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Published on: 13/05/2022
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Take MCQ Business Maths and Statistics Test

1.
A sample of 100 items, draw from a universe with mean value 4 and S.D 3, has a mean value 63.5. Is the difference in the mean significant at 0.05 level of significance?
2.
A sample of 1000 students whose mean weight is 119 lbs(pounds) from a school in Tamil Nadu State was taken and their average weight was found to be 120 lbs with a standard deviation of 30 lbs. Calculate standard error of mean.
3.
Using the following Tippet’s random number table.
| 2952 | 6641 | 3992 | 9792 | 7969 | 5911 | 3170 | 5624 |
| 4167 | 9524 | 1545 | 1396 | 7203 | 5356 | 1300 | 2693 |
| 2670 | 7483 | 3408 | 2762 | 3563 | 1089 | 6913 | 7991 |
| 0560 | 5246 | 1112 | 6107 | 6008 | 8125 | 4233 | 8776 |
| 2754 | 9143 | 1405 | 9025 | 7002 | 6111 | 8816 | 6446 |
Draw a sample of 10 three digit numbers which are even numbers.
4.
Find the sample size for the given standard deviation 10 and the standard error with respect of sample mean is 3.
5.
From the following data, select 68 random samples from the population of heterogeneous group with size of 500 through stratified random sampling, considering the following categories as strata.
Category 1: Lower income class - 39%
Category 2: Middle income class - 38%
Category 3: Upper income class - 23%
1.
Sample size n = 100,
Sample mean \(\\ \bar { X } =3.5\)
Population mean μ = 4
Population standard deviation σ = 3
Null Hypotheses: There is no significant difference in the mean. i.e., Ho : μ = 4
Alternative Hypotheses : There is Significant difference in the mean.
i.e., H1 : μ ≠ H
The level of significance ∝ = 5% = 0.05
Applying the test statistic,\(Z=\frac { \bar { X } -\mu }{ \frac { \sigma }{ \sqrt { n } } } \)
\(\Rightarrow Z=\frac { 3.5-4 }{ \frac { 3 }{ \sqrt { 100 } } } =\frac { -.5 }{ .3 } =-1.667\)
\(\Rightarrow |Z|=1.667\)
\({ Z }_{ \frac { \alpha }{ 2 } }=1.96\)
Here Z < \({ Z }_{ \frac { \alpha }{ 2 } }\)i.e., 1.667<1.96
Inference: Since Z<\({ Z }_{ \frac { \alpha }{ 2 } }\)at 5% level of significance, the null hypothesis H0 is accepted. Hence there is no Significant difference in the mean.
2.
\( \text { Given } n=1000, \bar{X}=119, \sigma=30\)
\(S . E=\sigma / \sqrt{n}\)
\(=30 / \sqrt{1000} \)
\(=30 / 31.623=0.9487 \)
3.
There are many ways to select a sample of 10 3-digit even numbers. From the table, start from the first number and move along the column. Select the first three digits as the number. If it is an odd number, move to the next number. The selected sample is 416, 664, 952, 748, 524, 914, 154, 340, 140, 276.
\(\begin{array}{|l|l|l|l|l|l|l|l|} \hline 2952 & \underline{6641} & 3992 & 9792 & 7969 & 5911 & 3170 & 5624 \\ \hline \mathbf{4 1 6 7} & \underline{9524} & \mathbf{1 5 4 5} & 1396 & 7203 & 5356 & 1300 & 2693 \\ \hline 2670 & \underline{7483} & \underline{3408} & \underline{2762} & 3563 & 1089 & 6913 & 7991 \\ \hline 0560 & \underline{5246} & 1112 & 6107 & 6008 & 8125 & 4233 & 8776 \\ \hline 2754 & \underline{9143} & \underline{1405} & 9025 & 7002 & 6111 & 8816 & 6446 \\ \hline \end{array}\)
4.
Given \(\sigma\) = 10, S.E. \(\bar { X } \) = 3
We know that S.E = \(\frac { \sigma }{ \sqrt { n } } \)
Therefore, \(3=\frac { 10 }{ \sqrt { n } } \Rightarrow \sqrt { n } =\frac { 10 }{ 3 } \)
Taking Squaring on both sides we get
\(n=\left(\frac{10}{3}\right)^{2}=\frac{100}{9}=11.11 \cong 11\),
The required sample size is 11.
5.
| Stratum | Homogenous group | Percentage from population | Number of people in each strata | Random Samples |
| Category 1 | Lower income class | 39 | \(\frac{39}{100}\) \(\times\) 500 = 195 | 195 \(\times\)\(\frac{68}{500}\) = 26.5~26 |
| Category 2 | Middle income class | 38 | \(\frac{38}{100}\) \(\times\) 500 = 190 | 190 \(\times\)\(\frac{68}{500} \) = 2.6 ~26 |
| Category 3 | Upper income class | 23 | \(\frac{23}{100}\) \(\times\) 500 = 115 | 115 \(\times\) \(\frac{68}{500}\) = 15.6~16 |
| Total | 100 | 500 | 68 |
Merits :
(a) A random stratified sample is superior to a simple random sample because it ensures representation of all groups and thus it is more representative of the population which is being sampled.
(b) A stratified random sample can be kept small in size without losing its accuracy.
(c) It is easy to administer, if the population under study is sub-divided.
(d) It reduces the time and expenses in dividing the strata into geographical divisions, since the government itself had divided the geographical areas.
Demerits :
(a) To divide the population into homogeneous strata (if not divided), it requires more money, time and statistical experience which is a difficult one.
(b) If proper stratification is not done, the sample will have an effect of bias.
(c) There is always a possibility of faulty classification of strata and hence increases variability.
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