2023 1 TCO A Seventeen salespeople reported the following number of sales calls

Business Finance 2023 MATH 533 Final Exam

1 TCO A Seventeen salespeople reported the following number of sales calls 2023

1. (TCO A) Seventeen salespeople reported the following number of sales calls completed last month.


2. (TCO B) Cedar Home Furnishings has collected data on their customers in terms of whether they reside in an urban location or a suburban location, as well as rating the customers as either “good,” “borderline,” or “poor.” The data is below


3. (TCO B) Historically, 70% of your customers at Rodale Emporium pay for their purchases using credit cards. In a sample of 20 customers, find the probability that


4. (TCO B) The demand for gasoline at a local service station is normally distributed with a mean of 27,009 gallons per day and a standard deviation of 4,530 gallons per day


5. (TCO C) An operations analyst from an airline company has been asked to develop a fairly accurate estimate of the mean refuelling and baggage handling time at a foreign airport. A random sample of 36 refuelling and baggage handling times yields the following results


6. (TCO C) The manufacturer of a certain brand of toothpaste claims that a high percentage of dentists recommend the use of their toothpaste. A random sample of 400 dentists results in 310 recommending their toothpaste.


7. (TCO D) A Ford Motor Company quality improvement team believes that its recently implemented defect reduction program has reduced the proportion of paint defects. Prior to the implementation of the program, the proportion of paint defects was .03 and had been stationary for the past 6 months. Ford selects a random sample of 2,000 cars built after the implementation of the defect reduction program. There were 45 cars with paint defects in that sample. Does the sample data provide evidence to conclude that the proportion of paint defects is now less than .03 (with a = .01)? Use the hypothesis testing procedure outlined below.


8. (TCO D) A new car dealer calculates that the dealership must average more than 4.5% profit on sales of new cars. A random sample of 81 cars gives the following result.


9. (TCO E) Bill McFarland is a real estate broker who specializes in selling farmland in a large western state. Because Bill advises many of his clients about pricing their land, he is interested in developing a pricing formula of some type. He feels he could increase his business significantly if he could accurately determine the value of a farmer’s land. A geologist tells Bill that the soil and rock characteristics in most of the area that Bill sells do not vary much. Thus the price of land should depend greatly on acreage. Bill selects a sample of 30 plots recently sold. The data is found below (in Minitab), where X=Acreage and Y=Price ($1,000s).



10. (TCO E) An insurance firm wishes to study the relationship between driving experience (X1, in years), number of driving violations in the past three years (X2), and current monthly auto insurance premium (Y).  A sample of 12 insured drivers is selected at random.  The data is given below (in MINITAB):

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