Question 1

Healthy Foods
 In segmenting the frozen meal market in Spain,a food manufacturer uses health and diet consciousness as the segmentation variable.Four segments are developed and coded as follows: 1: Concerned about eating healthy foods 2: Concerned about weight 3: Concerned about health because of illness 4: Unconcerned To distinguish between groups,surveys are conducted.On the basis of a questionnaire,people are categorized as belonging to one of these groups.A recent survey asked a random sample of 1,500 Spanish adults (20 and over)to complete the survey.Out of the 1,500 people surveyed,360 indicated that they are concerned about eating healthy foods.The most recent information available reveals that there are 40,256,000 Spanish adults who are 20 and over. ​ ​
-{Healthy Foods Narrative} Interpret the confidence interval of p.

Accepted Answer

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 In segmenting the frozen meal...

Question 2

Tractor Dealership
 An accountant was performing an audit for a tractor dealership.An auditor wants to examine the monetary error made by the purchasing order department in the month of July.He decided to randomly sample 100 of the 925 purchase orders for the month of July,and found the amount of error in each one.The statistics for this sample were:  = $6.0 and s = $17.012. ​ ​
-{Tractor Dealership Narrative} Estimate with 95% confidence the total amount of monetary error for the month of July.

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 An accountant was performing an...

Question 3

A random sample of size 16 taken from a normally distributed population revealed a sample mean of 50 and a sample variance of 36.The upper limit of a 95% confidence interval for the population mean would equal:
A)57.81
B)53.20
C)69.90
D)75.31

Accepted Answer

To find the upper limit of the 95% confidence interval, we need to use the formula:

Upper limit = sample mean + (critical value) * (standard error)

The critical value can be found using a t-distribution with degrees of freedom (df) = n-1. For 95% confidence level and df = 15 (16-1), the critical value is 2.131.

The standard error can be calculated as the square root of (sample variance / sample size), which in this case is sqrt(36/16) = 1.5.

Plugging in the values:

Upper limit = 50 + 2.131 * 1.5
Upper limit = 53.20

Therefore, the answer is B.

Question 4

Tractor Dealership
 An accountant was performing an audit for a tractor dealership.An auditor wants to examine the monetary error made by the purchasing order department in the month of July.He decided to randomly sample 100 of the 925 purchase orders for the month of July,and found the amount of error in each one.The statistics for this sample were:  = $6.0 and s = $17.012. ​ ​
-{Tractor Dealership Narrative} Estimate with 95% confidence the average amount of error per purchase order for the entire month of July.

Accepted Answer

The answer of Tractor Dealership
 An accountant was performing an...

Question 5

Healthy Foods
 In segmenting the frozen meal market in Spain,a food manufacturer uses health and diet consciousness as the segmentation variable.Four segments are developed and coded as follows: 1: Concerned about eating healthy foods 2: Concerned about weight 3: Concerned about health because of illness 4: Unconcerned To distinguish between groups,surveys are conducted.On the basis of a questionnaire,people are categorized as belonging to one of these groups.A recent survey asked a random sample of 1,500 Spanish adults (20 and over)to complete the survey.Out of the 1,500 people surveyed,360 indicated that they are concerned about eating healthy foods.The most recent information available reveals that there are 40,256,000 Spanish adults who are 20 and over. ​ ​
-{Healthy Foods Narrative} What is the point estimate of the proportion p of Spanish adults who classify themselves as concerned about eating healthy?

Accepted Answer

The answer of Healthy Foods
 In segmenting the frozen meal...

Question 6

Healthy Foods
 In segmenting the frozen meal market in Spain,a food manufacturer uses health and diet consciousness as the segmentation variable.Four segments are developed and coded as follows: 1: Concerned about eating healthy foods 2: Concerned about weight 3: Concerned about health because of illness 4: Unconcerned To distinguish between groups,surveys are conducted.On the basis of a questionnaire,people are categorized as belonging to one of these groups.A recent survey asked a random sample of 1,500 Spanish adults (20 and over)to complete the survey.Out of the 1,500 people surveyed,360 indicated that they are concerned about eating healthy foods.The most recent information available reveals that there are 40,256,000 Spanish adults who are 20 and over. ​ ​
-{Healthy Foods Narrative} What is the objective of this problem?

Accepted Answer

The answer of Healthy Foods
 In segmenting the frozen meal...

