Statistics for Business and Economics

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ECON 260-03 Statistics for Business and Economics ECON 260 GRADED ASSIGNMENT CHAPTER 7 SUPPLEMENTARY POINTS: _______ PERCENTAGE: ________ (12 POINTS TOTAL) Name: _____________________________ PUT ANSWERS WITHIN THE BOXES IN EACH QUESTION. SUBMIT THE SPREADSHEET THROUGH CANVAS. IN THE CELLS DO NOT SIMPLY WRITE THE ANSWER BUT PUT IN THE EXCEL FUNCTIONS OR CALCULATIONS SO I CAN SEE WHAT YOU DID TO GET THE ANSWERS.USE THE FORMULAS ON THE FORMULA SHEET. I SUGGEST YOU SKETCH GRAPHS OF THE DISTRIBUTIONS AND WRITE OUT THE FORMULAS IF THAT HELPS TO CLARIFY THE SOLUTION TO YOU. V. (based on page 338, #40) (6 points) ๐œŽ๐‘ฅาง ๐œŽ๐‘าง ๐‘าง Foot Locker uses sales per square foot as a measure of productivity. Sales are currently at $345 per square foot on average for the entire firm. You take a sample of 64 Foot Locker stores. Assume the standard deviation in annual sales per square foot for the population of 3400 Foot Locker stores is $90 VI. 7 Show the expected value and the standard deviation of ๐‘ฅาง , sample mean of this sample. 8 What is the probability that the sample mean will be within $15 of the population mean? 9 Suppose you find a sample mean ๐‘ฅาง of $380. What is the probability of finding a sample mean of $380 or less. (based on page 339, #46) (6 points) 17% of Australian smoke. Suppose Australia takes a survey of 240 citizens regarding whether or not they smoke. Answer the following based on a sample of 240 Australians. 10 Show the expected value and the standard error of the sample proportion ๐‘าง . 11 What is the probability that the sample proportion will be within ยฑ0.04 of the population proportion? 12 Suppose you find a sample proportion ๐‘าง = 0.16. What is the probability of finding a sample proportion of 0.16 or more?
ECON 260-03 Statistics for Business and Economics Dominican University Fall 2016-2017 Lawrence Morgan FORMULAS: 1. Expected value of sample mean: ฬ…ฬ…ฬ… = ๐œ‡ ๐ธ(๐‘ฅ) 2. Standard error of sample mean: ๐œŽ๐‘ฅฬ… = 3. Expected value of sample proportion: ๐ธ(๐‘ฬ… ) = ๐‘ 4. Standard error of sample proportion: ๐œŽ๐‘ฬ… โ‰ˆ โˆš 5. z-value: 6. Probability that x is less than or equal to x0 : ๐‘ƒ(๐‘ฅ โ‰ค ๐‘ฅ0 ) = NORM.DIST(x,ฮผ,ฯƒ,TRUE) 7. Probability that x is greater than or equal to x0 : ๐‘ƒ(๐‘ฅ โ‰ฅ ๐‘ฅ0 ) = 1 โˆ’ ๐‘ƒ(๐‘ฅ โ‰ค ๐‘ฅ0 ) = 1-NORM.DIST(x,ฮผ,ฯƒ,TRUE) 8. Probability that x is between x0 and x1 : ๐‘ƒ(๐‘ฅ0 โ‰ค ๐‘ฅ โ‰ค ๐‘ฅ1 ) = ๐‘ƒ(๐‘ฅ โ‰ค ๐‘ฅ1 ) โˆ’ ๐‘ƒ(๐‘ฅ โ‰ค ๐‘ฅ0 ) = =NORM.DIST(x1,ฮผ,ฯƒ,TRUE)-NORM.DIST(x0,ฮผ,ฯƒ,TRUE) 9. Probability that z is less than or equal to z0 : ๐‘ƒ(๐‘ง โ‰ค ๐‘ง0 ) = NORM.S.DIST(z0,TRUE) 10. Probability that z is greater than or equal to z0 : ๐‘ƒ(๐‘ง โ‰ฅ ๐‘ง0 ) = 1 โˆ’ ๐‘ƒ(๐‘ง โ‰ค ๐‘ง0 ) = 1-NORM.S.DIST(z0,TRUE) 11. Probability that z is between z0 and z1 : ๐‘ƒ(๐‘ง0 โ‰ค ๐‘ง โ‰ค ๐‘ง1 ) = ๐‘ƒ(๐‘ง โ‰ค ๐‘ง1 ) โˆ’ ๐‘ƒ(๐‘ง โ‰ค ๐‘ง0 ) = =NORM.S.DIST(z1,TRUE)-NORM.DIST(z0,TRUE) ๐‘ง= ๐œŽ โˆš๐‘› ๐‘(1โˆ’๐‘) ๐‘› ๐‘ฅโˆ’๐œ‡ ๐œŽ Page 1 of 1

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