DMD Prework Babson College April 2019

1. Use the table below comparing student’s ability in math to their interest in studying finance at a particular
business school to answer the following questions.

Interest | Ability in Math |

In Finance | Low Average High | Total
--------------|------------------------------------|---------
Low | 65 30 の
10 | 105
| |
Average | 30 の
45 15 | 0
90
| |

① 0
High | 15 20 20 | 55
--------------|------------------------------------|---------
Total | 110
095
0
45 | 250

What is the probability that a student:

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a. has a high ability in math 189
1 《

____________
18h

L^:

i 50 × 45 :
98
b. has an average interest in finance 0 36
____________
.

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ー

ぴ
c. has a high ability in math and a low interest in finance 0 04
____________
.

d. has a average ability in mathー①

ー
58
or an average interest in finance ____________
「
0 .
,

0、 .
38
 い 。

e. has a average ability in math or紐a low ability in math

ー ー
の 、 82
____________ 凸
てr

「 r
f. has aの ( )1 O
high ability in math given a high interest in finance1 ___________
0H
:
ze
.

g. has0 n
9 44
a high interest in finance given a high ability in math ___________
ー

ー
. 起
凹

2. Camila works as a vendor for the Red Sox selling hot chocolate to fans in the stands.She is looking forward to
opening day on April 13, which can be very profitable. The following spreadsheet is a distribution for potential
profit based on the temperature and associated probability based on the forecast.
ー ー

WeatherProfitP(Weather)
IBX 9 25 62 T
1 Cold $250 25% . :
.

Cool $200 30% 2 σλ 9 . 3R 60

1 Mild $150 25% ) ^o λ (. = i = )y .
P
1
Warm $100 15% I σ
t σ . in :
1P
( Hot $50 5%

.
0
5
What is the average profit that Camila can expect on Opening Day? _______________
175 .

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What is the probability that Camila will earn at least $150 on Opening Day? _______________ ;

The vending manager needs help at the sushi bar which pays a fixed amount of money. How much money
 would you need to be offered in order to switch from selling hot chocolate in the stands to working at the
sushi bar? Briefly explain the reasoning behind your answer.

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nt . it ts 上 の averteoge mft の 場合

Let’s say that Camila has $125 worth of parking tickets that she must pay by 9:00 am on April 20. Based
on your answers above, where do you recommend that Camila work? Why?
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3. The following final exam scores were recorded from a mid-term at Babson.
mode 21sarts
45 45 47
曰
63 63 63 64 68 69 70 71
0
71

073 73 73 74 74 75 78 81 83 83 87 97

Use the raw data above and the descriptive statistics output from below, answer the following questions:

Variable N Mean StDev Minimum Q1 Median Q3 Maximum

. ィ

Final 24 70.42 12.49

…
45.00
Q63.25 ??.??
077.25 97.00

14

a. How many observations are in the data set? _______________

24

b. Determine the median of the data set. _______________

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児 = 72

63
c. Determine the mode of the data set. _______________
 0d. 14
Determine the inter-quartile range of the data set. _______________
ー
は、 49 :
1 n 7r
e. Determine the coefficient of variation of the data set. _______________
n 15
ー
.

70 . 4L
ー

.f. In which direction (if any) are the data skewed? _______________ I 8

g. How did you arrive at your answer in f.?

0

.
h. What is the z-score of the maximum value? _______________
ー

4. The World Health Organization (WHO) is concerned with the spreading problem of obesity. The potato chip
manufacturers are not. Since ideal weight varies with height and gender, we will use an average height ofの 175
0
centimeters (cm) for an adult male as reported by the WHO. The ideal weight for an adult male (I refuse to
discuss female weights) that is 175 cm tall is 68 kilograms (kg) with a standard deviation of 12 kg. Assuming
that weight is normally distributed, answer the following. Provide a sketch where appropriate.
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ー ヘ

a. What is the probability that an adult male weighs less than 60 kg? _______________

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b. What is the probability that an adult male weighs more than 65 kg? _______________
c. Between which two kg values will 95% of all adult male weights lie? _________________________

d. The WHO feels that 15% of all adult males are overweight. What is the minimum _______________ kg
weight for a 175 cm tall adult male that WHO would consider as overweight?