ECONOMICS1.QUESTION 1ch 7Melissa Gamble is the Vice President for University Advancement at StateUniversity. She is responsible for the capital campaign to raise money for the new student servicesbuilding. Melissa plans to target alumni and acquires her sampling frame from the State University Officeof Alumni Relations. She intends to contact these individuals regarding possible donations. She randomlyselects the sixth name as a starting point and then selects every 100th subsequent name (106, 206, 306,etc.). Her sample is asimple random samplestratified samplecluster sampleconvenience samplesystematic sample2 points1.QUESTION 2ch 7 Financial analyst Thuy Nguyen needs a sample of 100 securities listed onthe New York Stock Exchange. In the current issue of the Wall Street Journal, 2,531securities are listed in the "New York Exchange Composite Transactions," analphabetical listing of all securities traded on the previous business day. Thuy usesa table of random numbers to select 100 numbers between 1 and 2,531. Hersample is aquota samplecluster samplesystematic samplesimple random samplestratified sample2 points1.QUESTION 3ch 7 Suppose the population of all public Universities shows the annual parking fee per studentis $110 with a standard deviation of $18. If a random sample of size 49 is drawn from the population, theprobability of drawing a sample with a mean of more than $115 is0.47380.97380.11030.02620.61032 pointsQUESTION 41.ch 7 Suppose the population of all public Universities shows the annual parking fee per studentis $110 with a standard deviation of $18. If a random sample of size 49 is drawn from the population, theprobability of drawing a sample with a sample mean between $100 and $115 is _______.(Hint: add the probabilities of the zscore for $100 and the zscore for $115 together.)0.47380.11030.97380.61030.02622 pointsQUESTION 51.ch 7 Suppose 40% of all college students have a computer at home and a sample of 64 is taken.What is the probability that more than 30 of those in the sample have a computer at home?(Hint: this is like the demonstration problem 7.3 in class. In this case, p is .40, q is .60, nis 64, x is 30. Solve for pÂhat which is x/n. Then use these numbers to find your z score,and look up the probability in the front cover table and subtract it from .5000)0.63140.13140.13430.36860.86862 pointsQUESTION 61.ch 7 Suppose 40% of all college students have a computer at home and a sample of 100 istaken. What is the probability that more than 50 of those in the sample have a computer at home?(Hint: this is like the demonstration problem 7.3 in class. In this case, p is .40, q is .60, nis 100, x is 50. Solve for pÂhat which is x/n. Then use these numbers to find your zscore, and then look up the probability in the front cover table and subtract it from .5000)0.47930.02070.52070.67540.97932 pointsQUESTION 71.ch 8 The z value associated with a two-sided 90% confidence interval is _______. (Hint: can usetable)1.282.331.6451.962.5752 pointsQUESTION 81.ch 8 The z value associated with a two-sided 95% confidence interval is _______. (Hint: can usetable)1.962.5751.282.331.6452 pointsQUESTION 91.ch 8 Suppose a researcher named Priscilla is interested in understanding the variation in theprice of store brand milk. A random sample of 36 grocery stores selected from a population and the meanprice of store brand milk is calculated. The sample mean is $3.13 with a standard deviation of $0.23.Construct a 99% confidence interval to estimate the population mean..(Hint: this is like the example problem 8.1. You can use the Excel spreadsheet if you want)$2.90 to $3.36$3.03 to $3.23$3.06 to $3.20$3.12 to $3.14$3.05 to $3.212 pointsQUESTION 101.ch 8 Gyasi Stewart, VP of Operations at Portland Trust Bank, is evaluating the service levelprovided to walk-in customers. Accordingly, his staff recorded the waiting times for 64 randomlyselected walk-in customers and determined that their mean waiting time was 15 minutes. Assume that thepopulation standard deviation is 4 minutes. The 90% confidence interval for the population mean ofwaiting times is ________.(Hint: this is like the 8.1 demo problem in class. You can use the Excel if you want)13.86 to 16.1418.12 to 19.879.88 to 20.1214.27 to 15.7314.18 to 15.822 points1.QUESTION 11ch 8 The table t value associated with the upper 5% of the t distribution and 12 degrees offreedom is1.7822.1793.3303.0551.3562 pointsQUESTION 121.ch 8 A researcher named Richard is interested in estimating the mean weight of a semi trackertruck to determine the potential load capacity. He takes a random sample of 17 trucks and computes asample mean of 20,000 pounds with sample standard deviation of 1,500. He decides to construct a 98%confidence interval to estimate the mean. The degrees of freedom associated with this problem are15181620172 points1.QUESTION 13ch 8 A large national company is considering negotiating cellular phone rates for its employees.The Human Resource department would like to estimate the proportion of its employee population whoown an Apple iPhone. A random sample of size 250 is taken and 40% of the sample own an iPhone.. The95% confidence interval to estimate the population proportion is _______. (Hint: this is like demoproblem 8.5. You can use Excel if you like)0.39 to 0.410.37 to 0.430.35 to 0.450.40 to 0.420.34 to 0.462 points1.QUESTION 14ch 8 A researcher named Dominga wants to determine the sample size necessary to adequatelyconduct a study to estimate the population mean to within 5 points. The range of population values is 80and the researcher plans to use a 90% level of confidence. The sample size should be at least _______.(Hint: this is like demo problem 8.7. You can use Excel if you like)4321644692622 pointsQUESTION 151.ch 8 Anthony Harris, Director of Marketing Research, is evaluating consumer acceptance of anew toothpaste package. He plans to use a 95% confidence interval estimate of the proportion ofhouseholds which prefer the new packages; he will accept a 0.05 error. Previous studies indicate that newpackaging has an approximately 70% acceptance rate. The sample size should be at least _______.(Hint: this is like demo problem 8.8. You can use Excel if you wish)3223232742759