ECO502 Decision Making Assignment 2 Questions

ECO502 Blank Making
Semester 1, 2016
Assignment 2
Maximum marks: 30
Answer integral Questions
Due date: 0900 Tuesday May 3, 2016 (week 9)

Question 1
The readiness trial beaks of applicants to a university furrow program are ordinaryly as sorted with medium 500 and plummet derangement 60.
a) Applicants demand a trial beak conspicuous than 530 to be admitted into the furrow program. What adaptation of applications enable?
[Marks 2]
b) If the university wishes to rooted the cutoff beak govern furrow advance so that solely the culmination 10% of applicants enable govern advance, what is the required cutoff beak?
[Marks 2]
c) What percentage of applicants keep trial beaks among span plummet derangements of the medium?
[Marks 3]
Question 2
Empire officials in Canberra keep of-late developed anxiety touching balanceruns on soldierly restraintms. These unplanned expenditures keep been costing Australians darlings of dollars integral year. The superexcellent supply impanels a committee of experts to admire the balance total each restraintm costs the empire balance and over the total agreed upon. The committee has already fast that the plummet derangement in balanceruns is $17.5 darling, and that they show ordinaryly as sorted.
i. If a specimen of 25 restraintms is separated, how likely is it the specimen achieve balanceadmire the population medium by further than $10 darling?
[Marks 3]
ii. The superexcellent supply achieve conrooted an fault of $5 darling in the admire of µ. How likely is he to assent-to an admire from the committee among the fixed ramble?
[Marks 4]
Question 3
a) You keep true furrowd with a shaft furrow step in office and keep obtained a pose with a enlightened manufacturing rooted. The governler of marketing has asked you to admire the medium date required to total a detail ace of the manufacturing way. A specimen of 600 aces yields a medium of 7.2 days. Past the population plummet derangement is hidden, the specimen plummet derangement of s=1.9 days must be used. Calculate and represent the 90 percent interspace govern the medium collection date govern the manufacturing way. If this medium date is admired to be in advance of 7 days, a odd way achieve be implemented to subjugate product costs.
[Marks 4]
b) A erection rooted was abounding with inflating the expenditure seal it files govern erection restraintms with the federal empire. The restraintm states that a indubitable mold of function should balance $1,150. In the curiosity-behalf of date, the governlers of solely 12 empire agencies were denominated on to invade affect trialimony touching the rooted’s seal. If a medium of $1,275 and a plummet derangement of $235 are discovered from trialimony, would a 95 percent belief interspace stay the rooted’s constitutional subject? Assume voucher totals are ordinary.
[Marks 4]

Question 4
a) The medium bigness of wholesale loans by a bank has been $60,000 in the gone-by. A new fluctuate in the bank’s trustworthiness cunning integralows enlightenedr totals to be ascititious inferior the identical stipulations. The trustworthiness director now wishes to trial whether the medium bigness of wholesale loans made past the cunning fluctuates is enlightenedr than $60,000. The director wishes to govern the a induce at 0.01 when µ=$60,000. A unpremeditated specimen of n=144 loans made past the cunning fluctuate yielded the aftercited results =$68,100, s=$45,000.
i. Pass the trial. State the alternatives, the blank government, the prize plummetised trial statistic and the blank.
[Marks 4]
ii. Calculate the p-prize of the trial and pass the required trial. Represent its mediuming here.
[Marks 4]
*****The End*****

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