MBA-I: QAM-I Pre Midterm Quiz (Sections H & I) 28/08/20, 9(00 AM

MBA-I: QAM-I Pre Midterm Quiz

(Sections H & I)
Total points 15/15

Important Instructions:
1. You MUST write your name below.
2. This is a CLOSED BOOK Quiz.
3. Excel/calculator may be used.
4. There is NO negative marking.
5. NO Queries during the quiz will be entertained except those concerning the legibility.

The respondent's email address (pgp36380@iiml.ac.in) was recorded on submission of this

form.

0 of 0 points

Write your Name. *

Rishabh Jain (36380)

Answer the following questions. 15 of 15 points

https://docs.google.com/forms/d/e/1FAIpQLSdqs2LIqqVBzWvuF2o-…3bjw&viewscore=AE0zAgDXFAebnYKsvnC_uhsp3bfp3ixv8J3EXnUG8XZ6 Page 1 of 9
MBA-I: QAM-I Pre Midterm Quiz (Sections H & I) 28/08/20, 9(00 AM

A thoroughbred horse-racing facility has opened a drive-through 1/1

wagering booth. Research has shown that the number of visitors to this
booth will be Poisson-distributed an average arrival rate of 5 customers
per hour. What is the probability that more than 4 customers will arrive at
this booth in any half-hour period?

0.0133

0.7576

0.1088

0.8912

The annual gross earnings of a ce!ain rock singer are a random variable 1/1
with an expected value of $400,000 and a standard deviation of
$80,000. The singer's manager receives 15 percent of this amount. The
standard deviation of the amount received by the manager is

$12,000

$24000

$36000

$1800

https://docs.google.com/forms/d/e/1FAIpQLSdqs2LIqqVBzWvuF2o-…3bjw&viewscore=AE0zAgDXFAebnYKsvnC_uhsp3bfp3ixv8J3EXnUG8XZ6 Page 2 of 9
MBA-I: QAM-I Pre Midterm Quiz (Sections H & I) 28/08/20, 9(00 AM

A "nancial analyst believes that if interest rates decrease in a given 1/1

period, then the probability that the stock market will go up is 0.80. The
analyst fu!her believes that interest rates have a 0.40 chance of
decreasing during the period in question. Given the above information,
what is the probability that the market will go up and interest rates will go
down during the period in question?

0.25

0.32

0.44

0.50

What type of probability distribution will most likely be used to analyze 1/1
the number of blue chocolate chips per bag in the following problem?
The quality control manager of a candy plant is inspecting a batch of
chocolate chip bags. When the production process is in control, the
mean number of blue chocolate chips per bag is 6.0. The manager is
interested in analyzing the probability that any pa!icular bag being
inspected has fewer than 5.0 blue chocolate chips.

Binomial distribution

Poisson distribution

Hypergeometric distribution

Negative binomial distribution

https://docs.google.com/forms/d/e/1FAIpQLSdqs2LIqqVBzWvuF2o-…3bjw&viewscore=AE0zAgDXFAebnYKsvnC_uhsp3bfp3ixv8J3EXnUG8XZ6 Page 3 of 9
MBA-I: QAM-I Pre Midterm Quiz (Sections H & I) 28/08/20, 9(00 AM

The service manager for a new appliances store reviewed sales records 1/1
of the past 20 sales of new microwaves to determine the number of
warranty repairs he will be called on to pe#orm in the next 90 days.
Corporate repo!s indicate that the probability any one of their new
microwaves needs a warranty repair in the "rst 90 days is 0.05. The
manager assumes that calls for warranty repair are independent of one
another and is interested in predicting the number of warranty repairs he
will be called on to pe#orm in the next 90 days for this batch of 20 new
microwaves sold. What is the probability that between two and four
(inclusive) of the 20 new microwaves sold will require a warranty repair in
the "rst 90 days?

0.0133

0.1887

0.2245

0.2616

https://docs.google.com/forms/d/e/1FAIpQLSdqs2LIqqVBzWvuF2o-…3bjw&viewscore=AE0zAgDXFAebnYKsvnC_uhsp3bfp3ixv8J3EXnUG8XZ6 Page 4 of 9
MBA-I: QAM-I Pre Midterm Quiz (Sections H & I) 28/08/20, 9(00 AM

A shopkeeper has "ve Air Conditioners (ACs) to sell before the end of 1/1
the week by contacting prospective customers one by one. Each
customer has an independent 0.30 probability of buying an AC on being
contacted by the shopkeeper. If the shopkeeper wants to be at least 75%
con"dent of selling all the ACs within the available time, at least how
many customers should she contact?

