business 231

Business 23

1

– Quantitative Methods

Winter 2021

Assignment 1

Last Name: [INSERT LAST NAME HERE]

First Name: [INSERT FIRST NAME HERE]

Student Number: [INSERT STUDENT NUMBER HERE]

By signing above, I acknowledge that I have not received help from anyone else on this assignment, nor have I given help to anyone else on this assignment. I understand that any violation of the preceding statement will result in a 0 grade on the assignment as per the Academic Integrity Policy for Camosun College students.

Due Date: Friday, January 22nd at 11:59PM.

Total Marks: 10 marks; 10% of total course grade.

Dropbox: Submit your assignment as a WORD document in the appropriate D2L dropbox using the following document naming protocol: BUS231_A1_Firstname_Lastname x.

Instructions: This is an open book assignment that must be completed individually. You may refer to any course material available on D2L. Please organize your solutions and show all your work – this includes providing screenshots of relevant Excel output, using the equation editor, and providing units where necessary. Keep all decimal places during intermediate calculations – you may round your final answer to two decimal places, unless stated otherwise.

Accompanying Excel Workbook: BUS231_A1_Data

Question #1

The “Tesla” worksheet in the data pack represents the listing price (measured in dollars) for a random sample of 40 used Tesla Model 3 cars.

a. Construct a 90% confidence interval for the average listing price of a used Tesla Model 3 car. (5 marks)

Confidence Interval Formula: [insert here]

Point Estimate: [insert here]

Excel Formula for z or t: [insert here]

Standard Error: [insert here]

Margin of Error: [insert here]

Lower Confidence Limit: [insert here]

Upper Confidence Limit: [insert here]

Question #2

A random sample of 50 college students were asked the following question: do you use a Netflix subscription paid for by someone else? The results of the survey can be found on the “Netflix” worksheet in the data pack.

a. Construct a 95% confidence interval for the proportion of college students that use a Netflix subscription paid for by someone else. (5 marks)

Confidence Interval Formula: [insert here]

Point Estimate: [insert here]

Excel Formula for z or t: [insert here]

Standard Error: [insert here]

Margin of Error: [insert here]

Lower Confidence Limit: [insert here]

Upper Confidence Limit: [insert here]

1

Tesla

45,000

49,000

																																																																																												Listing Price
48,998
47,625
51,800
44,000
	45,000
60,000
49,500
46,900
49,888
59,500
67,299
51,900
47,980
48,450
48,850
45,993
47,475
47,695
66,890
51,000
54,420
	49,000
42,999
44,621
59,999
57,500
47,500
46,992
57,999
47,900
56,900
68,000
50,000
47,999
63,969
51,999
53,000
45,980

Netflix

No
No
Yes
No
Yes
Yes
No
Yes
Yes
No
No
Yes
No
No
Yes
No
No
Yes
Yes
No
No
No
No
Yes
Yes
Yes
Yes
No
No
No
Yes
No
No
No
Yes
Yes
No
Yes
No
Yes
No
No
No
No
No
No
No
Yes

Do you use a Netflix subscription paid for by someone else?

Yes

No