ECO502 Decision Making Assignment 2 Questions

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

Question 1
The susceptibility ordeal chargess of applicants to a university disequalize program are regularly reserved with balance 500 and gauge dissolution 60.
a) Applicants demand a ordeal charges excellent than 530 to be admitted into the disequalize program. What relation of applications capacitate?
[Marks 2]
b) If the university wishes to be the cutoff charges curb disequalize bearing so that merely the extreme 10% of applicants capacitate curb bearing, what is the required cutoff charges?
[Marks 2]
c) What percentage of applicants possess ordeal chargess among brace gauge dissolutions of the balance?
[Marks 3]
Question 2
Council officials in Canberra possess lately explicit regard concerning aggravateruns on soldierly lessens. These unplanned expenditures possess been costing Australians darlings of dollars every year. The perfect wait impanels a committee of experts to appreciate the balance quantity each lessen costs the council aggravate and overhead the quantity agreed upon. The committee has already resolute that the gauge dissolution in aggravateruns is $17.5 darling, and that they answer regularly reserved.
i. If a illustration of 25 lessens is clarified, how mitigated is it the illustration conquer aggravateappreciate the population balance by departed than $10 darling?
[Marks 3]
ii. The perfect wait conquer sanction an fallacy of $5 darling in the appreciate of µ. How mitigated is he to accept an appreciate from the committee among the exact place?
[Marks 4]
Question 3
a) You possess honorable disequalized with a shaft disequalize order in occupation and possess obtained a pose with a ample manufacturing strong. The governmentr of marketing has asked you to appreciate the balance opportunity required to consummate a feature ace of the manufacturing manner. A illustration of 600 aces yields a balance of 7.2 days. Past the population gauge dissolution is obscure, the illustration gauge dissolution of s=1.9 days must be used. Calculate and declare the 90 percent interspace curb the balance completion opportunity curb the manufacturing manner. If this balance opportunity is appreciated to be in extravagance of 7 days, a strange manner conquer be implemented to lessen genesis costs.
[Marks 4]
b) A view strong was charged with inflating the price title it files curb view lessens with the federal council. The lessen states that a unmistakable sign of job should balance $1,150. In the cause of opportunity, the governmentrs of merely 12 council agencies were designated on to invade seek ordealimony concerning the strong’s title. If a balance of $1,275 and a gauge dissolution of $235 are discovered from ordealimony, would a 95 percent belief interspace food the strong’s constitutional contingency? Assume acknowledgment quantitys are regular.
[Marks 4]

Question 4
a) The balance bulk of wholesale loans by a bank has been $60,000 in the departed. A late exexqualify in the bank’s faith management entireows ampler quantitys to be added underneathneath the identical provisions. The faith overseer now wishes to ordeal whether the balance bulk of wholesale loans made past the management exchanges is ampler than $60,000. The overseer wishes to curb the a facilitate at 0.01 when µ=$60,000. A chance illustration of n=144 loans made past the management exexqualify yielded the subjoined results =$68,100, s=$45,000.
i. Pass the ordeal. State the alternatives, the firmness government, the prize gaugeised ordeal statistic and the disposal.
[Marks 4]
ii. Calculate the p-prize of the ordeal and pass the required ordeal. Declare its balanceing here.
[Marks 4]
*****The End*****

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