QUESTION 1. The following information refers to the next two questions: The manager of a service station is in the process of analyzing the number of...

QUESTION

1. The following information refers to the next two questions:

The manager of a service station is in the process of analyzing the number of times car owners change the oil in their cars. She believes that the average motorist changes his or her car’s oil less frequently than recommended by the owner’s manual (two times per year). In a preliminary survey she asked 15 car owners how many times they changed their car’s oil in the last 12 months. The results are listed below.

QUESTION 14

The value of the test statistic in this problem is approximately equal to __________?

Answer should be between two and four decimal places e.g. 1.23, 1.234, 1.2345 etc.

1. The following information refers to the next two questions:

Refer to the following table which contains the sales (in $,000) for a department store for the first ten months of the year.

QUESTION 16

Using a three period moving average (i.e. MA(3)) as a forecasting method, what is the MAPE for this forecasting model __________%

1. The following information refers to the next question:

The ordered array below resulted from taking a sample of 25 batches of 500 computer chips and determining how many in each batch were defective.

QUESTION 18

If a frequency distribution for the defects data is constructed, using ‘0 but less than 5’ as the first class, what would be the cumulative relative frequency of the ‘15 but less than 20’ class __________%?

Answer should be a percentage value to whole numbers e.g. 12, 23, 34 etc.

4.The following information refers to the next question:

A manufacturer of power tools claims that the average amount of time required to assemble their top-of-the-line table saw is fifty (50) minutes with a standard deviation of forty (40) minutes (the very large standard deviation is due to a variety of factors including a large variation in skills amongst the ‘Do it yourself’ home handyman which is traditionally one of the companies customer base). Suppose a random sample of 64 purchasers of this table saw is taken.

QUESTION 19

What is the probability that the sample mean will be more than 46 minutes __________?

Answer should be to four decimal places which is consistent with the number of decimal places listed in your appendix tables e.g. 0.1234 etc.

1. The following information refers to the next four questions:

An insurance company wishes to examine the relationship between income (in $,000) and the amount of life insurance (in $,000) held by families. The company drew a simple random sample of families and obtained the following results:

QUESTION 21

What is the least squares estimate of the slope?

Answer should be to four decimal places e.g. 1.2345.

Please do NOT include any units in your answer.

QUESTION 22

What is the least squares estimate of the Y intercept?

Answer should be to four decimal places e.g. 1.2345.

Please do NOT include any units in your answer.

QUESTION 23

What is the prediction for the amount of life insurance for a family whose income is $85,000?

Answer should be to four decimal places and be consistent with your original data set, e.g. if your answer was $75,410.90, you would enter 75.4109 as your answer.

Please do NOT include any units in your answer.

QUESTION 24

What would be the residual (error) term for a family income of $90,000?

Answer should be to four decimal places and be consistent with your original data set e.g. if your answer was $940.90, you would enter 0.9409. If your answer was $9,400.90, you would enter 9.4009 etc..

Please do NOT include any units in your answer.