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BBA 301 Midterm Exam

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BBA 301 Midterm Exam

This Midterm Exam is open-book, you may use your textbooks
and other supporting material for your reference and assistance.
Please answer all questions
The facilitating faculty does not have the exam that is randomly
selected for you by the computer. Please re-type the questions
in your submitted work.
You can submit your work in either Word or Excel format. Q1
In a recent academic year, many public universities in the United States raised tuition and
fees due to a decrease in state subsidies. The change in the cost of tuition, a shared
dormitory room, and the most popular meal plan from the previous academic year for a
sample of 10 public universities were as follows: $1,589
$593
$1,223
$869
$423
$1,720
$708
$1425
$922
and $308.
What are the mean and standard deviation of the change in the cost? Q2. Conditional Probability
A U.S. Census American Housing studied how U.S. homeowners get to work. The survey
consisted of 1,000 homeowners and 1,000 renters. The result is tabulated in the following
Table: Drives to work Home owners
Yes
824
No
176
Total
1000 Renters
681
319
1000 Total
1505
495
2000 a) Given that the respondent drives to work, what is the probability that he or she is a
homeowner?
b) Given that the respondent is a homeowner, what is the probability that he or she
drives to work?
2011 AMERICAN CITY UNIVERSITY
Page 1 of 2 BBA301 QUANTITATIVE & STATISTICAL ANALYSIS REV11AN1 Q3. Continuous Probability
The annual commissions per salesperson employed by a manufacturer of light machinery
averaged $40,000 with a standard deviation of $5,000. What percent of the sales persons
earn between $32,000 and $42,000? Q4.
In New York State, Saving Banks are permitted to sell life insurance. The ability to deliver
approved policies to customers in a timely manner is critical to the profitability of this service.
During the period of 1 month, a random sample of 27 approved policies was selected, and
the total processing time in days recorded as follows:
73 19 16 64 28 28 31 90 60 56 31 56 22 18 45 48 17 17 17 91 92
63 50 51 69 16 17 Draw a histogram for the above data and interpret the histogram 2011