Question 7

Healthy Foods
 In segmenting the frozen meal market in Spain,a food manufacturer uses health and diet consciousness as the segmentation variable.Four segments are developed and coded as follows: 1: Concerned about eating healthy foods 2: Concerned about weight 3: Concerned about health because of illness 4: Unconcerned To distinguish between groups,surveys are conducted.On the basis of a questionnaire,people are categorized as belonging to one of these groups.A recent survey asked a random sample of 1,500 Spanish adults (20 and over)to complete the survey.Out of the 1,500 people surveyed,360 indicated that they are concerned about eating healthy foods.The most recent information available reveals that there are 40,256,000 Spanish adults who are 20 and over. ​ ​
-{Healthy Foods Narrative} Estimate with 95% confidence the proportion p of Spanish adults who classify themselves as concerned about eating healthy.

Accepted Answer

The answer of Healthy Foods
 In segmenting the frozen meal...

Question 8

A random sample of size 18 taken from a normally distributed population revealed a sample mean of 100 and a sample variance of 49.The 95% confidence interval for the population mean would equal:
A)93.56 - 103.98
B)97.65 - 107.35
C)95.52 -104.65
D)96.52 - 103.48

Accepted Answer

The answer of A random sample of size 18 taken...

Question 9

A population is defined to be small if it is ____________________ than ____________________ times the size of the sample.

Accepted Answer

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Question 10

Healthy Foods
 In segmenting the frozen meal market in Spain,a food manufacturer uses health and diet consciousness as the segmentation variable.Four segments are developed and coded as follows: 1: Concerned about eating healthy foods 2: Concerned about weight 3: Concerned about health because of illness 4: Unconcerned To distinguish between groups,surveys are conducted.On the basis of a questionnaire,people are categorized as belonging to one of these groups.A recent survey asked a random sample of 1,500 Spanish adults (20 and over)to complete the survey.Out of the 1,500 people surveyed,360 indicated that they are concerned about eating healthy foods.The most recent information available reveals that there are 40,256,000 Spanish adults who are 20 and over. ​ ​
-{Healthy Foods Narrative} What is the parameter we wish to estimate? Explain.

Accepted Answer

The answer of Healthy Foods
 In segmenting the frozen meal...

Question 11

When a population is small relative to the sample size,we must incorporate the ____________________ factor in the calculation of the standard error of estimate of the mean.

Accepted Answer

The answer of When a population is small relative to...

Question 12

Healthy Foods
 In segmenting the frozen meal market in Spain,a food manufacturer uses health and diet consciousness as the segmentation variable.Four segments are developed and coded as follows: 1: Concerned about eating healthy foods 2: Concerned about weight 3: Concerned about health because of illness 4: Unconcerned To distinguish between groups,surveys are conducted.On the basis of a questionnaire,people are categorized as belonging to one of these groups.A recent survey asked a random sample of 1,500 Spanish adults (20 and over)to complete the survey.Out of the 1,500 people surveyed,360 indicated that they are concerned about eating healthy foods.The most recent information available reveals that there are 40,256,000 Spanish adults who are 20 and over. ​ ​
-{Healthy Foods Narrative} Estimate with 95% confidence thee number of Spanish adults who classify themselves as concerned about eating healthy.

Accepted Answer

The answer of Healthy Foods
 In segmenting the frozen meal...

Question 13

Tractor Dealership
 An accountant was performing an audit for a tractor dealership.An auditor wants to examine the monetary error made by the purchasing order department in the month of July.He decided to randomly sample 100 of the 925 purchase orders for the month of July,and found the amount of error in each one.The statistics for this sample were:  = $6.0 and s = $17.012. ​ ​
-{Tractor Dealership Narrative} Why should the finite population correction factor (FPCF)be used for this problem? Explain.

Accepted Answer

The answer of Tractor Dealership
 An accountant was performing an...

Quiz 12: Inference About a Population

A random sample of size 16 taken from a normally distributed population revealed a sample mean of 50 and a sample variance of 36.The upper limit of a 95% confidence interval for the population mean would equal:

A random sample of size 18 taken from a normally distributed population revealed a sample mean of 100 and a sample variance of 49.The 95% confidence interval for the population mean would equal:

A population is defined to be small if it is than times the size of the sample.

When a population is small relative to the sample size,we must incorporate the ____________________ factor in the calculation of the standard error of estimate of the mean.