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Ket [755]
3 years ago
11

Seventy new jobs are opening up at an automobile manufacturing plant, and 1000 applicants show up for the 70 positions. To selec

t the best 70 from among the applicants, the company gives a test that covers mechanical skill, manual dexterity, and mathematical ability. The mean grade on this test turns out to be 60, and the scores have a standard deviation of 6. Can a person who scores 84 count on getting one of the jobs? [Hint: Use Chebyshev’s theorem.] Assume that the distribution is symmetric about the mean
Business
1 answer:
777dan777 [17]3 years ago
3 0

Answer:

  • <em>As explained below, given that the score of the person is among the 0.03125 fraction of the best applicants, </em><u><em>he can count on getting one of the jobs.</em></u>

<em></em>

Explanation:

The hint is to use <em>Chebyshev’s Theorem.</em>

Chebyshev’s Theorem applies to any data set, even if it is not bell-shaped.

Chebyshev’s Theorem states that at least 1−1/k² of the data lie within k standard deviations of the mean.

For this sample you have:

  • mean: 60
  • standard deviation: 6
  • score: 84

The number of standard deviations that 84 is from the mean is:

  • k = (score - mean) / standar deviation
  • k = (84 - 60) / 6 = 24 / 6 = 4

Thus, the score of the person is 4 standard deviations above the mean.

How good is that?

Chebyshev’s Theorem states that at least 1−1/k² of the data lie within k standard deviations of the mean. For k = 4, that is:

  • 1 - 1/4² = 1 - 1/16 = 0.9375

  • That means that half of 1 - 0.9375 are above k = 4: 0.03125

  • Then, 1 - 0.03125 are below k = 4: 0.96875

Since there are 70 positions and 1,000 aplicants, 70/1,000 = 0.07. The compnay should select the best 0.07 of the applicants.

Given that the score of the person is among the 0.03125 upper fraction of the applicants, this person can count of geting one of the jobs.

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Equipment costing $276000 was destroyed when it caught on fire. At the date of the fire, the accumulated depreciation on the equ
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Answer:

a). The credit to the equipment account=$173,000

b). Credit to the accumulated depreciation account for $103,000

c). gain on disposal=$152,000

Explanation:

a). The formula for the book value of the equipment when it caught fire can be expressed as;

Book value=Acquisition cost-accumulated depreciation

where;

acquisition cost=$276,000

accumulated depreciation=$103,000

replacing;

Book value=(276,000-103,000)=$173,000

The credit to the equipment account=$173,000

b).  Credit to the accumulated depreciation account for $103,000

c). The formula for calculating the gain from disposal is;

gain on disposal=insurance check-book value

where;

insurance check=$325,000

book value=173,000

replacing;

gain on disposal=325,000-173,000=$152,000

4 0
3 years ago
In a perfectly competitive market, Multiple Choice all firms produce and sell a standardized or undifferentiated product. the ou
Umnica [9.8K]

Answer:

all firms produce and sell a standardized or undifferentiated product

Explanation:

A perfectly competitive market is a market in which there are many companies that offer the same product, there are not entry barriers which makes it easy for an organization to enter or exit the market. Also, the companies are not able to influence the market and they are not able to control the conditions in it. According to this, the answer is that in a perfectly competitive market, all firms produce and sell a standardized or undifferentiated product.

6 0
4 years ago
You and the other shoe store owners decide to fix your shoe prices at $60 a pair in order to maximize your profits. This is call
igomit [66]
Is called collusion

It's actually price collusion to be precise ( not to be mistaken for the crime collusion)

Often time, to attract customers, sellers will offer a lower price than their competitor. Though it may attract more customer, it will lower their profit.

In price collusion, all sellers is guaranteed to have same product price and profit margin, creating a perfect competition market for that product
6 0
3 years ago
Read 2 more answers
Murphy started putting $100/month into his 401(k) earning 6% APR when he was 22 years old. How much will be in his account when
kotykmax [81]

Answer:

$199,149.08

Explanation:

a = 100, i=0.06/12=0.005, n=40*12=480, FVA = Future value of annuity

FVA = A*[(1+i)^n - 1/ i]

FVA = 100 * [(1+0.005)^480 - 1 / 0.005]

FVA = 100 * [9.957454/ 0.005]

FVA = 100 * 1991.4908

FVA = $199,149.08

So, the amount that will be in his account when he retires at age 62 is $199,149.08.

8 0
3 years ago
An integrated circuit manufacturers annual cost of holding inventory is 48 percent. What inventory holding cost (in $) does it i
Shalnov [3]

Answer:

448

Explanation:

Because you add them up divide by 2 and times by 4

8 0
3 years ago
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