Business Statistics Homework help

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Homework Question from Business Statistics

The effective management of cash flows by business organization is necessary for the proper budgeting and control of their present and future resources. In an analysis of the cash position of a departmental store, an accounting firm decides to select a simple random sample of n=15 monthly retail accounts receivable from among the N=1000 current monthly retail accounts of the department store in order to estimate the total amount due to all outstanding accounts receivable.

Question: The effective management of cash flows by business organization is necessary for the proper budgeting and control of their present and future resources. In an …
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Urn A1 contains 8 black and 2 white marbles. Urn A3 contains 3 black and 7 white marbles, and urn A3 contains 5 white and 5 black marbles. A fair die is to be cast. If the die turns up 1, 2 or 3 then a marble will be selected from A1. If the die turns up 4 or 5 a marble will be selected from A2. Finally, a marble will be selected from A3. If the die turns up 6. Given that the marble selected is black, what is the probability that the marble was from urn A2?

Question: Urn A1 contains 8 black and 2 white marbles. Urn A3 contains 3 black and 7 white marbles, and urn A3 contains 5 white …
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A box contains four fair dices and one crooked die with a loaded weight which makes the six-face appear on two-thirds tosses. You are asked to select one, die at random and toss it. If the crooked die is indistinguishable from the fair die and the result of your toss is a six-face; what is the probability that you tossed the crooked die?

Question: A box contains four fair dices and one crooked die with a loaded weight which makes the six-face appear on two-thirds tosses. You are …
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You have noticed that your officer is happy on 60 percent of your calls, so you assign a probability of his being happy on your visit as 0.6 or 6/ 10. You have noticed also that if he is happy, he accedes to your requests with a probability of 0.4 whereas if he is not happy, he accedes to the requests with a probability of 0.1. You call one day and he accedes to your request. What is the probability of his being happy?

Question: You have noticed that your officer is happy on 60 percent of your calls, so you assign a probability of his being happy on …
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The manufactures of ‘Bajaj’ scooter give choice to their customers to have either a double seated scooter or a single seated scooter. On analysis of the booked orders for those scooters, they find that 75% of their customers are men and 25% women. 80% of the men customers prefer double seated scooters and rest one seated. 90% of their women customers prefer one seated scooters and rest two seated scooters. In what proportion, the manufacturers should manufacture these two scooters?

Question: The manufactures of ‘Bajaj’ scooter give choice to their customers to have either a double seated scooter or a single seated scooter. On analysis …
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The analysis of the results of a budget survey of 150 families gave an average monthly expenditure of Rs. 120 on food items with a standard deviation of Rs. 15. After the analysis was completed it was noted that the figure recorded for one household was wrongly taken as Rs. 15 instead of Rs. 105. Determine the correct value of the average expenditure and its standard deviation.

Question: The analysis of the results of a budget survey of 150 families gave an average monthly expenditure of Rs. 120 on food items with …
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