10

15

20

24

1/1

True

False

https://docs.google.com/forms/d/e/1FAIpQLSdqs2LIqqVBzWvuF2o-…3bjw&viewscore=AE0zAgDXFAebnYKsvnC_uhsp3bfp3ixv8J3EXnUG8XZ6 Page 5 of 9
MBA-I: QAM-I Pre Midterm Quiz (Sections H & I) 28/08/20, 9(00 AM

A lab orders 100 rats a week for each of the 52 weeks in the year for 1/1
experiments that the lab conducts. Suppose the mean cost of rats used
in lab experiments turned out to be $13.00 per week. What is the correct
option to interpret this value?

Most of the weeks resulted in rat costs of $13.00.

The median cost for the distribution of rat costs is $13.00.

The expected or mean cost for all weekly rat purchases is $13.00.

The rat cost that occurs more often than any other is $13.00.

A package of documents needs to be sent to a given destination, and 1/1

delivery within one day is impo!ant. To maximize the chances of on-time
delivery, three copies of the documents are sent via three di$erent
delivery services. Service A is known to have a 90% on-time delivery
record, service B has an 88% on-time delivery record, service C has a
91% on-time delivery record. What is the probability that at least one
copy of the documents will arrive at its destination on time?

0.72072

0.88

0.9192

0.99892

https://docs.google.com/forms/d/e/1FAIpQLSdqs2LIqqVBzWvuF2o-…3bjw&viewscore=AE0zAgDXFAebnYKsvnC_uhsp3bfp3ixv8J3EXnUG8XZ6 Page 6 of 9
MBA-I: QAM-I Pre Midterm Quiz (Sections H & I) 28/08/20, 9(00 AM

In a binomial distribution 1/1

the probability of event of interest p is same from trial to trial

the variable X is continuous

the number of trials n must be at least 30

the results of one trial are dependent on the results of the other trials

A campus program evenly enrolls undergraduate and graduate students. 1/1

If a random sample of 4 students is selected from the program to be
interviewed about the introduction of a new fast food outlet on the
ground %oor of the campus building, what is the probability that all 4
students selected are undergraduate students?

0.16

0.0256

0.0625

1.00

https://docs.google.com/forms/d/e/1FAIpQLSdqs2LIqqVBzWvuF2o-…3bjw&viewscore=AE0zAgDXFAebnYKsvnC_uhsp3bfp3ixv8J3EXnUG8XZ6 Page 7 of 9
MBA-I: QAM-I Pre Midterm Quiz (Sections H & I) 28/08/20, 9(00 AM

If two equally likely events A and B are mutually exclusive and collectively 1/1
exhaustive, then the probability that event A occurs is

0.5

1.00

cannot be determined from the information given

Suppose that each screw produced is independently defective with 1/1

probability 0.01. Find the variance of the number of defective screws in a
shipment of size 1000.

6.9

7.9

8.9

9.9

https://docs.google.com/forms/d/e/1FAIpQLSdqs2LIqqVBzWvuF2o-…3bjw&viewscore=AE0zAgDXFAebnYKsvnC_uhsp3bfp3ixv8J3EXnUG8XZ6 Page 8 of 9
MBA-I: QAM-I Pre Midterm Quiz (Sections H & I) 28/08/20, 9(00 AM

The annual gross earnings of a ce!ain rock singer are a random variable 1/1
with an expected value of $400,000 and a standard deviation of
$80,000. The singer's manager receives 15 percent of this amount. The
expected value of the amount received by the manager is

$400,000

$60,000

$80,000

$200,000

Which of the following is a discrete random variable? 1/1

The Dow Jones Industrial average.

The volume of water in Michigan Lakes.

The time it takes you to drive to school.

The number of employees of a soft drink company.

This form was created inside of IIM Lucknow.

Forms

https://docs.google.com/forms/d/e/1FAIpQLSdqs2LIqqVBzWvuF2o-…3bjw&viewscore=AE0zAgDXFAebnYKsvnC_uhsp3bfp3ixv8J3EXnUG8XZ6 Page 9 of 9