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ASU ECN 221 EXAM 1 STUDY GUIDE QUESTIONS WITH COMPLETE ANSWERS $11.49
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ASU ECN 221 EXAM 1 STUDY GUIDE QUESTIONS WITH COMPLETE ANSWERS
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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., su...

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  • September 24, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • asu ecn 221 exam 1
  • asu ecn 221
  • asu ecn 221 exam 1 study guide questions
  • asu ecn 221 exam 1 study guide questions
  • which of the following is a measure of dispersion

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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


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