ASU ECN 221 EXAM 1 STUDY GUIDE 2024-
2025 QUESTIONS WITH COMPLETE
ANSWERS
which of the following is a measure of dispersion? - CORRECT ANSWER
interquartile range
the sum of deviations of the individual data elements from their mean is_____. -
CORRECT ANSWER always equal to zero
the value of the sum of the squared deviations form the mean, i.e., summation(x-
xbar)^2 must always be______. - CORRECT ANSWER at least zero
the interquartile range is_________. - CORRECT ANSWER the difference
between the third and first quartiles
events A and B are mutually exclusive. which of the following statements is also
true? - CORRECT ANSWER P(A ∪ B) = P(A) + P(B)
if A and B are independent events with P(A)=0.301 and P(B)=0.253, then P(A ∩
B)=_________ - CORRECT ANSWER 0.07615 (multiply the two numbers)
revised probabilities of events based on additional information are________. -
CORRECT ANSWER posterior probabilites
two events with nonzero probabilities_________. - CORRECT ANSWER cannot
be both mutually exclusive and independent
Five Cs Bank issues credit cards to its customers. In the past 3.4% of the out-of-
state nonfraudulent credit card transactions were made at gasoline stations and
9.2% of the out-of-state fraudulent credit card transactions were made at gasoline
stations. Based on historical transactions 97.7% of out-of-state credit card
transactions are legitimate while the rest of its out-of-state credit card transactions
are fraudulent. An out-of-state credit card transaction took place at a gasoline
, ASU ECN 221 EXAM 1 STUDY GUIDE 2024-
2025 QUESTIONS WITH COMPLETE
ANSWERS
station, what is the probability the transaction is fraudulent? - CORRECT
ANSWER 0.059886
What is the probability that a customer is in the 18-30 age group?
Product Preference age 18-30 age 31-45 age 46+
Strawberry 33 36 32
Blueberry 14 23 27 - CORRECT ANSWER 0.284848
what is the probability that a customer is in tempe or prefers chocolate or both?
Product Preference Flagstaff Tempe Tucson
Vanilla 43 71 31
Chocolate 35 61 32 - CORRECT ANSWER 0.728938
what is the probability that a customer is in the 46+ age group?Product Preference
age 18-30 age 31-45 age 46+
Strawberry 53 27 33
Blueberry 22 25 27 - CORRECT ANSWER 0.320856
The random variable x is the number of occurrences of an event over an interval of
10 minutes. It can be assumed the probability of an occurrence is the same in any
two time periods of an equal length. It is known that the mean number of
occurrences in 10 minutes is 5.3.
Refer to exhibit 5-11. the probability there are 8 more occurrences in 10 minutes
is_________. - CORRECT ANSWER 0.0771
What is P(YES warranty | PAID CASH)?
2025 QUESTIONS WITH COMPLETE
ANSWERS
which of the following is a measure of dispersion? - CORRECT ANSWER
interquartile range
the sum of deviations of the individual data elements from their mean is_____. -
CORRECT ANSWER always equal to zero
the value of the sum of the squared deviations form the mean, i.e., summation(x-
xbar)^2 must always be______. - CORRECT ANSWER at least zero
the interquartile range is_________. - CORRECT ANSWER the difference
between the third and first quartiles
events A and B are mutually exclusive. which of the following statements is also
true? - CORRECT ANSWER P(A ∪ B) = P(A) + P(B)
if A and B are independent events with P(A)=0.301 and P(B)=0.253, then P(A ∩
B)=_________ - CORRECT ANSWER 0.07615 (multiply the two numbers)
revised probabilities of events based on additional information are________. -
CORRECT ANSWER posterior probabilites
two events with nonzero probabilities_________. - CORRECT ANSWER cannot
be both mutually exclusive and independent
Five Cs Bank issues credit cards to its customers. In the past 3.4% of the out-of-
state nonfraudulent credit card transactions were made at gasoline stations and
9.2% of the out-of-state fraudulent credit card transactions were made at gasoline
stations. Based on historical transactions 97.7% of out-of-state credit card
transactions are legitimate while the rest of its out-of-state credit card transactions
are fraudulent. An out-of-state credit card transaction took place at a gasoline
, ASU ECN 221 EXAM 1 STUDY GUIDE 2024-
2025 QUESTIONS WITH COMPLETE
ANSWERS
station, what is the probability the transaction is fraudulent? - CORRECT
ANSWER 0.059886
What is the probability that a customer is in the 18-30 age group?
Product Preference age 18-30 age 31-45 age 46+
Strawberry 33 36 32
Blueberry 14 23 27 - CORRECT ANSWER 0.284848
what is the probability that a customer is in tempe or prefers chocolate or both?
Product Preference Flagstaff Tempe Tucson
Vanilla 43 71 31
Chocolate 35 61 32 - CORRECT ANSWER 0.728938
what is the probability that a customer is in the 46+ age group?Product Preference
age 18-30 age 31-45 age 46+
Strawberry 53 27 33
Blueberry 22 25 27 - CORRECT ANSWER 0.320856
The random variable x is the number of occurrences of an event over an interval of
10 minutes. It can be assumed the probability of an occurrence is the same in any
two time periods of an equal length. It is known that the mean number of
occurrences in 10 minutes is 5.3.
Refer to exhibit 5-11. the probability there are 8 more occurrences in 10 minutes
is_________. - CORRECT ANSWER 0.0771
What is P(YES warranty | PAID CASH)?
