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BUSI 1013 Final Exam Statistics for Business Questions and Correct Answers/Graded A+/ Yorkville University $16.49   Add to cart
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BUSI 1013 Final Exam Statistics for Business Questions and Correct Answers/Graded A+/ Yorkville University
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BUSI 1013 Final Exam Statistics for Business Questions and Correct Answers/Graded A+/ Yorkville University Final Exam Statistics for Business BUSI 1013

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  • November 13, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • busi 1013 final exam statistics for business
  • busi 1013 final exam statistics for business ques
  • 112 points a very large batch component has ar
  • final exam statistics for business busi 1013

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  • BUSI 1013
  • BUSI 1013

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BUSI 1013 Final Exam Statistics for
Business Questions and Correct
Answers/Graded A+/ Yorkville University

, 1. (12 points) A very large batch component has arrived at a distributor. 10% of the
components in the batch are defective but the distributor does not know the exact
percentage of the defective components. He decides to randomly select 10 components
and to accept the batch only if the number of defective components in the sample is at
most 2.
a. What is the probability that the batch will be accepted?
n=10
p=0.9
1-p=0.1
P(less than 2)=BINOM.DIST(2,10,0.1,TRUE)=0.928
The probability is 0.928


b. What is the probability that among 10 components, 5 of them are defective?
P(x=5)= BINOM.DIST(5,10,0.1,FALSE)=0.0015


c. What is the probability that among 10 components, 3 or 4 of them are defective?
P(x=4)+P(x=3)= BINOM.DIST(4,10,0.1,FALSE)+ BINOM.DIST(3,10,0.1,FALSE)=
0.011+0.057=0.068


2. (8 points) Time that is needed to fix a car engine problem follows a normal
distribution with mean of 48 and std of 5 minutes. A mechanics tells a customer that it
takes maximum of 1 hour to fix the engine.
a. What is the probability that the mechanic's estimation about the time does not
happen?
Mean=48min
Std=5min
=P(z> (60-48)/5))=0.0081975
The probability that the mechanic's estimation about the time does not happen is
0.008198


b. If the mechanic wants to give an estimation about time with 98% confidence, what
would be the time?
P(z<z1)=0.98
P(z) =2.054
t =(2.054*5) + 48
t=58.27min

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