QNT 351: Learning Teams Problem Sets

Week 2 LT Assignments

Chapter 1

4. For each of the following, determine whether the group is a sample or a population.
5. The participants in a study of a new cholesterol drug.
6. The drivers who received a speeding ticket in Kansas City last month.
7. Those on welfare in Cook County (Chicago), Illinois.
8. The 30 stocks reported as a part of the Dow Jones Industrial Average.

8. For the following questions, would you collect information using a sample or a population?

Why?

1. Statistics 201 is a course taught at a university. Professor A. Verage has taught nearly1,500 students in the course over the past 5 years. You would like to know the averagegrade for the course.
2. As part of a research project, you need to report the average profitability of the numberone corporation in the Fortune 500 for the past 10 years.
3. You are looking forward to graduation and your first job as a salesperson for one offive large pharmaceutical corporations. Planning for your interviews, you will need toknow about each company’s mission, profitability, products, and markets.
4. You are shopping for a new MP3 music player such as the Apple iPod. The manufacturersadvertise the number of music tracks that can be stored in the memory. Usually,the advertisers assume relatively short, popular music to estimate the number oftracks that can be stored. You, however, like Broadway musical tunes and they aremuch longer. You would like to estimate how many Broadway tunes will fit on yourMP3 player.

12. Utilize the concepts of sample and population to describe how a presidential election isunlike an “exit” poll of the electorate.

16. AVX Stereo Equipment, Inc., recently began a “no-hassles” return policy. A sample of500 customers who had recently returned items showed 400 thought the policy wasfair, 32 thought it took too long to complete the transaction, and the rest had no opinion.

On the basis of this information, make an inference about customer reaction to thenew policy

18. The following chart depicts the average amounts spent by consumers on holiday gifts.

Write a brief report summarizing the amounts spent during the holidays. Be sure toinclude the total amount spent, and the percent spent by each group.