Find a sample proportion of 0.30 or more in a sample of 500

Assignment Help Macroeconomics
Reference no: EM13182660

1. An automatic saw at a local lumber mill cuts 2-by-4s to an average length of 121 inches. Because the saw is a mechanical device, not all the boards are 121 inches long. In fact, the distribution of lengths has a variance of 0.16.
a) The 2x4s are sold as being 10 feet in length (120 inches). What is the proportion of boards cut by this process that are less than the advertised length?
b) The saw operator took a sample of 36 boards. If the saw is set correctly, what is the probability the average length of the sample boards is more than 120.9 inches?
c) What should the saw operator conclude if she finds the sample to have an average length greater than 121.2 inches?

2. A sample of 500 business professionals found that 30% chose an airline based on price.
a) If the population proportion of all business professionals who select an airline based on price is 0.27, then what is the probability that we would find a sample proportion of 0.30 or more in a sample of 500?
b) If the population proportion of all business professionals who select an airline based on price is 0.29, then what is the probability that we would find a sample proportion of 0.30 or more in a sample of 500?

Reference no: EM13182660

Questions Cloud

How many patient days does the hospital need : How many patient days does the hospital need to break even and what level of revenue is needed to earn a target income of $540,000?
What is the new equilibrium level of real gdp : Use the following equations for exercises 16-18. C=$100+0.8Y, I=$200, G=$250, X=$100-0.2Y 1. What is the new equilibrium level of real GDP if government spending increases by $150? 2. What is the new equilibrium level of real GDP if government spendi..
Will the event be profitable for the sorority : Will the event be profitable for the sorority? Show computations and how many people must attend for the sorority to break even?
Determine the variable cost per order shipped : Determine the variable cost per order shipped and determine the fixed shipping costs per quarter.
Find a sample proportion of 0.30 or more in a sample of 500 : A sample of 500 business professionals found that 30% chose an airline based on price. a) If the population proportion of all business professionals who select an airline based on price is 0.27, then what is the probability that we would find a s..
Explain the revival in the growth of productivity : Which of the following is NOT an explanation for the revival in the growth of productivity starting in the mid 1990s? A)Cell phones and wireless Internet access increase worker flexibility. B)Internet use has increased the efficiency of how firms b..
What is the least-cost combination of labor : 1. What is the least-cost combination of labor and capital the firm should employ in producing 80 units of output? explain. 2. What is the profit-maximizing combination of labor and capital the firm should use? Explain. 3. What is the resulting level..
Compute ph at points between the start of titration : calculate pH at points between the start of titration and equvalence point: choose points so tht they will be more dense where change in pH is faster
Compute the cost of jobs completed during may : Compute the total overhead applied to production during May, compute the cost of the ending work in process inventory and compute the cost of jobs completed during May.

Reviews

Write a Review

Macroeconomics Questions & Answers

  Elucidate the bumper harvest increase or decrease

Elucidate the bumper harvest increase or decrease the total revenue of American wheat farmers. How could you have predicted this from your answer to part a.

  International marketplace system to allocate resources

The extensive application of protective tariffs destroys the ability of the international marketplace system to allocate resources efficiently.

  Derive and compare demand curve

Question based on Derive and compare demand curve,  Derive Ambrose's demand function for peanuts. How does it compare with Johnny's demand curve for peanuts?

  Expalin how many firms are in this industry

What is the equilibrium price of a box. Is this the long-run equilibrium price. Expalin how many firms are in this industry when it is in long-run equilibrium.

  Two years ago when the officials in plentiful decided

It all begins two years ago when the officials in Plentiful decided to raise the tipping fees at their Raw End

  Curve for equation slope upward

If graphed, would the curve for this equation slope upward or slope downward and are the variables C and Y inversely related or directly related?

  Potential danger of maintaining rigid interest rate target

Those who advocate that the Federal Reserve target monetary aggregates usually argue that the Fed should not alter its monetary targets in response to temporary changes in macroeconomic conditions

  Characteristics of firms in oligopoly

Testifying at a price fixing trial involving Cargill Corp. and the market for chicken growth hormone, (in which the Cargill is one of only three firms worldwide), an executive for Perdue said

  Concept of the costs and supply

Suppose your telephone plan charges you $25 per month plus ten cents per minute for long distance calls. Write an equation that describes your monthly telephone account.

  Construct the payoff table

Two oligopoly company are in the process of estimating their marketing strategies. Firm 1 can generate estimated profits of $10 million from strategy A

  Determine the impact of an raise in production technology

Ceteris Paribus means all other things being equal. In the Keynesian, Classical, and Solow model, determine the impact of an raise in production technology

  Effort to control exchange rates

Describe when and why central banks buy either their own currency or the currency of another nation in an effort to control exchange rates.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd