{"id":53087,"date":"2022-04-16T18:02:27","date_gmt":"2022-04-16T18:02:27","guid":{"rendered":"https:\/\/assignmenttutors.net\/blog\/during-routine-conversations-the-ceo-of-a-new-start-up-reports-that\/"},"modified":"2022-04-16T18:02:27","modified_gmt":"2022-04-16T18:02:27","slug":"during-routine-conversations-the-ceo-of-a-new-start-up-reports-that","status":"publish","type":"post","link":"https:\/\/assignmenttutors.net\/blog\/during-routine-conversations-the-ceo-of-a-new-start-up-reports-that\/","title":{"rendered":"During routine conversations, the ceo of a new start up reports that"},"content":{"rendered":"<div>\n<ol>\n<li>During routine conversations, the CEO of a new start up reports that 15% of adults between the ages of 21 and 39 will purchase her new product. Hearing this, some investors decide to conduct a large scale study, hoping to estimate the proportion to within 5% with 90% confidence. How many randomly selected adults between the ages of 21 and 39 must they survey?<\/li>\n<\/ol>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>The number of adults that should be surveyed is 138 (Round up to the nearest whole number).<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<ol>\n<li>A random sample of 20 purchases showed the amounts in the table (in $). The mean is $52.08 and the standard deviation is $20.92.<\/li>\n<\/ol>\n<p>a)\u00a0\u00a0\u00a0\u00a0\u00a0 What is the standard error of the mean?<\/p>\n<p>b)\u00a0\u00a0\u00a0\u00a0\u00a0 How would the standard error change if the sample size had been 5 instead of 20? (Assume that the sample standard deviation didn\u2019t change).<\/p>\n<p>\u00a0<\/p>\n<p>Table:<\/p>\n<p>\u00a0<\/p>\n<p>80.70\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 45.42\u00a0\u00a0\u00a0\u00a0 46.89\u00a0\u00a0\u00a0\u00a0 83.80<\/p>\n<p>28.19\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 48.65\u00a0\u00a0\u00a0\u00a0 29.17\u00a0\u00a0\u00a0\u00a0 50.75<\/p>\n<p>31.17\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 72.20\u00a0\u00a0\u00a0\u00a0 32.29\u00a0\u00a0\u00a0\u00a0 52.41<\/p>\n<p>72.43\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 33.13\u00a0\u00a0\u00a0\u00a0 74.04\u00a0\u00a0\u00a0\u00a0 87.73<\/p>\n<p>16.41\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 38.40\u00a0\u00a0\u00a0\u00a0 58.79\u00a0\u00a0\u00a0\u00a0 59.00<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>a)\u00a0\u00a0\u00a0\u00a0\u00a0 The standard error of the mean is 4.68(Round to two decimal places as needed)<\/p>\n<p>b)\u00a0\u00a0\u00a0\u00a0\u00a0 How would the standard error change if the sample size was 5 instead of 20 with the same sample standard deviation? Select the correct choice below and fill in any answer boxes within your choice.<\/p>\n<p>\u00a0<\/p>\n<p>a)\u00a0\u00a0\u00a0\u00a0\u00a0 The standard error would increase. The new standard error would be 2 times the old.<\/p>\n<p>\u00a0<\/p>\n<p>b)\u00a0\u00a0\u00a0\u00a0\u00a0 The standard error would decrease. The new standard error would be the old standard error divided by _____________<\/p>\n<p>\u00a0<\/p>\n<p>c)\u00a0\u00a0\u00a0\u00a0\u00a0 The standard error would not change.<\/p>\n<p>\u00a0<\/p>\n<ol>\n<li>Top management at a large Software company wishes to estimate the average number of hours its firm\u2019s professional employees volunteer in the local community. Based on past similar studies, the standard deviation was found to be 2.22 hours. If top management wants to estimate the average number of hours volunteered per month by their professional staff to within one hour with 99% confidence, how many randomly selected professional employees would they need to sample?<\/li>\n<\/ol>\n<p>\u00a0<\/p>\n<p>a)\u00a0\u00a0\u00a0\u00a0\u00a0 19<\/p>\n<p>b)\u00a0\u00a0\u00a0\u00a0\u00a0 44<\/p>\n<p>c)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 33<\/p>\n<p>d)\u00a0\u00a0\u00a0\u00a0\u00a0 25<\/p>\n<p>e)\u00a0\u00a0\u00a0\u00a0\u00a0 54<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<ol>\n<li>A young investor believes that he can beat the market by pricing stocks that will increase in value. Assume that on average 52% of the stocks selected by a portfolio manager will increase over 12 months. Of the 29 stocks that the young investor bought over the last 12 months, 17 have increased. Can he claim that he is better at predicting increases that the typical portfolio manager? Test at a = 0.05<\/li>\n<\/ol>\n<p>\u00a0<\/p>\n<p>What is the null and alternative hypothesis for this test?<\/p>\n<p>\u00a0<\/p>\n<p>a)\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n<p>b)\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n<p>c)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n<p>d)\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>Calculate the test statistic.<\/p>\n<p>\u00a0<\/p>\n<p>Z = 0.714(Round to three decimal places as needed)<\/p>\n<p>What is the P-value for the test statistic?<\/p>\n<p>\u00a0<\/p>\n<p>P-Value =0.238(Round to three decimal places).<\/p>\n<p>\u00a0<\/p>\n<p>What can the investor conclude? Assume\u00a0 a=0.05<\/p>\n<p>\u00a0<\/p>\n<p>a)\u00a0\u00a0\u00a0\u00a0\u00a0 He rejects the null hypothesis and cannot claim that he is better at predicting increases than the typical portfolio manager.<\/p>\n<p>b)\u00a0\u00a0\u00a0\u00a0\u00a0 He fails to reject the null hypothesis and can claim that he is better at predicting increases than the typical portfolio manager, but this conclusion may not be reliable. \u2018<\/p>\n<p>c)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 He fails to reject the null hypothesis and can not claim that he is better at predicting increases than the typical portfolio manager, but this conclusion may not be reliable.<\/p>\n<p>d)\u00a0\u00a0\u00a0\u00a0\u00a0 He rejects the null hypothesis and can claim that he is better at predicting increases than the typical portfolio manager, but this conclusion may not be reliable.<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<ol>\n<li>A random sample of the amounts for 16 purchases was taken. The mean was $44.37, the standard deviation was $23.32, and the margin of error for a 95% confidence interval was $12.43.<\/li>\n<\/ol>\n<p>\u00a0<\/p>\n<p>a)\u00a0\u00a0\u00a0\u00a0\u00a0 To reduce the margin of error to about $6, how large would the sample size have to be?<\/p>\n<p>b)\u00a0\u00a0\u00a0\u00a0\u00a0 How large would the sample size have to be to reduce the margin of error to $1.2?<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>a)\u00a0\u00a0\u00a0\u00a0\u00a0 The new sample size should be69(Round up to the nearest integer)<\/p>\n<p>b)\u00a0\u00a0\u00a0\u00a0\u00a0 The new sample size should be 1717(Round up to the nearest integer).<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>During routine conversations, the CEO of a new start up reports that 15% of adults between the ages of 21 and 39 will purchase her new product. Hearing this, some investors decide to conduct a large scale study, hoping to estimate the proportion to within 5% with 90% confidence. How many randomly selected adults between [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"class_list":["post-53087","post","type-post","status-publish","format-standard","hentry","category-education"],"_links":{"self":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/53087","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/comments?post=53087"}],"version-history":[{"count":0,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/53087\/revisions"}],"wp:attachment":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/media?parent=53087"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/categories?post=53087"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/tags?post=53087"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}