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# Practice/sample Test 1 MGTOP 215

WSU

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This 8 page Study Guide was uploaded by Megan Lester on Wednesday September 28, 2016. The Study Guide belongs to MGTOP 215 at Washington State University taught by Sung Ahn in Fall 2015. Since its upload, it has received 3 views.

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Date Created: 09/28/16

MgtOp 215 TEST 1 Fall 2012 Dr. Ahn Name: ID: Section: Read the following instructions very carefully before you start the test. This test is closed book and notes; one summary sheet is allowed. Show all your work clearly and circle your answers. No credit will be given to answers without proper work shown or without being circled. You may use the back of the test if you need more space and indicate so. Each question is worth 5 points, otherwise the value is specified. Turn in your summary sheet with your name on it along with your exam. It is your responsibility to check that your copy of the test consists of 6 pages including the cover page. Make sure to put your name or initials on each and every page. GOOD LUCK Page 1: Cover page Page 2: Page 3: Page 4: Page 5: Page 6: of Total: out 100 Name: 1. The book values (in dollars, i.e. net worth divided by number of outstanding shares) for a ransom sample of 50 stocks from New Stock Exchange are collected and summarized using MS Excel in the following page a. Circle the correct word on each line below. (1 pt. each) The above data are qualitative/quantitative, and can be considered as continuous/discrete. The level of measurement of the above data is interval/nominal/ordinal/ratio scale. b. Find the variance of the book values of the stocks, and explain what the variance measures. c. Find the coefficient of variation (CV) of the book values of the stocks, and explain what the CV measures. d. If the data were census data, what would be the standard deviation of the book values of the stocks? e. Find the inter-quartile range of the book values of the stocks. (7 pts.) f. Is the distribution of the book values of the stocks symmetric, skewed to the right, or skewed to the left? Justify your answer using at least two pieces of evidence. 2 Name: MS Excel output for questions 1-a) through 1-f). Data Summary Statistics 4 8 912 5 8 913 Mean 9.8 5 8 10 13 Standard Error 0.522161911 6 8 10 14 Median 9 6 8 10 15 Mode 8 6 8 10 15 Standard Deviation 3.692242281 6 8 10 15 Sample Variance 7 8 10 16 Kurtosis 2.280228807 7 8 10 16 Skewness 1.3055371 7 9 10 18 Range 19 7 9 11 23 Minimum 4 7 911 Maximum 23 7 912 Sum 490 Count 50 2. The following data give the annual earnings (rounded to thousands of dollars) of 6 households selected from a “small-town U.S.A.”. 24, 35, 35, 33, 70, 63. a. Find the mean of the annual earnings and explain in what sense the means is a measure of central tendency. b. Find the standard deviation of the annual earnings. c. Find the median of the annual earnings and explain what the median measures. d. Find the mean absolute deviation (MAD) and explain what the measure measures. (7 pts.) 3 Name: 3. All employees of a company are asked whether they posses a credit card or a debit card. The following table contains the summary of the responses of the employees. Card Credit Yes No Yes 60 20 DeCitard No 110 10 a. Find the probability that a randomly selected employee possesses neither a credit card nor a debit card. b. Suppose that a randomly selected employee possesses a debit card. Find the probability that this employee possesses a credit card. 4. The following are the monthly rate of changes in the Dow Jones Industrial Average (DJIA) over the past five months this year. Calculate the average monthly rate of changes in DJIA over this time period. April May June July August 10.25%–2.13% 3.89% –2.88% 1.63% 5. At a company, 28% of the employees are females, 20% of the employees are managers, and 4% of the employees are female managers. Find the probability that a randomly selected employee of the company is a female or a manager. 