Reference no: EM1323277
Q1) Agent for residential real estate company in a large city would like to be able to forecast monthly rental cost of apartments based on size of apartment. At.05 level of significance find out if correlation between rental cost and apartment size is significant.
a) No, there is not statistically important linear relationship between monthly rental cost and apartment size, as the sample correlation coefficient is less than .95.
b) Yes, there is a statistically important linear relationship between monthly rental cost and apartment size, as the p-value for this test is less than .0001.
c) Yes, there is a statistically important linear relationship between monthly rental cost and apartment size, as the t-test value, 7.74, is greater than the critical value 1.96.
d) Yes, there is a statistically important linear relationship between monthly rental cost and apartment size, as sample correlation coefficient 0.85 exceeds 0.50.
Q2) Suppose family incomes are normally distributed with mu=$16,000 and sigma=$2,000. Determine probability that family picked at random will have an income between $15,000 and $18,000?
a) 37%
b) 53%
c) 65%
d) 95%
Q3) Metal stamping machine is producing 10 defective parts per hour. Determine the probability that three or fewer defective parts will be output in a randomly chosen hour, by using the Poisson distribution?
a) 1%
b) 10%
c) 90%
d) 100%
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