MGMT 500 - Final Exam questions with answers

MGMT 500 - Final Exam questions with |\ |\ |\ |\ |\ |\ |\




answers

What does it mean when we say that the normal distribution is
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asymptotic? - CORRECT ANSWERS ✔✔The tails get closer and |\ |\ |\ |\ |\ |\ |\ |\ |\


closer to the x axis but never touch it.
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Let the time between two consecutive arrivals at a grocery store
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checkout line be exponentially distributed with a mean of three
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minutes. Find the probability that the next arrival does not occur
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until at least seven minutes have passed since the last arrival. -
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CORRECT ANSWERS ✔✔0.0970 |\ |\




Sam is a used car salesman in a medium size town in Texas. He
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states that it takes him 5 days to sell a car. Assume that the
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probability distribution of the length of time between sales is |\ |\ |\ |\ |\ |\ |\ |\ |\ |\


exponentially distributed. What is the probability that Sam will |\ |\ |\ |\ |\ |\ |\ |\ |\


have to wait at least 8 days before making another sale? -
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CORRECT ANSWERS ✔✔0.2019 |\ |\




The length of time patients must wait to see a doctor at the
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emergency room in Provo Intermountain hospital has a uniform |\ |\ |\ |\ |\ |\ |\ |\ |\


distribution between 50 minutes and two and a half hours. What |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\


is the probability that a patient would have to wait between one
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and two hours? - CORRECT ANSWERS ✔✔60%
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The cumulative distribution function F(x) of a continuous random
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variable X with the probability density function f(x) is which of
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,the following? - CORRECT ANSWERS ✔✔The area under f(x) over
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all values that are x or less.
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Which of the following is correct? - CORRECT ANSWERS ✔✔A
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continuous random variable has a probability density function, |\ |\ |\ |\ |\ |\ |\ |\


and a discrete random variable has a probability mass function.
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Which of the following statements is FALSE regarding the given
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curves showing the shapes of the probability density function for
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various values of mean and standard deviation? - CORRECT
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ANSWERS ✔✔All three curves are depicting a standard normal |\ |\ |\ |\ |\ |\ |\ |\ |\


distribution.


The starting salary of an administrative assistant is normally
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distributed with a mean of $50,000 and a standard deviation of |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\


$2,500. We know that the probability of a randomly selected
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administrative assistant making a salary between μ − x and μ + |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\


x is 0.7416. Find the approximate salary range referred to in this
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statement. - CORRECT ANSWERS ✔✔$47,175 to $52,825 |\ |\ |\ |\ |\ |\




What is the closest z value such that P(−z ≤ Z ≤ z) = 0.866. -
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CORRECT ANSWERS ✔✔z = 1.499 |\ |\ |\ |\




The time for a professor to grade a student's homework in
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statistics is normally distributed with a mean of 13.1 minutes and
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a standard deviation of 2.0 minutes. What is the probability that
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randomly selected homework will require less than 17 minutes to
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grade? - CORRECT ANSWERS ✔✔0.9744
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,The time to complete the construction of a soapbox derby car is
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normally distributed with a mean of three hours and a standard
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deviation of one hour. Find the probability that it would take
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exactly 3.7 hours to construct a soapbox derby car. - CORRECT
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ANSWERS ✔✔0.0000 |\




You are planning a May camping trip to Denali National Park in
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Alaska and want to make sure your sleeping bag is warm
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enough. The average low temperature in the park for May follows
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a normal distribution with a mean of 32°F and a standard
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deviation of 8°F. Above what temperature must the sleeping bag
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be suited such that the temperature will be too cold only 5% of
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the time? - CORRECT ANSWERS ✔✔18.84
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The waiting time at an elevator is uniformly distributed between
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30 and 200 seconds. What is the probability a rider must wait
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between 1 minute and 1.5 minutes? - CORRECT ANSWERS|\ |\ |\ |\ |\ |\ |\ |\ |\


✔✔0.1765


Sarah's portfolio has an expected annual return at 10%, with an
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annual standard deviation at 12%. If her investment returns are
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normally distributed, then Sarah has an approximate __________
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annual return in any given year. - CORRECT ANSWERS ✔✔68%
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chance that the actual return will fall within −2% and 22%
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A continuous random variable X has the uniform distribution on
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the interval [a, b] if its probability density function f(x) __________.
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- CORRECT ANSWERS ✔✔is constant for all x values between a
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and b inclusive, and 0 otherwise
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, You work in marketing for a company that produces work boots.
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Quality control has sent you a memo detailing the length of time
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before the boots wear out under heavy use. They find that the
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boots wear out in an average of 208 days, but the exact amount
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of time varies, following a normal distribution with a standard
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deviation of 14 days. For an upcoming ad campaign, you need to|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\


know the percent of the pairs that last longer than six months—
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that is, 180 days. Use the empirical rule to approximate this
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percent. - CORRECT ANSWERS ✔✔97.5% |\ |\ |\ |\




Suppose the average price of gasoline for a city in the United
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States follows a continuous uniform distribution with a lower
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bound of $3.10 per gallon and an upper bound of $3.70 per
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gallon. What is the probability a randomly chosen gas station
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charges more than $3.25 per gallon? - CORRECT ANSWERS
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✔✔0.7500


The probability P(Z < −1.28) is closest to __________. - CORRECT
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ANSWERS ✔✔0.10 |\




If an exponential distribution has the rate parameter λ = 5, what
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is its expected value? - CORRECT ANSWERS ✔✔1/5
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On a particular busy section of the Garden State Parkway in New
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Jersey, police use radar guns to detect speeding drivers. Assume
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the time that elapses between successive speeders is
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exponentially distributed with the mean of 15 minutes. What is |\ |\ |\ |\ |\ |\ |\ |\ |\ |\


the probability of a waiting time in excess of 25 minutes between
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successive speeders? - CORRECT ANSWERS ✔✔0.1889
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