points

QUESTION 21

1. For the problem in question 20, if you found a consultant able to predict exactly which direction the market will head, what is the maximum you would pay that consultant?

   $1,030

   $645

   $1,600

   $385