ECN 221: Business Statistics Exam 2
Question and answers correctly solved
2025
Continuous Random Variable - correct answer ✔can assume any value in an
interval on the real line or in a collection of intervals
NORM.DIST - correct answer ✔used to compute the cumulative probability
given an x value
NORM.INV - correct answer ✔used to compute the x value given a
cumulative probability
Element - correct answer ✔the entity on which data are collected
Population - correct answer ✔a collection of all the elements of interest
Sample - correct answer ✔a subset of the population
Sampled Population - correct answer ✔the population from which the sample
is taken
Point Estimation - correct answer ✔we use the data from the sample to
compute a value of a sample statistic that serves as an estimate of a
population parameter
x̄ (x-bar) - correct answer ✔sample mean
Question and answers correctly solved
2025
Continuous Random Variable - correct answer ✔can assume any value in an
interval on the real line or in a collection of intervals
NORM.DIST - correct answer ✔used to compute the cumulative probability
given an x value
NORM.INV - correct answer ✔used to compute the x value given a
cumulative probability
Element - correct answer ✔the entity on which data are collected
Population - correct answer ✔a collection of all the elements of interest
Sample - correct answer ✔a subset of the population
Sampled Population - correct answer ✔the population from which the sample
is taken
Point Estimation - correct answer ✔we use the data from the sample to
compute a value of a sample statistic that serves as an estimate of a
population parameter
x̄ (x-bar) - correct answer ✔sample mean