4 Name: 6. The assets of 500 U.S. companies as of the last day of 1993 had a mean of $11,270 million and a standard deviation of $2,780 million. a. Suppose a company has an asset of $12,660 million. Find the standardized score of the asset value of this company. (3 pts.) b. Find an interval around the mean that contains at least 90% of the assets of these 500 companies as of the last day of 1993. 7. Of the movies produced in the U.S., 60% are profitable. Of the movies that are profitable, 70% receive a “Two Thumbs Up” rating by movie critics Sickle and Exert while only 20% of non-profitable movies receive a “Two Thumbs Up” rating. a. What is the probability that a randomly selected movie receives a “Two Thumbs Up” rating and profitable? b. What is the probability that a randomly selected movie receives a “Two Thumbs Up”? c. A randomly selected movie receives a “Two Thumbs Up” rating. Find the probability that this movie will be profitable. 5 Name: 8. The following is a frequency distribution of the weekly earnings of 100 workers selected from a large company. Sketch a relative frequency histogram of the distribution. (7 pts.) Weekly Earnings No. of Employees under t2015 under t3025 under t4030 under t5020 under t6010 | | | | | | | | | 200 300 400 500 600 700 800 900 1000 6 Name: Solution of Mid-term 1 of Fall 2012 (subject to error) 1. a) Quantitative, continuous, ratio scale 2 2 b) Variance = (standard deviation) = (3.692) = 13.631 It measure the variability (spread) of the book value. s 3.692 c) CV= 100 = 100 = 37.67 % x 9.8 It measures the relative variability with respect to the mean. d) 49 3.692 = 3.655 50 e) For the 25thpercentile: i np (50)(25) 12.5 100 100 th th Since i 12.5 is not an integer, the 13observation, which is 7, is the 25. th np (50)(75) For the 75 percentile: i 100 100 37.5 th th Since i 37.5 is not an integer, the 18observation, which is 11, is the 75. IQR = Q -3Q = 11-7=4 f) Skew to the right First evidence: Skewness is positive ( 1.3 ) Second evidence: Mean > Median 2. a) 24 35 63 = 43.333 or by calculator 6 2 2 2 b) (24 43.333) (35 43.333) (63 43.333) = 18.533 or by 5 calculator 35 35 c) = 35 2 It measures the central tendency (center) of the data. |▯▯▯▯▯.▯▯▯ ▯ ▯▯▯▯▯.▯▯▯ ▯⋯▯|▯▯▯▯▯.▯▯▯| d) MAD= ▯ ▯ 15.444 3. C: owns a credit card; D: owns a debit card a) P(C’ and D’)= 10 = 0.05 200 P(C D) 60200 6 b)(C|=) = 0.75 P(D) 80 8 200 4. 5 (10.1025)(10.0213)(10.0389)(10.0288)(10.0163) 1 = 0.02043, thus 2.043% 7 Name: 5. Let F = female, M= male. Then P(F) = 0.28, P(M) = 0.2, P(FM) = 0.04. Thus, P(F M ) P(F) P(M ) P(F M ) 0.28 0.2 0.04 0.44 or 44%. x 12,660 11,270 6. a)Z= = 0.5 2780 1 1 2 b) k 2 = 0.9, k2 =0.1, k =10, k=3.16 Therefore, ( -3.16 s, x +3.16 s)= (2485.2, 20054.8) 7. Let F= profitable, T= Two Thumbs Up P(F) ∩T)= = 0.42 b)(TP=(F ∩T)+ P(F’∩T)= P(F)P(T|F)+P(F’)P(T|F’)= 0.6 0.7 + 0.2 0.4= 0.5 P(F T) 0.42 c)(F|T)= P(T) 0.5 = 0.84 8. Weekly Earnings No. of Employees Rel. Freq. Density 200 to under 300 15 0.15 0.0015 (=0.15/100) 300 to under 400 25 0.25 0.0025 (=0.25/100) 400 to under 500 30 0.30 0.003 (=0.30/100) 500 to under 600 20 0.20 0.002(=0.20/100) 600 to under 1000 10 0.10 0.00025(=0.10/400) .003 .002 .001 .00025 200 300 400 5 00 600 700 800 900 1000 8

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