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Published on: 03/09/2022
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Take MCQ Business Maths and Statistics Test

1.
A random sample of size with mean 67.9 is drawn from a normal population. If it is known that standard error of the sample mean is \(\sqrt 0.7\). Find 95% confidence interval for the population mean.
2.
Find the standard of the sample mean, when Sample mean is 100, sample size is 64 and population standard deviation is 24.
3.
Find the standard error of the sample proportion p = 0.45 when the population proportion is 0.5 and the sample size is 100.
4.
What are the characteristic of a good estimator?
5.
Define Estimation.
6.
List the various random number tables.
7.
State any 2 demerits of simple random sampling.
8.
The income distribution of the population of a village has a mean of Rs. 6000 and a variance of Rs. 32,400. Could a sample of 64 persons with a mean income of Rs. 5950 belong to this population. (Test at 1% level of significance).
9.
A sample of 400 students is found to have mean height of 171.38 cms, Can it reasonable be regarded as a sample from a large population with mean height of 171.17 cms and standard deviation of 3.3 cms (Test at 5% level)
10.
Out of 1500 school students, a sample of 150 selected to test the accuracy of solving a problem in B.M. and of them 10 did a mistake. Calculate the standard error of sample proportion.
11.
Out of 1000 T.V. viewers, 320 watched a particular programme. Calculate the standard error.
12.
A random sample of size 50 with mean 67.9 is drawn from a normal population. If it is known that the standard error of the sample \(\sqrt { 0.7 } \) , find 95% confidence interval for the population mean.
1.
n = 50, \(\bar x\) = 67.9
95% confidence limits for population mean
\(\bar{x} \pm Z_{c}(\mathrm{~S} . \mathrm{E} \bar{x})\)
\(
=67.9 \pm(1.96) \sqrt{0.7}
\)
\(=67.9 \pm 1.64\)
95% confidence intervals for estimating is given by (66.2, 69.54)
2.
\(S . \mathrm{E}=\frac{s}{\sqrt{n}}\)
\(=\frac{24}{\sqrt{64}}\)
\(=\frac{24}{8}=3\)
3.
\(\mathrm{p}=0.5,\ \theta=1-\mathrm{p}=1-0.5=0.5 \)
n = 100
\(S . E=\sqrt{\frac{p q}{n}}=\sqrt{\frac{(0.5)(0.5)}{100}}\)
\(=\frac{0.5}{10}=0.05\)
4.
A good estimator must possess the following characteristic
(i) unbiasedness
(ii) Consistency
(ii) Efficiency
(iv) Sufficiency
5.
The method of obtaining the most likely value of the population parameter using statistic is called estimation.
6.
The variance random number tables available are
(a) L.H.C Tippett random number series
(b) Fisher and Yates random number series
(c) Kendall and smith random number series
(d) Rand corporation random number series.
7.
(i) This requires a complete list of the population but such upto date lists are not available in many enquiries.
(ii) If the size of the sample is small, then it will not be a representative of the population.
8.
Given sample size n = 64
Sample mean \(\bar { x } \) = 5950
Population mean μ = 6000
Population variance σ2 = 32400
Population Standard deviation σ =\(\sqrt { 32400 } \) =180
Null hypothesis: H0: population mean μ = 6000 Alternative hypothese : H1: μ ≠ 6000
The test statistic, Z = \(\frac { \bar { x } -\mu }{ \frac { \sigma }{ \sqrt { n } } } \)
=\(\frac { 5950-6000 }{ \frac { 180 }{ \sqrt { 64 } } } =\frac { -50 }{ \frac { 180 }{ 8 } } \)
= -50\(\left( \frac { 8 }{ 180 } \right) \) = -2.2
|z| = 2.2
As the level of significance is α =0.001, \(Z_{ \frac { \alpha }{ 2 } }\) = 2.58 Here |z| < zα
Inference: Null hypotheses H0 is accepted.
Hence, we can conclude that the sample of 64 persons with a mean income of Rs.5950 belong to the population.
9.
Given sample size n = 400
Sample mean \(\bar { x } \) = 171.38
Population mean μ = 171.17
Population Standard deviation σ = 3.3
Null hypotheses: H0 : μ = 171.17
Alternative hypotheses: H1 : μ ≠ 171.17
The test statistic, z = \(\frac { \bar { x } -\mu }{ \frac { \sigma }{ \sqrt { n } } } =\frac { 171.38-171.17 }{ \frac { 3.3 }{ \sqrt { 400 } } } \)
=\(\frac { 0.21 }{ 0.165 } \) = 1.273
As the level of significance is α = 0.005, \(Z_{ \frac { \alpha }{ 2 } }\) = 1.96
Here z < \(Z_{ \frac { \alpha }{ 2 } }\) as 1.273 < 1.96
Inference: since z < \(Z_{ \frac { \alpha }{ 2 } }\), we accept the null hypotheses at 5% level of significance.
Hence, we can conclude that the sample of 400 has taken from the population with mean height of 171.17 cm.
10.
Given population size N = 1500
Sample size n = 150
Sample proportion p =\(\frac { 10 }{ 150 } \)=0.07
∴ q = 1 - P = 1 - 0.07 = 0.93
Standard error of sample proportion =\(\sqrt { \frac { pq }{ n } } \)
=\(\sqrt { \frac { (0.07)(0.93) }{ 150 } } \)
S.E(p) = 0.02
11.
Sample size n = 1000
Sample proportion of T.V. viewers
p=\(\frac { 320 }{ 1000 } \)=0.32
∴ q = 1 - P = 1 - 0.32 =0.68
Standard error = \(\sqrt { \frac { pq }{ n } } =\sqrt { \frac { (.32)(.68) }{ 1000 } } \)
S.E = 0.0147
12.
Give sample size = 50
sample mean \(\bar { X } \) =67.9
S.E. =\(\sqrt { 0.7 } \)
95% confidence interval for population mean μ are \(\bar { X } -Z_{ \frac { \alpha }{ 2 } }(S.E)\le \bar { X } +Z_{ \frac { \alpha }{ 2 } }(S.E)\)
As the level of significance is α = 0.05, \(Z_{ \frac { \alpha }{ 2 } }\) = 1.96
∴ 67.9 - (1.96) \(\sqrt { 0.7 } \) ≤ μ ≤ 67.9 + (1.96) \(\sqrt { 0.7 } \)
⇒ 67.9 - 1.64 ≤ μ ≤ 67.9 + 1.64
⇒ 66.2 ≤ μ ≤ 69.54
Thus, the 95% confidence intervals for estimating μ is given by (66.2,69.54).
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